<SUBMISSION>
<ACCESSION-NUMBER>0001206774-05-000651
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20050518
<FILING-DATE>20050419
<DATE-OF-FILING-DATE-CHANGE>20050419
<EFFECTIVENESS-DATE>20050419
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ACADIA REALTY TRUST
<CIK>0000899629
<ASSIGNED-SIC>6798
<IRS-NUMBER>232715194
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>001-12002
<FILM-NUMBER>05759336
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>20 SOUNDVIEW MARKETPLACE
<STREET2>PO BOX 1679
<CITY>PORT WASHINGTON
<STATE>NY
<ZIP>11050
<PHONE>5167678830
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>600 THIRD AVE
<STREET2>PO BOX 1679
<CITY>KINGSTON
<STATE>PA
<ZIP>18704
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>MARK CENTERS TRUST
<DATE-CHANGED>19930329
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d16802_def14a.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>


<HR style="MARGIN-TOP: -2px" NOSHADE SIZE=4>
<HR style="MARGIN-TOP: -10px" NOSHADE SIZE=1>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt .7pt .7pt;width:60.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNITED
  STATES</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .7pt .7pt .7pt;width:20.0%;">
  <P STYLE="margin:0in 0in .0001pt;" ALIGN="CENTER"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OMB APPROVAL</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt .7pt .7pt;width:60.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECURITIES
  AND EXCHANGE COMMISSION</font></b></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OMB Number:  3235-00595</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt .7pt .7pt;width:60.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><FONT FACE="Times New Roman"><FONT SIZE="2"><B>Washington,
D.C. 20549</B></FONT></FONT></p>
  </td>
  <td width="20%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expires: February &nbsp;28, 2006</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt .7pt .7pt;width:60.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><FONT FACE="Times New Roman"><FONT SIZE="4"><B>SCHEDULE
14A</B></FONT></FONT></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimated average burden
  hours per response......... 12.75 </font></p>
  </td>
 </tr>
</table>


<p align="center"><strong><font size="3" face="Times New Roman, Times, serif"></font></strong></p>
<p align="center"><strong><font size="3" face="Times New Roman, Times, serif">Proxy
  Statement Pursuant to Section 14(a) of
  the Securities <BR>Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></strong></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Filed
      by the Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=3 face=WINGDINGS><b>x</b></font></p></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Filed
      by a Party other than the Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=3 face=WINGDINGS><b>o</b></font></p></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Check
      the appropriate box:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Preliminary
      Proxy Statement</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><FONT FACE="Times New Roman, Times, serif"><FONT SIZE="2"><B>Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></FONT></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>x</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Definitive
      Proxy Statement</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Definitive
      Additional Materials</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Soliciting
      Material Pursuant to Rule &sect;240.14a-12</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<div align="center"><FONT FACE="Arial, Helvetica, sans-serif"><FONT SIZE="5">Acadia Realty Trust</FONT></FONT>
<HR SIZE="2" NOSHADE WIDTH="75%">
<font size="2" face="Times New Roman, Times, serif">(Name of Registrant as Specified In Its Charter)</font></div>

<p>&nbsp;</p>
<div align="center"><FONT FACE="Arial, Helvetica, sans-serif"><FONT SIZE="5">&nbsp;</FONT></FONT>
<HR SIZE="2" NOSHADE WIDTH="75%">
<font size="2" face="Times New Roman, Times, serif">(Name of
  Person(s) Filing Proxy Statement, if other than the Registrant)</font></div>

<p><font size="2" face="Times New Roman, Times, serif">Payment of Filing Fee (Check
  the appropriate box):</font></p>

<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>x</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">No fee
      required.</font></td>
  </tr>
  <tr valign="top">
    <TD WIDTH="5%">&nbsp;</td>
    <TD WIDTH="5%">&nbsp;</td>
    <TD WIDTH="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Fee computed
      on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size="2" face="Times New Roman, Times, serif">1.</font></td>
    <td width="90%"><font size="2" face="Times New Roman, Times, serif">Title
      of each class of securities to which transaction applies:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%"> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size="2" face="Times New Roman, Times, serif">2.</font></td>
    <td width="90%"><font size="2" face="Times New Roman, Times, serif">Aggregate
      number of securities to which transaction applies:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%"> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size="2" face="Times New Roman, Times, serif">3.</font></td>
    <td width="90%"><font size="2" face="Times New Roman, Times, serif">Per unit
      price or other underlying value of transaction computed pursuant to Exchange
      Act Rule 0-11 (set forth the amount on which the filing fee is calculated
      and state how it was determined):</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%"> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">4.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Proposed maximum aggregate
      value of transaction:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">5.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Total fee paid:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <TD NOWRAP><font size="2" face="Times New Roman, Times, serif"></font></td>
    <TD><FONT FACE="Times New Roman, Times, serif"><FONT SIZE="2">SEC 1913 (03-04)&nbsp; <BR><B>Persons who are to respond to the Collection of information<BR>contained in this form are not required to respond unless the <BR>
form displays a currently valid OMB cotrol number.</B></FONT></FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Fee paid
      previously with preliminary materials.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Check
      box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2)
      and identify the filing for which the offsetting fee was paid previously.
      Identify the previous filing by registration statement number, or the Form
      or Schedule and the date of its filing.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">1.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Amount Previously
      Paid:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">2.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Form, Schedule or
      Registration Statement No.:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">3.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Filing Party:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">4.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Date Filed:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
</table>
<p>&nbsp;</p>
<HR style="MARGIN-TOP: -2px" NOSHADE SIZE=4>
<HR style="MARGIN-TOP: -10px" NOSHADE SIZE=1>
<PAGE>


<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 1 -->
<!-- agabop mode="main" last-style="" -->

<DIV ALIGN="CENTER">
<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">
  <a xhref="acadia-logo.jpg"><IMG SRC="acadia-logo.jpg" width="257" height="48">
  <br>
</div>
<DIV ALIGN="LEFT"><BR></DIV>

<DIV STYLE="TEXT-INDENT: 0 px; TOP-MARGIN: 6 px; TEXT-ALIGN: CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><HR
SIZE="1" WIDTH="144" ALIGN="center" NOSHADE COLOR="#000000"></B></FONT></DIV></P>

<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0 px; TOP-MARGIN: 6 px; TEXT-ALIGN: CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>NOTICE OF
ANNUAL MEETING OF SHAREHOLDERS<BR> TO BE HELD ON MAY 18, 2005<BR> <HR SIZE="1" WIDTH="144" ALIGN="center" NOSHADE COLOR="#000000"></B></FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>TO OUR SHAREHOLDERS:</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Please take notice that the annual meeting of
shareholders (the &#147;Annual Meeting&#148;) of Acadia Realty Trust (the &#147;Company&#148;) will be held on Thursday, May 18, 2005, at 10:00 a.m.,
local time, at the offices of Paul, Hastings, Janofsky &amp; Walker, LLP, which are located at Park Avenue Tower, 75 East 55th Street, New York, NY
10022, for the purpose of considering and voting upon:</FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">1.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The election of seven trustees to hold office until the next
annual meeting of shareholders and until their successors are duly elected and qualified;</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">2.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The ratification of the appointment of Ernst &amp; Young LLP as
the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2005;</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">3.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Such other business as may properly come before the Annual
Meeting or any adjournments thereof.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board of Trustees of the Company recommends a
vote &#147;FOR&#148; each of the proposals. You should carefully review the accompanying proxy statement which contains additional
information.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board of Trustees has fixed the close of
business on March 31, 2005 as the record date for the determination of shareholders entitled to notice of, and to vote at, the Annual Meeting and any
adjournment or postponement thereof.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 228px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">By order of the Board of Trustees,<BR>
<a href="mastersrsig.jpg"><BR><IMG SRC="mastersrsig.jpg" border="0" ></a><BR><BR>
Robert Masters, Secretary<BR> April 11,
2005</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 0 px; TOP-MARGIN: 24 px; TEXT-ALIGN: LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>IT IS VERY
IMPORTANT THAT YOU SUBMIT YOUR PROXY BY FOLLOWING THE INSTRUCTIONS ON THE PROXY CARD. PLEASE COMPLETE, DATE, SIGN AND RETURN PROMPTLY THE ENCLOSED FORM
OF PROXY IN THE ENVELOPE PROVIDED FOR THAT PURPOSE WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING. NO POSTAGE IS REQUIRED FOR MAILING IN THE UNITED
STATES.</B></FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>YOUR FAILURE TO PROMPTLY RETURN THE PROXY INCREASES THE OPERATING COSTS OF YOUR
INVESTMENT.</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>YOU ARE CORDIALLY INVITED TO PERSONALLY ATTEND THE MEETING, BUT YOU SHOULD VOTE
WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING.</B></FONT></P>
<!-- agabop mode="ep" last-style="textf" -->


<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 1 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 2 -->
<!-- agabop mode="main" last-style="textf" -->

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<!-- agabop mode="ep" last-style="textf" -->


<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 2 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 3 -->
<!-- agabop mode="main" last-style="textf" -->

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></P>

<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0 px; TOP-MARGIN: 6 px; TEXT-ALIGN: CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>ACADIA
REALTY TRUST<BR> 1311 MAMARONECK AVENUE, SUITE 260, WHITE PLAINS, NEW YORK 10605<BR> <HR SIZE="1" WIDTH="144" ALIGN="center" NOSHADE
COLOR="#000000"></B></FONT></DIV></P>

<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0 px; TOP-MARGIN: 6 px; TEXT-ALIGN: CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>PROXY
STATEMENT<BR> FOR THE<BR> ANNUAL MEETING OF SHAREHOLDERS TO BE HELD<BR> May 18, 2005<BR> <HR SIZE="1" WIDTH="144" ALIGN="center" NOSHADE
COLOR="#000000"></B></FONT></DIV></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>GENERAL INFORMATION</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">This Proxy Statement is furnished in connection with
the solicitation of proxies by the Board of Trustees (&#147;Board of Trustees&#148; or &#147;Board&#148;) of Acadia Realty Trust (the
&#147;Company&#148;) for use at the annual meeting of its shareholders (the &#147;Annual Meeting&#148;) scheduled to be held on Wednesday, May 18,
2005, at 10:00 a.m., local time, at the offices of Paul, Hastings, Janofsky &amp; Walker, LLP, which are located at Park Avenue Tower, 75 East 55th
Street, New York, NY 10022, or any postponement or adjournment thereof. This Proxy Statement and accompanying form of proxy were first sent to
shareholders on or about April 13, 2005.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company will bear the costs of the solicitation
of its proxies in connection with the Annual Meeting, including the costs of preparing, assembling and mailing proxy materials and the handling and
tabulation of proxies received. In addition to solicitation of proxies by mail, proxies in connection with the Annual Meeting may be solicited by the
trustees, officers and employees of the Company, at no additional compensation, by telephone, telegram, personal interviews or otherwise. Arrangements
have been made with brokerage firms, custodians, nominees and fiduciaries to forward solicitation materials to the beneficial owners of common shares
of beneficial interest, par value $.001 per common share of beneficial interest of the Company, (the &#147;Common Shares&#148;) held of record by such
persons or firms with their nominees, and in connection therewith, such firms will be reimbursed for their reasonable out-of-pocket expenses in
forwarding such materials.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">All properly executed and unrevoked proxies in the
accompanying form that are received in time for the Annual Meeting will be voted at the Annual Meeting in accordance with the specification thereon. If
no specification is made, signed proxies will be voted &#147;FOR&#148; each of the proposals set forth in the Notice of Annual Meeting. Any shareholder
executing and delivering a proxy has the right to revoke such proxy at any time prior to the voting thereof by notice to the Company. In addition,
although the mere attendance at the Annual Meeting will not revoke a proxy, a person present at the Annual Meeting may withdraw his or her proxy and
vote at that time in person. Any written notice revoking a proxy should be delivered at or prior to the Annual Meeting to the attention of the
Secretary, Acadia Realty Trust, 1311 Mamaroneck Avenue, Suite 260, White Plains, New York 10605.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board of Trustees recommends a vote
&#147;FOR&#148; each of the proposals.</FONT></DIV></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>OUTSTANDING SHARES AND VOTING RIGHTS</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The outstanding capital shares of the Company as of
April 13, 2005 consisted of 31,394,210 Common Shares. Holders of Common Shares are entitled to one vote for each Common Share registered in their names
on the record date. The Board of Trustees has fixed the close of business on March 31, 2005 as the record date for determination of shareholders
entitled to notice of and to vote at the meeting. The presence, in person or by proxy, of the holders of Common Shares entitled to cast at least a
majority of the votes of the outstanding Common Shares on March 31, 2005 will constitute a quorum to transact business at the Annual
Meeting.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The approval of a plurality of the votes cast by
holders of Common Shares in person or by proxy at the Annual Meeting in the election of trustees will be required to approve the nominees for trustee
at the Annual Meeting. There is no cumulative voting in the election of trustees. The approval of a plurality of the votes cast by holders of Common
Shares in person or by proxy at the Annual Meeting in the ratification of the appointment of the independent registered public accounting firm will be
required to ratify the appointment of Ernst &amp; Young LLP as the independent registered public accounting firm.</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h1" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 3 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 4 -->
<!-- agabop mode="main" last-style="h1" -->

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Proxies marked abstain and which have not voted on a
particular proposal are included in determining a quorum for the Annual Meeting. Abstentions and broker non-votes are not treated as votes cast in the
election of trustees or in the ratification of the appointment of the independent registered public accounting firm, and thus are not the equivalent of
votes against a nominee or against the ratification of the appointment of Ernst &amp; Young LLP as the independent registered public accounting firm,
as the case may be, and will not affect the vote with respect to these matters.</FONT></DIV></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>PROPOSAL 1 &#151; ELECTION OF TRUSTEES</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">There are seven nominees for election as trustees
for one-year terms, expiring in 2006 or until their successors are elected. Election of each trustee requires the approval of a plurality of the votes
cast by the holders of Common Shares in person or by proxy at the Annual Meeting.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company&#146;s Bylaws provide that the Board of
Trustees may be composed of up to a maximum of 15 members. The Board of Trustees currently consists of seven trustees, each of whom serves until the
next annual meeting of shareholders and until his or her successor is duly elected and qualified. As stated elsewhere herein, the enclosed proxy will
be voted for the election as trustee of each nominee whose name is set forth below unless a contrary instruction is given. All of the nominees
currently serve as trustees of the Company. Management believes that all of its nominees are willing and able to serve the Company as trustees. If any
nominee at the time of election is unable or unwilling to serve or is otherwise unavailable for election, and as a consequence thereof, other nominees
are designated, the persons named in the enclosed proxy or their substitutes will have the discretion and authority to vote or refrain from voting for
other nominees in accordance with their judgment. The Board of Trustees has a nominating committee.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following is a brief description of the nominees
for election as trustees of the Company:</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Kenneth F. Bernstein,</B> age 43, has been Chief
Executive Officer of the Company since January of 2001. Previously, he had been President of the Company since August 1998, when the Company acquired
substantially all of the assets of RD Capital, Inc. (&#147;RDC&#148;), the predecessor company to Acadia Realty Trust. See Certain Relationships and
Related Transactions. Mr. Bernstein is responsible for strategic planning as well as overseeing the day-to-day activities of the Company including
operations, acquisitions and capital markets. From 1990 to August 1998, Mr. Bernstein was the Chief Operating Officer of RDC. In such capacity, he was
responsible for overseeing the day-to-day operations of RDC and its management companies, Acadia Management Company LLC and Sound View Management LLC.
Prior to joining RDC, Mr. Bernstein was associated with the New York law firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his
Bachelor of Arts Degree from the University of Vermont and his Juris Doctorate from Boston University School of Law. Mr. Bernstein is also a member of
the National Association of Corporate Directors.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Douglas Crocker II,</B> age 64, has been a
trustee of the Company since November 2003. Mr. Crocker was most recently the Chief Executive Officer of Equity Residential, a multi-family residential
REIT. During Mr. Crocker&#146;s tenure, Equity Residential grew from 21,000 apartments with a total market cap of $700 million to a $17 billion company
with over 225,000 apartments. Mr. Crocker was also a former Managing Director of Prudential Securities, and from 1982 to 1992 served as Chief Executive
Officer of McKinley Finance Group, a privately held company involved with real estate, banking and corporate finance. From 1979 to 1982 Mr. Crocker was
President of American Invesco, the nation&#146;s largest condominium conversion company, and from 1969 to 1979 served as Vice President of Arlen Realty
and Development Company. He currently sits on the boards of real estate companies Ventas, Wellsford Real Properties, Reckson Associates, Post
Properties and Prime Group Realty Trust and also serves on the board of National Water and Power, Inc. Mr. Crocker has been a five-time recipient of
Commercial Property News&#146; Multifamily Executive of the Year Award, a three-time winner of their REIT Executive of the Year Award and three-time
winner of Realty Stock Review&#146;s Outstanding CEO Award. He has over forty years of real estate experience. Mr. Crocker is also a member of the
National Association of Corporate Directors.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Alan S. Forman</B> , age 39, has been a trustee
of the Company since August 2002. Mr. Forman is a Director of the Yale University Investments Office, with general responsibility for the Yale
Endowment&#146;s $1.8 billion portfolio of real estate investments. Mr. Forman received his B.A. degree from Dartmouth College in 1987 and an M.B.A.
degree from Stern School of Business at New York University in 1990. Later that year, he joined the Yale University Investments Office as a Financial
Analyst. In 1993, he was awarded the Chartered Financial Analyst</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h1" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 4 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 5 -->
<!-- agabop mode="main" last-style="h1" -->

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>(CFA) designation by the Association for
Investment Management and Research (AIMR) after completing the requisite examinations. Mr. Forman is a member of the Managing Board of Kimpton Group
Holding, LLC. Mr. Forman is also a member of the National Association of Corporate Directors.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Suzanne M. Hopgood,</B> age 55, has served as
Chairman of the Board of Del Global Technologies since October 8, 2003. Prior to that she was Chairman of the Audit Committee. She has served as the
President of The Hopgood Group, LLC, a provider of workout consulting and interim management services, since founding the company in 1985. From August
2000 to October 2001, Ms. Hopgood served as President, Chief Executive Officer and as a director of Houlihan&#146;s Restaurant Group, Inc., an operator
of full service casual dining restaurants. Ms. Hopgood was hired by Houlihan&#146;s at a time of financial distress to apply her expertise in crisis
and turnaround management. After its operations were stabilized, control of Houlihan&#146;s was transferred to its secured lenders in October 2001, at
which time they installed a new management team. Houlihan&#146;s filed a voluntary petition for Chapter 11 bankruptcy on January 23, 2002, was
successfully reorganized and emerged from bankruptcy on October 1, 2002 with the equity sponsorship of the new management team and the secured lenders.
From May 1998 to May 2000, Ms. Hopgood served as Chairman of the Board of Furr&#146;s Restaurant Group, Inc. (&#147;Furr&#146;s&#148;), an operator of
family-style cafeteria and buffet restaurants formerly listed on the New York Stock Exchange (&#147;NYSE&#148;). She also served as Chief Executive
Officer of Furr&#146;s from May 1998 to October 1998 and as a director from May 1996 to May 2000. Ms. Hopgood has extensive experience in corporate
workouts, turnarounds and restructuring. Ms. Hopgood was responsible for overseeing a $1 Billion equity real estate investment portfolio for Aetna
Realty Investors prior to founding The Hopgood Group, LLC. She is the President of the National Association of Corporate Directors, Connecticut
Chapter.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Lorrence T. Kellar,</B> age 67, has been a
trustee of the Company since November 2003. Mr. Kellar is currently Vice President, Retail Development for Continental Properties and is a director of
Multi-Color Corporation (Chairman), Frisch&#146;s Restaurants, and Spar Group, Inc. Prior to joining Continental Properties, Mr. Kellar served as Vice
President of Real Estate with Kmart Corporation from 1996 to 2002. From 1965 to 1996, Mr. Kellar served with The Kroger Co., the country&#146;s largest
supermarket company, where his final position was Group Vice President of Finance and Real Estate. Mr. Kellar is also a member of the National
Association of Corporate Directors.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Wendy Luscombe,</B> age 53, is President and CEO
of WKL Associates, Inc.; a real estate investment firm founded in 1994. Ms. Luscombe has managed investment portfolios totaling $5 billion over the
last 25 years and has represented foreign investors including the UK Prudential and British Coal Pension Funds in their US real estate investment
initiatives. For 10 years she was CEO of Pan American Properties, Inc. the REIT sponsored by British Coal Pension Funds. She was also a member of the
Board of Governors of NAREIT. Ms. Luscombe has served on various boards of public companies in both the USA and UK for over 20 years. She currently
serves as a Board Member, Chairman of the Investment Committee and member of the Audit Committee for PXRE Group Ltd., a NYSE listed reinsurance
company. She also serves as Board Member and Audit Committee Member for the Zweig Fund and Zweig Total Return Fund, public closed-end mutual funds.
Additionally, she serves as Chairman of the Management Oversight Committee for the Deutsche Bank International Real Estate Opportunities Fund and as
Board Member for Endeavor Real Estate Securities a private REIT investment fund. Ms. Luscombe is also a member of the National Association of Corporate
Directors and a member of the International Corporate Governance Network.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Lee S. Wielansky,</B> age 53, has been a trustee
of the Company since May 2000. Mr. Wielansky is Chairman and Chief Executive Officer of Midland Development Group, Inc., which focuses on the
development of retail properties in the Mid-West and South-East. From November 2000 to March 2003, Mr. Wielansky served as Chief Executive Officer and
President of JDN Development Company, Inc. and a director of JDN Realty Corporation through its merger with Developers Diversified Realty Corporation
in 2003. He was also a founding partner and Chief Executive Officer of Midland Development Group, Inc. from 1983 through 1998 when the company was sold
to Regency Centers Corporation. Since 1990, Mr. Wielansky was a director of Allegiant Bancorp, Inc., a director of the bank&#146;s holding company and
a member of its executive committee prior to its sale to Pulaski Bank, and is currently a director of Pulaski Bank. Mr. Wielansky is also a member of
the National Association of Corporate Directors.</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h1" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 5 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 6 -->
<!-- agabop mode="main" last-style="h1" -->

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Vote Required; Recommendation</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The election to the Board of Trustees of each of the
seven nominees will require the approval of a plurality of the votes cast by the holders of Common Shares in person or by proxy at the Annual Meeting.
The Board of Trustees unanimously recommends that the shareholders vote &#147;FOR&#148; the election of each of the seven nominees to the Board of
Trustees.</FONT></DIV></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>PROPOSAL 2 &#151; RATIFICATION OF APPOINTMENT OF AUDITORS</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board of Trustees has selected Ernst &amp; Young
LLP as the Company&#146;s independent registered public accounting firm for the fiscal year ending December 31, 2005, and has directed that the
selection of the independent registered public accounting firm be submitted for ratification by the shareholders at the Annual
Meeting.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Shareholder ratification of the selection of Ernst
&amp; Young LLP as the Company&#146;s independent registered public accounting firm is not required by the Company&#146;s Declaration of Trust, Bylaws
or otherwise. However, the Board of Trustees is submitting the selection of Ernst &amp; Young LLP to the shareholders for ratification as a matter of
what it considers to be good corporate practice. Notwithstanding the ratification of, or failure to ratify the selection, the Audit Committee of the
Board of Trustees in its discretion may direct the appointment of a different independent accounting firm at any time during the year if the audit
committee determines that such a change would be in the best interests of the Company and its subsidiaries.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Representatives of Ernst &amp; Young LLP are not
expected to be present at the Annual Meeting.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Vote Required; Recommendation</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The approval of a plurality of the votes cast by
holders of Common Shares in person or by proxy at the Annual Meeting in the ratification of the appointment of the independent registered public
accounting firm is required to ratify the appointment of Ernst &amp; Young LLP as the independent registered public accounting firm. The Board of
Trustees unanimously recommends that the shareholders vote &#147;FOR&#148; the ratification of Ernst &amp; Young LLP as the independent registered
public accounting firm.</FONT></DIV></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>MANAGEMENT</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Meetings and Attendance</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">During 2004, the Board of Trustees held fourteen
meetings, the audit committee held eleven meetings, the compensation committee held two meetings and the nominating and corporate governance committee
held three meetings. The average attendance in the aggregate of the total number of Board of Trustees and committee meetings was 93%, and with the
exception of five trustees who left the Board and two that joined in May of 2004, no trustee attended fewer than 88% of the aggregate of all meetings
of the Board of Trustees and applicable committee meetings.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company does not have a formal policy requiring
trustees to be present at annual meetings, although the Company does encourage their attendance. Consistent attendance with a minimum of missed
meetings is important in carrying out the responsibilities of being a trustee. To date, excessive absences have not been an issue. All of the
Company&#146;s then trustees attended the 2004 annual meeting.</FONT></DIV></P>
<!-- agabop mode="ep" last-style="h2" -->



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 6 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 7 -->
<!-- agabop mode="main" last-style="h2" -->

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Trustees and Executive Officers</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The trustees and executive officers of the Company
as of the date of this proxy statement are as follows:</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>


<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">

<TR VALIGN="BOTTOM">
     <TH nowrap ALIGN="LEFT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Name<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT" ></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Age<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Office Held<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Year First<BR>Became<BR>Officer/<BR> Trustee<HR SIZE=1 NOSHADE
COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Term<BR>Expires<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="28%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Kenneth F.
Bernstein</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=1% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="1%" ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">44</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Trustee and Chief Executive Officer</FONT></DIV></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="3%" ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1998</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="3%" ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2005</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="28%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Lee S.
Wielansky</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=1% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">53</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Trustee; Independent Lead Trustee</FONT></DIV></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2000</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2005</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="28%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Alan S.
Forman</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=1% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">39</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Trustee</FONT></DIV></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2002</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2005</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="28%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Douglas Crocker
II</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=1% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">64</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Trustee</FONT></DIV></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2003</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2005</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="28%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Lorrence T.
Kellar</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=1% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">67</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Trustee</FONT></DIV></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2003</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2005</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="28%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Suzanne M.
Hopgood</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=1% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">55</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Trustee</FONT></DIV></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2005</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="28%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Wendy
Luscombe</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=1% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">53</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Trustee</FONT></DIV></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2005</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="28%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Joel
Braun</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=1% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">53</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Senior Vice President and Chief Investment Officer</FONT></DIV></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1998</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="28%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Joseph
Hogan</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=1% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">55</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Senior Vice President and Director of Construction</FONT></DIV></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1999</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="28%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Robert
Masters</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=1% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">60</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Senior Vice President, General Counsel and Secretary</FONT></DIV></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1998</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="28%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Joseph
Napolitano</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=1% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">40</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Senior Vice President and Director of Operations</FONT></DIV></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2001</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="28%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Joseph
Povinelli</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=1% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">48</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Senior Vice President and Director of Leasing</FONT></DIV></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2003</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="28%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Michael
Nelsen</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=1% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">58</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Senior Vice President and Chief Financial Officer</FONT></DIV></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2003</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>


<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Biographical information with respect to Messrs.
Bernstein, Crocker, Forman, Kellar and Wielansky, and Mss. Hopgood and Luscombe is set forth under &#147;PROPOSAL ONE &#151; ELECTION OF
TRUSTEES,&#148; above.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Joel Braun,</B> 53 has been a Senior Vice
President and Chief Investment Officer of the Company since August, 1998. Mr. Braun is responsible for all of the Company&#146;s merger and acquisition
activities. Previously, Mr. Braun was Vice President of Acquisitions for RD Capital, Inc., a private investment company owning shopping centers and
multi-family properties throughout the Northeast and Midwest. In 1991, Mr. Braun was instrumental in the initiation and formation of Kranzco Realty
Trust, now trading as Kramont Realty Trust and in 1998, the RDC transaction. Mr. Braun holds a Bachelor&#146;s in Business Administration from Boston
University and a Master&#146;s Degree in Planning from The Johns Hopkins University.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Joseph Hogan,</B> 55, has been a Senior Vice
President and Director of Construction since 1999. From 1994 to 1999, Mr. Hogan served as Vice President with Kimco Realty Corporation, where he was
responsible for business development and management of all retail and commercial construction projects for Kimco, in addition to outside customers and
development companies. Prior to joining Kimco, he was with Konover Construction Company, a subsidiary of Konover &amp; Associates located in West
Hartford, Connecticut, where he was responsible for construction projects throughout the eastern half of the United States.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Robert Masters, Esq.,</B> 60, has been a Senior
Vice President, the General Counsel and Secretary since 1998. Prior to joining RD Capital, Inc. in December 1994, Mr. Masters was General Counsel for
API Asset Management for over five years, Senior Vice President, Deputy General Counsel for European American Bank from 1985 to 1990, and Vice
President and Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received his Bachelor of Arts from the City University of New York
and a J.D. from New York University Law School. Mr. Masters is a member of the New York Bar.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Joseph M. Napolitano,</B> 40, has been a Senior
Vice President and Director of Operations since January, 2004. Mr. Napolitano is responsible for overseeing the company&#146;s internal operations.
Previously, he held the position of Senior Vice President, Director of Property Management. Mr. Napolitano has been with the Company since 1995. He
holds a Bachelor&#146;s in Business Administration from Adelphi University, Garden City, NY. Mr. Napolitano is a Certified Property Manager with the
Institute of Real Estate Management, and a Real Property Administrator with the Building Owners and Managers Institute. Mr. Napolitano is also a member
of the New York State Association of Realtors, International Council of Shopping Centers, and the Commercial Investment Real Estate
Institute.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Joseph Povinelli,</B> 48, has been a Senior Vice
President and Director of Leasing since March, 2003. Mr. Povinelli joined the Company in 1999 with 19 years of retail leasing experience. From 1987
through 1999, Mr. Povinelli served as regional real estate representative for Vornado Realty Trust, a New Jersey based real estate</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h2" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 7 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 8 -->
<!-- agabop mode="main" last-style="h2" -->

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>investment trust, and was responsible for the
day to day leasing activity of approximately 3 million square feet of the strip shopping center portfolio. Prior to that he served as leasing
representative for Net Properties Management, of Great Neck, New York, responsible for leasing of the strip shopping center and office building
portfolio of the Mid-Atlantic and Southeast regions of the company. Mr. Povinelli received a Bachelor of Science degree in Finance and Economics from
C.W. Post College of Long Island University.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Michael Nelsen,</B> age 58, has been the Chief
Financial Officer and a Senior Vice President since March, 2003. Prior to joining the Company, Mr. Nelsen was the President of G. Soros Realty, Inc.
and Director of Real Estate for Soros Private Funds Management LLC from 1994 to 2003. His responsibilities included asset/portfolio management of real
estate operations, financial reporting, financings, asset acquisitions and dispositions. From 1969 to 1994, he was a partner in the public accounting
firm of Berdon LLP (formerly David Berdon &amp; Co.) Mr. Nelsen has been a Certified Public Accountant since 1971.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Committees of the Board of Trustees</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board of Trustees has standing audit,
compensation, nominating and corporate governance, and investment/capital markets committees. The functions of each committee are detailed in its
respective committee charter, which are available on the Company&#146;s website at http://www.acadiarealty.com in the &#147;Investor Relations &#151;
Corporate Governance&#148; section. Please note that the information on the Company&#146;s website is not incorporated by reference in this Proxy
Statement.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Audit Committee</I></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The audit committee (&#147;Audit Committee&#148;) is
empowered to engage the Company&#146;s independent registered public accounting firm and review the scope and results of the audit. The Audit Committee
examines the accounting practices and methods of control and the manner of reporting financial results. These reviews and examinations include meetings
with independent auditors, staff accountants and representatives of management. The results of the Committee&#146;s examinations and the choice of the
Company&#146;s independent registered public accounting firm are reported to the full Board of Trustees. The Audit Committee includes no officers or
employees of the Company or its majority-owned subsidiary, Acadia Realty Limited Partnership, a Delaware limited partnership of which the Company
serves as general partner (the &#147;Operating Partnership&#148;). The Audit Committee held eleven meetings during the last fiscal year. See
&#147;Report of the Audit Committee.&#148;</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee Charter requires that the Audit
Committee be comprised of at least three members, each of whom is &#147;independent,&#148; as defined by the listing standards of the New York Stock
Exchange and at least one of whom is an &#147;audit committee financial expert,&#148; as defined by SEC rules and regulations. Mr. Kellar (Chair), and
Ms. Luscombe have served as members of the Audit Committee since the 2004 Annual Meeting of Shareholders. Ms. Hopgood was appointed as a member in
August 2004, replacing Mr. Wielansky on the Audit Committee. The Board of Trustees has determined that each of these members is independent within the
meaning of the listing standards of the New York Stock Exchange. Mr. Kellar serves on the audit committees of three other public companies which the
Board of Trustees has determined does not impair his ability to serve effectively on the Company&#146;s Audit Committee. Mr. Kellar also serves as the
Audit Committee&#146;s financial expert.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Compensation Committee</I></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The compensation committee (&#147;Compensation
Committee&#148;) is responsible for administering the Company&#146;s 1999 Share Incentive Plan (the &#147;1999 Plan&#148;), the 2003 Share Incentive
Plan (the &#147;2003 Plan&#148;) and recommending to the full Board, the compensation of the senior executive officers of the Company, including the
CEO. The Compensation Committee held two meetings during the last fiscal year.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Compensation Committee Charter requires that the
Compensation Committee be comprised of at least two members, each of whom is independent as defined by the listing standards of the New York Stock
Exchange. Messrs. Forman (Chair) and Kellar have served as the members of the Compensation Committee since the 2004 Annual Meeting of Shareholders, The
Board of Trustees has determined that each of these members is independent within the meaning of the listing standards of the New York Stock Exchange.
See &#147;Report of the Compensation Committee on Executive Compensation.&#148;</FONT></DIV></P>
<!-- agabop mode="ep" last-style="h3" -->



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 8 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 9 -->
<!-- agabop mode="main" last-style="h3" -->

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Nominating and Corporate Governance Committee</I></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The nominating and corporate governance committee
(&#147;Nominating and Corporate Governance Committee&#148;) is responsible for reviewing the qualifications and performance of the Board of Trustees
and recommending to the Board nominees for Board members, Board committees and for the Chair of each committee. In evaluating a candidate for Trustee,
the Committee considers factors that are in the best interests of the Company and its shareholders, including the knowledge, experience, integrity and
judgment of possible candidates for nomination as trustees; their potential contribution to the diversity of backgrounds, experience and competencies
which the Board desires to have represented and their ability to devote sufficient time and effort to their duties as trustees. The Nominating and
Corporate Governance Committee is also responsible for recommending to the Board changes in the Company&#146;s corporate governance
guidelines.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Nominating and Corporate Governance Committee
Charter requires the Nominating and Corporate Governance Committee to be comprised of at least two members, each of whom is independent as defined by
the listing standards of the New York Stock Exchange. Members of the Nominating and Corporate Governance Committee during the last fiscal year were Ms.
Hopgood (Chair) and Mr. Wielansky, have served as the members of the Nominating and Corporate Governance Committee since the 2004 Annual Meeting of
Shareholders. The Board of Trustees has determined that each of these members is independent within the meaning of the listing standards of the New
York Stock Exchange. The Nominating and Corporate Governance Committee held three meetings during the last fiscal year.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Nominating and Corporate Governance Committee
considers qualified candidates for trustees suggested by the Company&#146;s shareholders, provided the names of such nominees, accompanied by relevant
biographical information, are submitted in accordance with the Company&#146;s Bylaws. Each of the nominees up for election is nominated by the
Nominating and Corporate Governance Committee.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Investment/Capital Markets Committee</I></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Investment/Capital Markets Committee (the
&#147;Investment Committee&#148;) has been established for the primary purpose of (i) screening all transactions which are within certain defined
pre-approval limits to ensure such transactions are within such limits, (ii) acting as the pricing committee for all equity offerings and (iii) for
other investments and capital market transactions, exercise such authority as is given to it from time to time by the Board of Trustees. The Committee
has the authority to obtain advice and assistance from outside legal, accounting or other advisors as deemed appropriate to perform its duties and
responsibilities.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Investment Committee charter requires that it be
comprised of at least three members, each of whom is independent as defined by the listing standards of the New York Stock Exchange. The Company&#146;s
chief executive officer is an exofficio member of the Investment Committee. Messrs. Crocker (Chair), Forman and Wielansky have served as the members of
the Investment Committee since the 2004 Annual Meeting of Shareholders, The Board of Trustees has determined that each of these members is independent
within the meaning of the listing standards of the New York Stock Exchange.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Executive Sessions</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Non-management trustees meet regularly in executive
sessions without management. &#147;Non-management&#148; trustees are all those who are not Company officers and include Trustees, if any, who are not
&#147;independent&#148; by virtue of the existence of a material relationship with the Company. Executive sessions are led by a &#147;Lead
Trustee.&#148; An executive session is held in conjunction with each regularly scheduled Board meeting and other sessions may be called by the Lead
Trustee in his own discretion or at the request of the Board. Mr. Wielansky has been designated as the Lead Trustee.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Communication with Trustees</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">You may communicate directly with the Board of
Trustees by sending correspondence to the Company&#146;s Corporate Secretary at: Corporate Secretary, Acadia Realty Trust, 1311 Mamaroneck Avenue,
Suite 260, White Plains, New York 10605. The sender should indicate in the address whether it is intended for the entire board, the independent
trustees as a group, or to an individual trustee. Each communication intended for the board or</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h2" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 9 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 10 -->
<!-- agabop mode="main" last-style="h2" -->

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>independent trustees received by the Corporate
Secretary will be promptly forwarded to the intended recipients in accordance with the sender&#146;s instructions.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Trustees&#146; Fees</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Each trustee who is not also an officer and
full-time employee of the Company or the Operating Partnership receives an annual trustee fee in the amount of $20,000, comprised of $10,000 cash and
$10,000 Common Stock, plus a fee of $1,250 for each meeting of the Board of Trustees, $1,000 for each committee meeting attended and $500 for each
telephonic Board meeting. Committee chairs also receive an annual fee of $2,500 with the exception of the Audit Committee chair who receives an annual
fee of $5,000. The Lead Trustee receives an annual Lead Trustee fee of $35,000, comprised of $17,500 cash and $17,500 Common Stock in addition to the
other trustee fees. Trustees who are officers and full-time employees of the Company or the Operating Partnership receive no separate compensation for
service as a trustee or committee member. Additionally, members of the Board of Trustees are reimbursed for travel and lodging expenses associated with
attending meetings of the Board of Trustees and committees of the Board of Trustees. Non-employee trustees are also entitled to grants of options to
purchase 3,000 Common Shares following the annual meeting of shareholders held during each year during which they serve as trustees. Accordingly, on
May 6, 2004 and August 4, 2004, options to purchase 1,000 and 2,000 Common Shares, respectively, were granted at an exercise price of $12.55 and
$14.13, respectively, which options vest immediately. During 2004, Mr. Wielansky also received fees for providing consulting services to the Company.
See &#147;Certain Relationships and Related Transactions.&#148;</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Other Corporate Governance Initiatives</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company has adopted a Code of Ethics for Senior
Financial Officers as defined under the rules of the SEC, that applies to the Company&#146;s Chief Executive Officer, Chief Financial Officer, Chief
Accounting Officer, Controller and Assistant Controllers, and all professionals in finance and finance-related departments. The Company also has a Code
of Business Conduct and Ethics that applies to the Company&#146;s trustees, officers and associates.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company regularly monitors developments in the
area of corporate governance and continues to enhance the Company&#146;s corporate governance structure based upon a review of new developments and
recommended best practices. The Company&#146;s corporate governance materials, including the Company&#146;s Corporate Governance Guidelines, Code of
Business Conduct Ethics, Whistle Blower Policy, Code of Ethics for Senior Financial Officers and standing committee charters may be found on the
Company&#146;s web site at http://www.acadiarealty.com in the &#147;Investor Relations &#151; Corporate Governance&#148; section. Copies of these
materials are also available to shareholders upon written request to the Company&#146;s Corporate Secretary, Acadia Realty Trust, 1311 Mamaroneck
Avenue, Suite 260, White Plains, New York 10605.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company intends to satisfy its disclosure
obligations under Item 10 of Form 8-K by posting information about amendments to, or waivers from a provision of the Code of Ethics that apply to the
Company&#146;s Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, Controller and Assistant Controllers on the Company&#146;s
website.</FONT></DIV></P>
<!-- agabop mode="ep" last-style="h2" -->



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 10 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 11 -->
<!-- agabop mode="main" last-style="h2" -->

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company&#146;s authorized capital consists of
100,000,000 Common Shares. As of April 13, 2005, the Company had 31,394,210 Common Shares outstanding, which shares were held by 351 record holders. In
addition, as of April 13, 2005, the Company had 642,255 units of limited partnership interest in the Operating Partnership (&#147;OP Units&#148;)
outstanding.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company is not aware of any person or any group
within the meaning of Section 13(d)(3) of the Exchange Act that is the beneficial owner of more than five percent of any class of the Company&#146;s
voting securities other than as set forth in the table below. The Company does not know of any arrangements at present, the operation of which may, at
a subsequent date, result in a change in control of the Company.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table sets forth, as of April 13,
2005, certain information concerning the holdings of each person known to the Company to be beneficial owner of more than five percent (5%) of the
Common Shares at April 13, 2005, and all Common Shares beneficially owned by each trustee, each nominee for trustee, each executive officer named in
the Executive Compensation Summary table appearing elsewhere herein and by all trustees, and executive officers as a group. Each of the persons named
below has sole voting power and sole investment power with respect to the shares set forth opposite his name, except as otherwise
noted.</FONT></DIV></P>

<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TH nowrap ALIGN="LEFT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Beneficial
      Owners
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"
WIDTH="93.5ptpt">
      </FONT></TH>
    <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
    <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
    <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Number
      of Common<BR>
      Shares Beneficially<BR>
      Owned
      <HR SIZE=1 NOSHADE
COLOR="#000000">
      </FONT></TH>
    <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Percent
      of<BR>
      Class
      <HR SIZE=1 NOSHADE COLOR="#000000">
      </FONT></TH>
  </TR>
  <TR VALIGN="TOP" BGCOLOR="#FFF3CE">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Wellington
        Management Company, LLP (1)</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,877,350</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">12.35</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Yale
        University (2)</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,635,066</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11.58</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP" BGCOLOR="#FFF3CE">
    <TD ALIGN="LEFT" bgcolor="#FFF3CE"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Morgan
        Stanley (3)</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,840,168</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5.86</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Clarion
        CRA Securities, LP (4)</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,747,280</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5.57</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP" bgcolor="#FFF3CE">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Third
Avenue Management LLC (5)</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap>&nbsp;</TD>
    <TD ALIGN="RIGHT" >1,660,500</TD>
    <TD ALIGN="LEFT" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap>&nbsp;</TD>
    <TD ALIGN="RIGHT" >5.29</TD>
    <TD ALIGN="LEFT" nowrap>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Kenneth
        F. Bernstein (6)</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,014,977</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(7)&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3.17</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP" BGCOLOR="#FFF3CE">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Joel
        Braun (6)</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">85,142</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(8)&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Robert
        Masters (6)</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">69,385</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(9)&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP" BGCOLOR="#FFF3CE">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Michael
        Nelsen (6)</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,970</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(10)&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Joseph
        Hogan (6)</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">34,515</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(11)&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP" BGCOLOR="#FFF3CE">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Douglas
        Crocker II</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,099</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(12)&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Alan
        Forman</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,699</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(13)&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP" BGCOLOR="#FFF3CE">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Suzanne
        M. Hopgood</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,699</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(14)&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Lorrence
        T. Kellar</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,099</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(15)&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP" BGCOLOR="#FFF3CE">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Wendy
        Luscombe</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,199</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(16)&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Lee
        S. Wielansky</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">12,417</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(17)&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP" BGCOLOR="#FFF3CE">
    <TD ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">All
        Executive Officers and Trustees as a Group (thirteen persons)</FONT></DIV></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,292,841</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">
      <div align="left"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(6,7,8,9,10,11,12,<BR>
        13,14,15,16,17)&nbsp;&nbsp;</FONT></div></TD>
    <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.07</FONT></TD>
    <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>

<HR SIZE="1" WIDTH="60" ALIGN="left" NOSHADE COLOR="#000000">

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The business address of Wellington Management, Inc. is 75 State
Street, Boston, MA 02109.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(2)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The business address of Yale University is c/o Yale University
Investments Office, Real Estate, 55 Whitney Avenue, 5 <SUP>th</SUP> Floor, New Haven, CT 06510.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(3)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The business address of Morgan Stanley is 1585 Broadway, New
York, New York 10036.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(4)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The business address of Clarion CRA Securities, LP is 259 N.
Radnor Chester Road, Suite 205 Radnor, PA 19087.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(5)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The business address of Third Avenue Management LLC is 622 Third Avenue, 32nd Floor, New York,
NY 10017.</FONT></TD>
</TR>
</TABLE>
<BR>



<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(6)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The business address of each such person is c/o Acadia Realty
Trust, 1311 Mamaroneck Avenue, Suite 260, White Plains, NY 10605.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(7)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Reflects the Common Shares beneficially owned by Mr. Bernstein
in his individual capacity and the Common Shares deemed to be beneficially owned by Mr. Bernstein. The Common Shares directly owned by Mr. Bernstein in
his individual capacity consist of (i) 331,255 OP Units which are immediately exchangeable into a like number of Common Shares, (ii) 119,111 vested
Common Shares of a total of 261,721 restricted Common Shares issued to Mr. Bernstein in 2000 through 2005,
(iii) 207,989</FONT></TD>
</TR>
</TABLE>
<BR>
<!-- agabop mode="frill" last-style="footnote" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 11 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 12 -->
<!-- agabop mode="main" last-style="footnote" -->

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Common Shares
and (iv) 356,622 vested options issued pursuant to the 1999 and 2003 Share Incentive
Plans.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(8)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Represents (i) 6,667 OP Units which are immediately exchangeable
into a like number of Common Shares, (ii) 14,220 vested Common Shares of a total of 48,749 restricted Common Shares issued to Mr. Braun in 2001 through
2005, (iii) 61,871 Common Shares and (iv) 2,384 vested options issued pursuant to the 2003 Share Incentive Plan.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(9)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Represents (i) 53,296 Common Shares, (ii) 14,871 vested Common
Shares of a total of 39,882 restricted Common Shares issued to Mr. Masters in 2000 through 2005, and (iii) 1,218 vested options issued pursuant to the
2003 Share Incentive Plan.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(10)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Represents 910 vested Common Shares of a total of 10,907
restricted Common Shares issued to Mr. Nelsen in 2004 and 2005, and 1,060 vested options issued pursuant to the 2003 Share Incentive Plan.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(11)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Represents 8,455 vested Common Shares of a total of 25,330
restricted Common Shares issued to Mr. Hogan in 2000 through 2005, and 26,060 vested options issued pursuant to the 1999 and 2003 Share Incentive
Plans.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(12)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Represents 3,400 vested options issued pursuant to the 1999 and 2003
Share Incentive Plans and 699 Common Shares.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(13)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Represents 4,000 vested options issued pursuant to the 1999 and 2003
Share Incentive Plans and 699 Common Shares. The Common Shares have all been issued to Yale University.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(14)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Represents 3,000 vested options issued pursuant to the 2003
Share Incentive Plan and 699 Common Shares.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(15)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Represents 3,400 vested options issued pursuant to the 2003 Share
Incentive Plan and 1,699 Common Shares.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(16)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Represents 3,000 vested options issued pursuant to the 2003 Share
Incentive Plan and 1,199 Common Shares.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(17)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Represents 5,800 vested options issued pursuant to the 1999 and 2003
Share Incentive Plans and 6,617 Common Shares.</FONT></TD>
</TR>
</TABLE>


&nbsp;<BR>

<!-- agabop mode="ep" last-style="footnote" -->



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 12 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 13 -->
<!-- agabop mode="main" last-style="footnote" -->

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>EXECUTIVE COMPENSATION</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Summary Compensation Table</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table shows for the fiscal years ended
December 31, 2004, 2003 and 2002, the annual and long-term compensation awarded by the Company to the Company&#146;s Chief Executive Officer and to
each of the other four most highly compensated executive officers whose total annual compensation for fiscal year 2004 exceeded
$100,000.</FONT></DIV></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" BORDER="0">

<TR VALIGN="BOTTOM">
     <TH nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH COLSPAN=15 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Annual Compensation<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN=15 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Long-Term Compensation<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH width="34%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Fiscal<BR> Year<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Salary<BR> ($)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Bonus<BR> ($)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Other<BR> Annual<BR> Compensation<HR SIZE=1 NOSHADE
COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Restricted<BR> Share<BR> Awards<BR> ($) (4)<HR SIZE=1 NOSHADE
COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Securities<BR> Underlying<BR> Options/<BR> SARs (3)<HR SIZE=1 NOSHADE
COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">LTIP<BR> Payouts<BR> ($)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">All<BR> Other<BR> Compensation<BR> ($) (1)<HR SIZE=1 NOSHADE
COLOR="#000000"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="20%" NOWRAP><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Kenneth F.
Bernstein</FONT></DIV></TD>
     <TD WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH="0%" ALIGN="RIGHT" NOWRAP="1"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
     <TD WIDTH="0%" ALIGN="LEFT" NOWRAP="1"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH="0%" ALIGN="RIGHT" NOWRAP="1"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD WIDTH="3%" ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">312,000</FONT></TD>
     <TD WIDTH="0%" ALIGN="LEFT" NOWRAP="1"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH="0%" ALIGN="RIGHT" NOWRAP="1"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="4%" ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH="0%" ALIGN="LEFT" NOWRAP="1"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH="0%" ALIGN="RIGHT" NOWRAP="1"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH="5%" ALIGN="LEFT" NOWRAP="1"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH="0%" ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD WIDTH="4%" ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,005,369</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT" NOWRAP="1"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH="0%" ALIGN="RIGHT" NOWRAP="1"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">19,866</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT" NOWRAP="1"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH="0%" ALIGN="RIGHT" NOWRAP="1"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD WIDTH="2%" ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT" NOWRAP="1"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH="0%" ALIGN="RIGHT" NOWRAP="1"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD WIDTH="2%" ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,240</FONT></TD>
     <TD ALIGN="LEFT" NOWRAP="1" WIDTH="5%"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>President
and Chief<BR></I></FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2003</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">312,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">744,497</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,000</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Executive
Officer<BR></I></FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2002</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">312,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">300,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" >&nbsp;</TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,000</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Joel
Braun</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">200,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">90,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">211,117</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7,152</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,769</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Senior
Vice President &#151;<BR></I></FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2003</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">200,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">220,161</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,000</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Chief
Investment Officer<BR></I></FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2002</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">187,200</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">125,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" >&nbsp;</TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,616</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Robert
Masters</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">190,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">170,740</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,655</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,631</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Senior
Vice President &#151;<BR></I></FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2003</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">190,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">137,445</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,385</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>General
Counsel<BR></I></FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2002</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">187,200</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">80,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" >&nbsp;</TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,000</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Michael
Nelsen</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">190,400</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">50,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">104,255</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,179</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,394</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Senior
Vice President &#151;<BR></I></FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2003</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">150,123</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">56,250</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">56,250</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,098</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="20%" NOWRAP><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Chief
Financial Officer</I> (6)<BR></FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2002</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Joseph
Hogan</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">200,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">45,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">93,841</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,179</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,615</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Senior
Vice President &#151;<BR></I></FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2003</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">200,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">127,260</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,900</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Director
of Construction<BR></I></FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2002</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">197,600</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">80,000</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" >&nbsp;</TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=3% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=1% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,928</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>


<HR SIZE="1" WIDTH="60" ALIGN="left" NOSHADE COLOR="#000000">

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Represents contributions made by the Company to the account of
the named executive officer under a 401(k) Plan.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(2)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Did not exceed the lesser of $50,000 or 10% of the total annual
salary and bonus for the named individual.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(3)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Represents options granted on January 3, 2005 under the
Company&#146;s 2003 Share Incentive Plan. See Share Option Grants, Exercises and Holdings Table below.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px; TOP-MARGIN: 1 px"><FONT FACE="TIMES NEW ROMAN, TIMES,
SERIF" SIZE="2">(4)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In prior years, executives had the option to elect to receive
their bonus, or a portion thereof, in Common Shares under the Restricted Share Bonus Program (defined below). Mr. Bernstein made such elections for
$225,000 and $150,000 of his 2003 and 2002 bonuses, respectively, for which Common Shares were granted in January 2004 and June 2003, respectively. Mr.
Braun made such elections for $65,000 and $25,000 of his 2003 and 2002 bonuses, respectively, for which Common Shares were granted in January 2004 and
June 2003, respectively. Mr. Masters made such elections for $40,000 of each of his 2003 and 2002 bonuses, for which Common Shares were granted in
January 2004 and June 2003. Mr. Hogan made such elections for $40,000 and $10,000 of his 2003 and 2002 bonuses, respectively, for which Common Shares
were granted in January 2004 and June 2003, respectively. Under the restricted share bonus program, these executives were permitted to purchase
Restricted Common Shares at a 20% discount to the average price for the preceding 20-days using amounts from their cash bonuses. Also under the 2003
Plan, restricted shares were awarded to these executives in addition to their 2004, 2003 and 2002 cash bonuses as follows: (i) Mr. Bernstein: 61,303,
36,390 shares and 40,000 shares, respectively, (ii) Mr. Braun: 12,873, 10,917 shares and 10,000 shares, respectively, (iii) Mr. Masters: 10,411, 6,874
shares and 5,333 shares, respectively, (iv) Mr. Nelsen: 6,357 shares in 2004 and (v) Mr. Hogan: 5,722, 6,065 shares and 4,000 shares, respectively. The
2004 restricted share awards were granted on January 3, 2005 under the Company&#146;s 2003 Share Incentive Plan.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px; TOP-MARGIN: 1 px"><FONT FACE="TIMES NEW ROMAN, TIMES,
SERIF" SIZE="2">(5)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Subsequent to the filing of the 2003 Proxy Statement, the
Company adopted the 2003 Plan to provide for the granting of options, restricted shares and performance units to officers, employees and trustees of
the Company because no Common Shares remained available for future grants under the 1999 Share Incentive Plan.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px; TOP-MARGIN: 1 px"><FONT FACE="TIMES NEW ROMAN, TIMES,
SERIF" SIZE="2">(6)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Mr. Nelsen was elected Sr. Vice President and Chief Financial
Officer on March 7, 2003.</FONT></TD>
</TR>
</TABLE>
<BR>
<!-- agabop mode="frill" last-style="footnote" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 13 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 14 -->
<!-- agabop mode="main" last-style="footnote" -->


<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><B>Share Option Grants, Exercises and Holdings</B></B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following options were granted on January
3, 2005 to the executive officers named on the Summary Compensation Table:</FONT></DIV></P>


<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">

<TR VALIGN="BOTTOM">
     <TH nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

</TR>
<TR VALIGN="BOTTOM">
     <TH nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="7" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Individual Grants (1)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH width="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN=7 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Potential Realizable Value<BR> at Assumed Annual Rate<BR>of Common Share
Price<BR> Appreciation for<BR> Option Term<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH width="27%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH nowrap ALIGN="LEFT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Name<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"
WIDTH="22ptpt"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Number of<BR> Securities<BR> Underlying<BR> Options<BR>Granted<BR> (#)
(1)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">% Of<BR> Total Options<BR> Granted<BR> to Employees<BR> in Fiscal<BR>
Year<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Exercise<BR> or Base<BR> Price<BR> ($/Share)<HR SIZE=1 NOSHADE
COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Expiration Date<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5% ($)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH width="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">10%($)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="40%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Kenneth F.
Bernstein</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="3%" ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">19,866</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="4%" ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38.7</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD width="2%" ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"> 16.35</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT" NOWRAP><div align="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1-2-2015</FONT></div></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD width="3%" ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"> 205,890</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD width="3%" ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"> 520,225</FONT></TD>
     <TD width="0%" ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="40%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Joel
Braun</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7,152</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">13.9</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16.35</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="10%" ALIGN="RIGHT" ><div align="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1-2-2015</FONT></div></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">74,123</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">187,287</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="40%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Robert
Masters</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,655</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7.1</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16.35</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="10%" ALIGN="RIGHT" ><div align="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1-2-2015</FONT></div></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">37,880</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">95,712</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="40%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Michael
Nelsen</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,179</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6.2</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16.35</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="10%" ALIGN="RIGHT" ><div align="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1-2-2015</FONT></div></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">32,947</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">83,247</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="40%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Joseph
Hogan</FONT></DIV></TD>
     <TD WIDTH=1%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,179</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6.2</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16.35</FONT></TD>
     <TD WIDTH=0% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="10%" ALIGN="RIGHT" ><div align="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1-2-2015</FONT></div></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">32,947</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">83,247</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>


<HR SIZE="1" WIDTH="60" ALIGN="left" NOSHADE COLOR="#000000">

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">See Summary Compensation Table for title of the persons named
above.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><B>2004 Fiscal Year-End Option Values</B></B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table sets forth the value of the
options held by the executive officers named on the Summary Compensation Table:</FONT></DIV></P>


<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">

<TR VALIGN="BOTTOM">
     <TH nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Number of<BR> Unexercised<BR> Options/SARs<BR> at Fiscal<BR> Year-End
(2)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Value of<BR> Unexercised<BR> in-the-Money<BR> Options/SARs<BR> at
Fiscal<BR> Year-End (3)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH nowrap ALIGN="LEFT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Name (1)<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"
WIDTH="44ptpt"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Shares<BR> Acquired<BR> on<BR> Exercise (2)<HR SIZE=1 NOSHADE
COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Value<BR> Realized ($)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Exercisable/<BR> Unexercisable<HR SIZE=1 NOSHADE
COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Exercisable/<BR> Unexercisable<HR SIZE=1 NOSHADE
COLOR="#000000"></FONT></TH>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Kenneth F.
Bernstein</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">400,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,180,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">350,000/&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"> 3,455,500</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">/&#151;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Joel
Braun</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">85,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">802,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;/&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;/&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Robert
Masters</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">65,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">606,800</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;/&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;/&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Michael
Nelsen</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;/&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;/&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Joseph
Hogan</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25,000/&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">267,500</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">/&#151;&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>


<HR SIZE="1" WIDTH="60" ALIGN="left" NOSHADE COLOR="#000000">

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">See Summary Compensation Table for title of the persons named
above. The above table does not include options granted on January 3, 2005. See Share Option Grants, Exercises and Holdings Table.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(2)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Represents options granted under the 1999 and 2003 Share
Incentive Plans. One-third of the remaining options vested as of the grant date and one-third on each of the next two anniversaries
thereafter.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="41px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 24px; TEXT-INDENT: -24px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(3)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Based on a closing price of $16.30 for the underlying Common
Shares as of December 31, 2004.</FONT></TD>
</TR>
</TABLE>
<BR>
<!-- agabop mode="ep" last-style="footnote" -->



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">12<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 14 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 15 -->
<!-- agabop mode="main" last-style="footnote" -->

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><B>Employment Contracts, Severance Agreements and Change in Control
Arrangements.</B></B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company&#146;s only employment contracts are
with Messrs. Bernstein and Nelsen. The Company also has severance agreements in place with its Senior Vice Presidents. These contracts and agreements
are described below:</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Employment Contracts</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Kenneth F. Bernstein</I></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In August of 1998, the Company entered into an
employment agreement with Kenneth F. Bernstein, pursuant to which Mr. Bernstein served as President. Under the employment agreement, Mr. Bernstein is
subject to an annual review and upward adjustment by the Compensation Committee. The employment agreement provides for a three-year term, is renewable
for successive daily periods, and is subject to termination in accordance with the terms and conditions of such agreement. Effective as of January 1,
2001, Mr. Bernstein was appointed to the additional position of Chief Executive Officer of the Company. In connection with Mr. Bernstein&#146;s
appointment to the position of Chief Executive Officer, the terms of his employment agreement were amended. Under the amended terms of his employment
agreement, Mr. Bernstein&#146;s annual compensation was increased to $300,000 per year. In January 2002, the Compensation Committee increased Mr.
Bernstein&#146;s annual base compensation by 4% to $312,000 for the calendar year ending December 31, 2002. Each year during the term of Mr.
Bernstein&#146;s employment, the Compensation Committee considers Mr. Bernstein for an incentive bonus (to be determined by the Compensation Committee)
and discretionary bonuses payable in cash, Common Shares issued under the Restricted Share Bonus Program (&#147;Restricted Shares&#148;) and options to
purchase Common Shares, or any combination thereof, as the Board of Trustees and the Compensation Committee may approve. Restricted Shares generally
carry all the rights of unrestricted Common Shares including dividend rights, but may not be transferred, assigned or pledged until the recipient has a
vested, non-forfeitable right to these shares. Vesting, which is subject to the recipient&#146;s continued employment with the Company through the
applicable vesting dates, ranges from three to four years from the date of grant. In addition, the vesting of certain Restricted Shares are contingent
upon the Company&#146;s shareholder return exceeding certain thresholds in the year such vesting is scheduled to occur. For the calendar year ended
December 31, 2002, the Compensation Committee awarded Mr. Bernstein a cash bonus of $300,000 and a stock bonus of 40,000 Restricted Shares. Mr.
Bernstein elected to receive $150,000 of his cash bonus in Restricted Shares and the remainder in cash. Therefore, in June 2003, the Company issued to
Mr. Bernstein 65,000 Restricted Shares with a value at the time of issuance of $591,500 and Mr. Bernstein received $150,000 in cash. For the calendar
year ended December 31, 2003, the Compensation Committee awarded Mr. Bernstein a cash bonus of $225,000 and a stock bonus of 36,390 Restricted Shares.
Mr. Bernstein elected to receive his cash bonus in Restricted Shares Therefore, in January 2004, the Company issued to Mr. Bernstein 59,134 Common
Shares with a value at the time of issuance of $744,497. For the calendar year ended December 31, 2004, the Compensation Committee awarded Mr.
Bernstein a stock bonus of 61,303 Restricted Shares with a value as of the grant date of January 3, 2005 (&#147;Grant Date&#148;) of $964,296. The
Compensation Committee also awarded Mr. Bernstein 19,866 options to purchase Common Shares at an exercise price of $16.35, which were granted on the
Grant Date and vested 1/3 as of the Grant Date with the remaining options scheduled to vest equally on each of the next two anniversaries thereof. The
options are subject to customary antidilution provisions. The terms of the options may be modified by the terms of any share option plan adopted by the
Company.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The employment agreement also provides for an annual
car allowance plus insurance costs for Mr. Bernstein to be maintained by the Company. Mr. Bernstein is also entitled to participate in all benefit
plans, health insurance, disability, retirement and incentive compensation plans generally available to the Company&#146;s executives, and is subject
to certain non- competition and confidentiality requirements.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The employment agreement provides for certain
termination or severance payments to be made by the Company to Mr. Bernstein in the event of his termination of employment as the result of his death,
disability, discharge with or without Cause (as defined therein), his resignation or a termination by Mr. Bernstein for good reason, including, a
Change of Control (as defined therein) of the Company. If Mr. Bernstein&#146;s employment is terminated either because he is discharged without cause
or due to a termination by Mr. Bernstein for good reason, including, a Change of Control, the Company will be required to make a lump sum payment equal
to among other</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h3" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">13<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 15 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 16 -->
<!-- agabop mode="main" last-style="h3" -->

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">things, unpaid salary and bonus, and unpaid severance salary and
bonus, each paid in accordance with the terms and conditions of such agreement.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Michael Nelsen</I></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Mr. Nelsen was elected Sr. Vice President and Chief
Financial Officer on March 7, 2003. The Company has entered into an employment agreement with Mr. Nelsen, pursuant to which Mr. Nelsen is to be
compensated at the rate of $200,000 per year. Under the employment agreement, Mr. Nelsen is subject to an annual review and upward adjustment by the
Compensation Committee. He received a cash bonus of $75,000 for 2003, which was prorated for a partial year in 2003 ($56,250). In addition, Mr. Nelsen
is entitled to participate in the Company&#146;s 2003 Share Incentive Plan. His compensation under this plan was $75,000 for 2003, which was prorated
for a partial year in 2003 (4,549 Restricted Shares with a value at the date of grant of $56,250). For the calendar year ended December 31, 2004, the
Compensation Committee awarded Mr. Nelsen a cash bonus of $50,000 and a stock bonus of 6,357 Restricted Shares with a value at the date of grant,
January 3, 2005 (the &#147;Grant Date&#148;), of $100,000. The Compensation Committee also awarded Mr. Nelsen 3,179 options to purchase Common Shares
at a price of $16.35, which were granted on the Grant Date and vested 1/3 as of the Grant Date with the remaining options scheduled to vest equally on
each of the next two anniversaries thereof.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Mr. Nelsen&#146;s employment may be terminated at
any time by him or the Company. The employment agreement provides for certain termination or severance payments to be made by the Company to Mr. Nelsen
in the event of his termination of employment as the result of his death, disability, discharge with or without Cause (as defined therein), his
resignation or a termination by Mr. Nelsen for good reason, including, a Change of Control (as defined therein) of the Company. If Mr. Nelsen&#146;s
employment is terminated either because he is discharged without Cause or due to a termination by Mr. Nelsen for good reason, including, a Change of
Control, the Company will be required to make a lump sum payment equal to among other things, unpaid salary and bonus, and unpaid severance salary and
bonus, each paid in accordance with the terms and conditions of his agreement.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Severance Arrangements</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The severance agreements with the Senior Vice
Presidents provide for certain termination or severance payments to be made by the Company to the executive in the event of his termination of
employment as the result of his death, disability, discharge with or without Cause (as defined therein), his resignation or a termination by the
executive for good reason, including, a Change of Control (as defined therein) of the Company. If the executive&#146;s employment is terminated either
because he is discharged without cause or due to a termination by the executive for good reason, including, a Change of Control, the Company will be
required to make a lump sum payment equal to among other things, unpaid salary and bonus, and unpaid severance salary and bonus, each paid in
accordance with the terms and conditions of such agreements.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Employee Benefit Plans</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company provides a variety of medical, dental,
vision, life, disability and accidental death and dismemberment insurance policies that are generally available to all of its full-time employees. The
Company also provides a contributory 401(k) savings plan to employees of the Company.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In 2003, the Company instituted the Acadia Realty
Trust Employee Stock Purchase Plan (the &#147;Purchase Plan&#148;). The Purchase Plan allows eligible employees of the Company and its designated
affiliates to purchase, through payroll deductions, Common Shares of beneficial interest in the Company. The Purchase Plan is designed to retain and
motivate the employees of the Company and its designated affiliates by encouraging them to acquire ownership in the Company. The Company has reserved
100,000 Common Shares for issuance under the Purchase Plan. The Purchase Plan is intended to be an &#147;employee stock purchase plan&#148; within the
meaning of Section 423 of the United States Internal Revenue Code, as amended, which allows an employee to defer recognition of taxes when purchasing
common shares under such a purchase plan. During 2004 and 2003, 6,397 and 810 Common Shares, respectively, were purchased by employees under the
Purchase Plan.</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h2" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">14<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 16 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 17 -->
<!-- agabop mode="main" last-style="h2" -->

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>REPORT OF THE COMPENSATION COMMITTEE ON EXECUTIVE COMPENSATION</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Overview</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Compensation Committee recommends to the full
Board of Trustees all compensation for senior executives, including the CEO. The Committee is made up of only non-employee trustees.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company&#146;s success depends on developing,
motivating and retaining executives who have the skills and expertise to lead a fully integrated, self-managed and self-administered equity real estate
investment trust. The executive compensation program is designed to help achieve these objectives. It is comprised of the following three main
components:</FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">1)&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Competitive base salaries</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">2)&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Short term rewards</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">3)&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Long term incentives</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">All three major components of the executive
compensation program are described below in more detail.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Base Salaries</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In keeping with the long-term and highly technical
nature of the Company&#146;s business, the Company takes a long-term approach to executive compensation. This career-oriented philosophy requires a
competitive base salary. Each year, the Company evaluates the Company&#146;s salary structure based on competitive positioning (comparing Acadia&#146;s
salary structure with salaries paid by other peer companies); the Company&#146;s own business performance; and general economic factors. Specific
weights are not given to these factors.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Short Term Rewards</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Short term incentive awards consist primarily of
cash bonuses. The Committee grants cash bonuses to executives, including the CEO, to reward their contributions to the business during the past
year.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In addition to the factors discussed under Base
Salaries, the bonus an executive receives, including the CEO, also depends on the executive&#146;s individual performance and level of responsibility.
Each year, the Committee assesses performance based on factors including business results, technical expertise, leadership and management
skills.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In 2002, the Committee approved the payment of an
aggregate of $1,167,000 in cash bonuses of which $147,000 was paid in 2002 and $1,020,000 in 2003. In 2003, the Committee approved the payment of an
aggregate of $925,000 in cash bonuses of which $177,000 was paid in 2003 and $748,000 was paid in 2004. In 2004, the Committee approved the payment of
an aggregate of $846,000 in cash bonuses to all employees of which $456,000 was paid in 2004 and $390,000 was paid in 2005.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Long Term Incentives</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Long term incentive awards are intended to develop
and retain strong management through share ownership and incentive awards that recognize future performance. The Company has historically used Common
Shares issued under the Restricted Share Bonus Program (&#147;Restricted Shares&#148;) and options to purchase Common Shares (&#147;Options&#148;) as
its primary long term incentive award. Restricted Share awards and Options were granted to executive officers, including the CEO, as well as other key
employees in 2004.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The number of restricted shares granted to executive
officers, including the CEO, is based on individual performance and level of responsibility. For this purpose, the Committee measures performance the
same way as described above for short term awards. Restricted stock grants must be sufficient in size to provide a strong incentive for executives to
work for long-term business interests and become significant owners of the business.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In 2004, the Committee authorized aggregate bonuses
of 135,000 Restricted Shares and 51,296 Options to all employees.</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h2" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">15<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 17 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 18 -->
<!-- agabop mode="main" last-style="h2" -->

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>CEO Compensation</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Within the framework described above, the Committee
determines the CEO&#146;s compensation by considering his contributions to the Company&#146;s business, the Company&#146;s success and career
experience. The Committee does not think narrow quantitative measures or formulas are sufficient for determining Mr. Bernstein&#146;s compensation. The
Committee does not give specific weights to the factors considered, but the primary factors are the CEO&#146;s contributions and business
results.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Restricted Stock and Options were granted for 2004
to recognize Mr. Bernstein&#146;s outstanding leadership of the Company&#146;s business, continued strengthening of the Company&#146;s competitive
position, recognition of the Company&#146;s achievements from the public markets, and its progress toward long-range strategic goals.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In determining the CEO&#146;s total compensation,
the Committee considered Mr. Bernstein&#146;s level of responsibility, his leadership, and his overall contribution as CEO.</FONT></DIV></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Compensation Committee</B></FONT></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Alan S. Forman, Chairman<BR> Lorrence T. Kellar</FONT></P>
<!-- agabop mode="ep" last-style="textc" -->



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 18 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 19 -->
<!-- agabop mode="main" last-style="textc" -->

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>AUDIT COMMITTEE INFORMATION</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Independent Registered Public Accounting Firm Compensation</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Audit Fees</I></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The aggregate fees billed for professional services
rendered by Ernst &amp; Young LLP for the audit of the Company&#146;s financial statements as included in the Company&#146;s Form 10-K, fees for
Sarbanes-Oxley Section 404 planning and testing relating to the Company&#146;s 2004 audit and reviews of the financial statements as included in the
Company&#146;s Form 10Qs, were $626,000 and $215,000 for the years ended December 31, 2004 and 2003, respectively.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Audit-Related Fees</I></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Additional fees billed for services rendered by
Ernst &amp; Young LLP during 2004 of $198,000 were for the consents and comfort letters issued in connection with two Common Share offerings. Fees of
$13,000 during 2003 related to the Company&#146;s 2003 shelf registration statement.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Tax Fees &#151; Preparation and Compliance</I></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The aggregate fees billed for professional services
rendered by Ernst &amp; Young LLP for tax preparation and compliance were $191,000 and $150,000 for the years ended December 31, 2004 and 2003,
respectively.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Tax Fees &#151; Other</I></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The aggregate fees billed for professional services
rendered by Ernst &amp; Young LLP for other tax advice and services were $72,000 and $94,000 for the years ended December 31, 2004 and 2003,
respectively.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>All Other Fees</I></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">There were no additional fees billed for services
rendered by Ernst &amp; Young LLP for services other than those specified in the captions entitled Audit Fees, Audit-Related Fees and Tax Fees as set
forth above.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Policy on Pre-Approval of Independent Auditor Services</I></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee is responsible for approving
every engagement of Ernst &amp; Young LLP to perform audit or non-audit services on behalf of the Company or any of its subsidiaries before Ernst &amp;
Young LLP is engaged to provide those services.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>The following &#147;Report of Audit
Committee&#148; shall not be deemed incorporated by reference by any general statement incorporating this Proxy Statement into any filing under the
Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically
incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. The Board of Trustees has previously adopted an
Audit Committee Charter that may be found in Appendix A to this proxy statement and on the Company&#146;s website at
www.acadiarealty.com.</I></FONT></DIV></P>
<!-- agabop mode="ep" last-style="h3" -->



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">17<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 19 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 20 -->
<!-- agabop mode="main" last-style="h3" -->

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>REPORT OF THE AUDIT COMMITTEE</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee presently consists of the
following members of the Company&#146;s Board of Trustees: Mr. Kellar, Ms. Hopgood and Ms. Luscombe, all of whom are independent as defined under the
listing standards of the New York Stock Exchange.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee has reviewed and discussed the
audited financial statements of the Company for the year ended December 31, 2004 with the Company&#146;s management. The Audit Committee has discussed
with Ernst &amp; Young LLP, the Company&#146;s auditors, the matters required to be discussed by Statement on Auditing Standards No. 61 (Communication
with Audit Committees).</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee has also received the written
disclosures and the letter from Ernst &amp; Young LLP required by Independence Standards Board Standard No. 1 (Independence Discussion with Audit
Committees) and the Audit Committee has discussed the independence of Ernst &amp; Young LLP with that firm.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee has considered whether the other
fees billed for professional services rendered by Ernst &amp; Young LLP are compatible with maintaining the principal accountant&#146;s
independence.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Based on the Audit Committee&#146;s review and
discussions noted above, the Audit Committee recommended to the Board of Directors that the Company&#146;s audited financial statements be included in
the Company&#146;s Annual Report on Form 10-K for the fiscal year ended December 31, 2004 for filing with the Securities and Exchange
Commission.</FONT></DIV></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Audit Committee<BR></B></FONT></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Lorrence T. Kellar, Chairman<BR> Suzanne M. Hopgood<BR> Wendy
Luscombe<BR></FONT></P>
<!-- agabop mode="ep" last-style="textc" -->



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">18<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 20 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 21 -->
<!-- agabop mode="main" last-style="textc" -->

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></P>
<!-- agabop mode="ep" last-style="textc" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>SHARE PRICE PERFORMANCE GRAPH</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following graph compares the cumulative total
shareholder return for the Common Shares for the period commencing December 31, 1999 through December 31, 2004 with the cumulative total return on the
Standard &amp; Poor&#146;s 500 Stock Index (the &#147;S&amp;P 500&#148;), the Russell 2000 Index (&#147;Russell 2000&#148;), the Morgan Stanley REIT
Index (the &#147;RMS&#148;) and the SNL Shopping Center REITs (the &#147;SNL&#148;) over the same period. Total return values for the S&amp;P 500, the
RMS, the SNL and the Common Shares were calculated based upon cumulative total return assuming the investment of $100 in each of the S&amp;P 500, the
Index, the RMS and the Common Shares on December 31, 1999, and assuming reinvestment of such dividends. The shareholder return as set forth in the
below is not necessarily indicative of future performance.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Comparison of 5 Year Cumulative Total Return among
Acadia Realty Trust, the S&amp;P 500, the Russell 2000, the RMS the SNL:<BR>
<DIV ALIGN="CENTER"><BR><IMG SRC="d16802line.jpg">
<BR>&nbsp;</DIV>
</FONT></DIV></P>



<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>


<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">

<TR VALIGN="BOTTOM">
     <TH nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN=23 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Period Ending<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH width="28%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH nowrap ALIGN="LEFT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>Index<BR></B><HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"
WIDTH="27.5ptpt"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">12/31/99<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>12/31/00</B><HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>12/31/01</B><HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>12/31/02</B><HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>12/31/03</B><HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>12/31/04</B><HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="40%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Acadia Realty
Trust</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="2%" ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100.00</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="2%" ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">132.36</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="2%" ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">161.14</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="2%" ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">202.09</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="2%" ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">361.27</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD width="3%" ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">492.52</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="40%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">S&amp;P
500</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100.00</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">91.20</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">80.42</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">62.64</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">80.62</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">89.47</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="40%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Russell
2000</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100.00</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">96.98</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">99.39</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">79.03</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">116.38</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">137.71</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="40%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Morgan
Stanley REITs Index</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100.00</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">126.81</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">143.08</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">148.30</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">202.79</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">266.64</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="40%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">SNL Shopping
Center REITS Index</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100.00</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">120.21</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">154.52</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">178.60</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">253.21</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=0% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">344.02</FONT></TD>
     <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>




<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">19<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 21 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 22 -->
<!-- agabop mode="main" last-style="textc" -->

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>RDC Transaction</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On August 12, 1998, the Company completed a major
reorganization (&#147;RDC Transaction&#148;) in which it acquired twelve shopping centers, five multi-family properties and a 49% interest in one
shopping center along with certain third party management contracts and promissory notes from real estate investment partnerships (&#147;RDC
Funds&#148;) managed by affiliates of RD Capital, Inc. In connection with the RDC Transaction, the Company was, among other things, obligated to issue
OP Units and cash valued at $2.8 million upon the commencement of rental payments from a designated tenant at one of the acquired properties. In
February 2003, Ross Dworman, the Company&#146;s former Chairman, received 34,841 of these OP Units through various affiliated
entities.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Future Equity Offerings</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In connection with the RDC Transaction, the Company
agreed that following the Closing, if the Board of Trustees determines, in the exercise of its duties, to engage in an offering of preferred stock
convertible into Common Shares, then, upon commencement of any such offering, the Company would use commercially reasonable efforts to provide a right
of first preference to those partners of the RDC Funds who are equity owners of the RDC Funds on the date of the Closing and who have made capital
contributions to permit the RDC Funds to meet their obligations to make certain cash investment at the Closing, to purchase such convertible preferred
stock, on terms and conditions which will be identical to the offer and sale of any preferred stock to investors other than such partners, provided
that any such rights of first preference would be made only and if to the extent permitted by applicable federal, state and securities laws and that
the terms of any such rights of first preference would only be in a manner determined fair and equitable to the Company.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Other</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company managed one property in which a
shareholder of the Company had an ownership interest, for which the Company earned a management fee of 3% of tenant collections. Management fees earned
by the Company under this contract aggregated $142,000 $212,000 and $229,000 for the years ended 2004, 2003 and 2002, respectively. In addition, the
Company also earned leasing commissions of $157,000 related to this property for the year ended December 31, 2004. In connection with the sale of the
property on July 12, 2004, the management contract was terminated and the Company earned a $75,000 disposition fee.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company also earns certain management and
service fees in connection with its investment in Funds I and II. Such fees earned by the Company aggregated $3.5 million, $1.7 million and $1.1
million for the years ended December 31, 2004, 2003 and 2002, respectively.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company also earns fees in connection with its
rights to provide asset management, leasing, disposition, development and construction services for an existing portfolio of retail properties and/or
leasehold interests in which Klaff Realty, LP and Klaff Realty Limited (collectively &#147;Klaff&#148;) a common and preferred OP unit holder, has an
interest, which was acquired during 2004. Net fees earned by the Company (after payment of submanagement fees of $1.6 million) in connection with this
portfolio were $0.9 million for the year ended December 31, 2004.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On March 19, 2004, Mr. Dworman and certain entities
controlled by Mr. Dworman converted 1,000,000 share options and 548,614 OP Units held by them in connection with Mr. Dworman&#146;s resignation from
the Company&#146;s Board of Trustees and in connection with a secondary public offering. Included in the Common OP Units converted to Common Shares
during 2003 were 2,300 Common OP Units converted by Mr. Dworman who then transferred them to a charitable foundation in accordance with a pre-existing
arrangement.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In November 2004, the Company issued 1,890,000
Common Shares in an underwriting offering. In connection with this offering, Yale, and Mr. Bernstein also sold 1,000,000, and 110,000 Common Shares,
respectively.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">During the year ended December 31, 2004, Kenneth F.
Bernstein, President and Chief Executive Officer, and certain former trustees of the Company exercised 400,000 and 20,000 options to purchase Common
Shares, respectively.</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h2" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">20<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 22 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 23 -->
<!-- agabop mode="main" last-style="h2" -->

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In February 2002, the Board of Trustees voted to
permit Yale University (&#147;Yale&#148;) to acquire 2,266,667 additional Common Shares by granting a conditional waiver of the provision in the
Company&#146;s Declaration of Trust that prohibits ownership positions in excess of 4% of the Company. The waiver was limited to this particular
transaction. Additionally, as a condition to approving the waiver, Yale agreed to establish a voting trust whereby all shares owned by Yale University
in excess of 30% of the Company&#146;s outstanding Common Shares, will be voted in the same proportion as all other shares voted, excluding Yale.
Following the waiver, Yale owned 8,421,759 Common Shares or 34% of the Company&#146;s outstanding Common Shares. As of April 13, 2005, Yale has reduced
its ownership to 3.635,066 Common Shares, or 12% of the Company&#146;s outstanding Common Shares.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On March 22, 2005, the Company completed a
transaction with Klaff pursuant to which the Company acquired the balance of Klaff&#146;s retail management business which it had not previously
purchased on January 27, 2004. The consideration for the acquisition was the sum of $4.0 million in the form of 250,000 restricted common operating
partnership units ($16 per unit). These units may not be sold for five years, subject to a carveout for a change of control, including a change in the
chief executive officer. The effective date of the purchase and issuance of the units is February 15, 2005.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Mr. Wielansky, who currently serves as Lead Trustee,
is entitled to receive annual consulting fees totaling $100,000 for providing consulting services to the Company including assisting with the
underwriting and analysis of development and redevelopment opportunities as well as assisting with sourcing of direct acquisitions and identifying
potential acquisition partners.</FONT></DIV></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>ANNUAL SHAREHOLDERS REPORT</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">A copy of the Company&#146;s Annual Report to
Shareholders is being provided to each shareholder of the Company along with this Proxy Statement. Upon written request of any record or beneficial
owner of Common Shares of the Company whose proxy was solicited in connection with the Annual Meeting, the Company will furnish such owner, without
charge, a copy of its Annual Report on Form 10-K for the year ended December 31, 2004. A request for a copy of such Annual Report on Form 10-K should
be made in writing, addressed to Acadia Realty Trust, 1311 Mamaroneck Avenue, Suite 260, White Plains, NY 10605, Attention: Robert
Masters.</FONT></DIV></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>OTHER MATTERS</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As of the date of this Proxy Statement, the Board of
Trustees does not know of any matters to be presented at the Annual Meeting other than those specifically set forth in the Notice of Annual Meeting of
Shareholders. If other proper matters, however, should come before the Annual Meeting or any adjournment thereof, the persons named in the enclosed
proxy intend to vote the shares represented by them in accordance with their best judgment in respect to any such matters.</FONT></DIV></P>
<!-- agabop mode="ep" last-style="h1" -->



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">21<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 23 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 24 -->
<!-- agabop mode="main" last-style="h1" -->

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Section 16(a) of the Exchange Act requires the
Company&#146;s officers and trustees and persons who own more than ten percent of the Common Shares (collectively, the Reporting Persons) to file
reports of ownership and changes in ownership with the Securities and Exchange Commission and to furnish the Company with copies of these reports.
Based on the Company&#146;s review of the copies of these reports received by it, the Company has determined that all reports were timely
filed.</FONT></DIV></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>SUBMISSION OF SHAREHOLDER PROPOSALS</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">All proposals of any shareholder of the Company
which the holder desires be presented at the next annual meeting of Shareholders and be included in the proxy statement and form of proxy prepared for
that meeting must be received by the Company at its principal executive offices no later than 5:00 PM EST on January 4, 2006. All such proposals must
be submitted in writing to the Secretary of the Company at the address appearing on the notice accompanying this proxy statement.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 228px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">By order of the Board of Trustees,<BR>
<IMG SRC="mastersrsig.jpg">
<BR><BR>
Robert Masters, Secretary</FONT></DIV></P>
<!-- agabop mode="ep" last-style="sigindent" -->



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">22<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 24 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 25 -->
<!-- agabop mode="main" last-style="sigindent" -->

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Exhibit A<BR></B></FONT></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>CHARTER OF THE AUDIT COMMITTEE</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;Purpose</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee is established by and amongst
the Board of Trustees for the primary purpose of assisting the Board in:</FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">overseeing the integrity of the Company&#146;s financial
statements,</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">overseeing the Company&#146;s compliance with legal and
regulatory requirements,</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">overseeing the independent auditor&#146;s qualifications and
independence,</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">overseeing the performance of the company&#146;s internal audit
function and independent auditor, and</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">overseeing the Company&#146;s system of disclosure controls and
system of internal controls regarding finance, accounting, legal compliance, and ethics that management and the Board have established.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Consistent with this function, the Audit Committee
should encourage continuous improvement of, and should foster adherence to, the Company&#146;s policies, procedures and practices at all levels. The
Audit Committee should also provide an open avenue of communication among the independent auditors, financial and senior management, the internal
auditing function, and the Board of Trustees.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee has the authority to obtain
advice and assistance from outside legal, accounting, or other advisors as deemed appropriate to perform its duties and
responsibilities.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company shall provide appropriate funding, as
determined by the Audit Committee, for compensation to the independent auditor and to any advisers that the audit committee chooses to engage, as well
as for ordinary administrative expenses of the Audit Committee that are necessary or appropriate in carrying out its duties.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee will primarily fulfill its
responsibilities by carrying out the activities enumerated in Section III of this Charter. The Audit Committee will report regularly to the Board of
Trustees regarding the execution of its duties and responsibilities.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;Composition And Meetings</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee shall be comprised of three or
more Trustees as determined by the Board, each of whom shall be independent Trustees (as defined by all applicable rules and regulations), and free
from any relationship (including disallowed compensatory arrangements) that, in the opinion of the Board, would interfere with the exercise of his or
her independent judgment as a member of the Committee. All members of the Committee shall be financially literate and have a working familiarity with
basic finance and accounting practices, and at least one member must have accounting or related financial management experience. The Board shall
determine whether at least one member of the Committee qualifies as an &#147;audit committee financial expert&#148; in compliance with the criteria
established by the SEC and other relevant regulations. The existence of such member, including his or her name and whether or not he or she is
independent, shall be disclosed in periodic filings as required by the SEC. Committee members may enhance their familiarity with finance and accounting
by participating in educational programs conducted by the Company or an outside consultant.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The members of the Committee shall be elected by the
Board at the annual organizational meeting of the Board or until their successors shall be duly elected and qualified. Unless a Chair is elected by the
full Board, the members of the Committee may designate a Chair by majority vote of the full Committee membership.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Unless otherwise provided for in this Charter, the
provisions set forth in the Company&#146;s Bylaws for meetings of the Board and its committees shall govern the quorum and voting requirements for all
meetings of the Committee.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Committee shall meet at least four times
annually, or more frequently as circumstances dictate. Each regularly scheduled meeting shall conclude with an executive session of the Committee
absent members of management and on such terms and conditions as the Committee may elect. As part of its job to foster open</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h2" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">23<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 25 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 26 -->
<!-- agabop mode="main" last-style="h2" -->

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>communication, the Committee should meet
separately, periodically with management, the internal auditors (or other personnel responsible for the internal audit function) and the independent
auditors in separate executive sessions to discuss any matters that the Committee or each of these groups believe should be discussed privately. In
addition, the Committee should meet quarterly with the independent auditors and management to discuss the annual audited financial statements and
quarterly financial statements, including the Company&#146;s disclosure under &#147;Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations&#148;.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;Responsibilities And Duties</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">To fulfill its responsibilities and duties the Audit
Committee shall:</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Documents/Reports/Accounting Information Review</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">1.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review this Charter periodically, at least annually, and
recommend to the Board of Trustees any necessary amendments as conditions dictate.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">2.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review and discuss with management the Company&#146;s annual
financial statements, quarterly financial statements, and all internal controls reports (or summaries thereof). Review other relevant reports or
financial information submitted by the Company to any governmental body, or the public, including management certifications as required by the
Sarbanes-Oxley Act of 2002 (Sections 302 and 906) and relevant reports rendered by the independent auditors (or summaries thereof).</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">3.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Recommend to the Board whether the financial statements should
be included in the Annual Report on Form 10-K. Review with financial management and the independent auditors the 10-Q prior to its filing (or prior to
the release of earnings).</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">4.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review with the full Board of Trustees any issues that arise
with respect to the quality or integrity of the Company&#146;s financial statements, the Company&#146;s compliance with legal or regulatory
requirements, the performance and independence of the Company&#146;s independent auditors and the performance of the internal audit
function.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">5.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review earnings press releases with management, including review
of &#147;pro-forma&#148; or &#147;adjusted&#148; non-GAAP information.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">6.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Discuss with management financial information and earnings
guidance provided to analysts and rating agencies. Such discussions may be on general terms (i.e., discussion of the types of information to be
disclosed and the type of presentation to be made).</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">7.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review the regular internal reports (or summaries thereof) to
management prepared by the internal auditors and management&#146;s response.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Independent Auditors</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">8.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Appoint (subject to shareholder ratification, if applicable),
compensate, and oversee the work performed by the independent auditor for the purpose of preparing or issuing an audit report or related work. Review
the performance of the independent auditors and remove the independent auditors if circumstances warrant. The independent auditors shall report
directly to the audit committee and the audit committee shall oversee the resolution of disagreements between management and the independent auditors
in the event that they arise. Consider whether the auditor&#146;s performance of permissible non-audit services is compatible with the auditor&#146;s
independence.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">9.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review with the independent auditor any problems or difficulties
and management&#146;s response, including: any accounting adjustments that were noted or proposed by the auditor but were &#147;passed&#148; (as
material or otherwise); any communications between the audit team and the audit firm&#146;s national office respecting auditing or accounting issues
presented by the engagement; and any &#147;management&#148; or &#147;internal control&#148; letter issued, or proposed to be issued, by the audit firm
to the Company. Such difficulties include any restrictions on the scope of the independent auditor&#146;s activities or on access to requested
information, and any significant disagreements with management.</FONT></TD>
</TR>
</TABLE>
<BR>
<!-- agabop mode="frill" last-style="h2" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">24<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 26 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 27 -->
<!-- agabop mode="main" last-style="h2" -->

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">10.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review the independent auditor&#146;s attestation and report on
management&#146;s internal control report; and hold timely discussions with the independent auditors regarding the following:</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">all critical accounting policies and practices;</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">all alternative treatments of financial information within
generally accepted accounting principles that have been discussed with management, ramifications of the use of such alternative disclosures and
treatments, and the treatment preferred by the independent auditor;</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">other material written communications between the independent
auditor and management including, but not limited to, the management letter and schedule of unadjusted differences; and</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">an analysis of the auditor&#146;s judgment as to the quality of
the Company&#146;s accounting principles, setting forth significant reporting issues and judgments made in connection with the preparation of the
financial statements.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">11.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">At least annually, obtain and review a report by the independent
auditor describing:</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">the firm&#146;s internal quality control procedures;</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">any material issues raised by the most recent internal
quality-control review, peer review, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years,
respecting one or more independent audits carried out by the firm, and any steps taken to deal with any such issues; and</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(to assess the auditor&#146;s independence) all relationships
between the independent auditor and the Company.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">After reviewing the foregoing report, the Audit
Committee should evaluate the independent auditor&#146;s qualifications, performance and independence, including a review and evaluation of the lead
partner, taking into account the opinions of management and the Company&#146;s internal auditors (or other personnel responsible for the internal audit
function). In addition to assuring the regular rotation of the audit partner, the Committee should consider whether there should be regular rotation of
the audit firm itself to assure continuing auditor independence. The Committee should present its conclusions with respect to the independent auditor
to the full Board of Directors.</FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">12.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review and pre-approve both audit and non-audit services to be
provided by the independent auditor (other than with respect to de minimis exceptions permitted by the Sarbanes-Oxley Act of 2002). This duty may be
delegated to one or more designated members of the Audit Committee with any such pre-approval reported to the full Audit Committee at its next
regularly scheduled meeting. Approval of non-audit services shall be disclosed to investors in periodic reports required by Section 13(a) of the
Securities Exchange Act of 1934.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">13.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Set clear hiring policies, compliant with governing laws or
regulations, for employees or former employees of the independent auditor.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Financial Reporting Processes and Accounting Policies</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">14.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In consultation with the independent auditors and the internal
auditors, review the integrity of the organization&#146;s financial reporting processes (both internal and external), and the internal control
structure (including disclosure controls). Meet with representatives of the disclosure committee (if one exists) on a periodic basis to discuss any
matters of concern arising from the disclosure committee&#146;s quarterly process to assist the CEO and CFO in their Sarbanes-Oxley Act of 2002 Section
302 certifications.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">15.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review with management major issues regarding accounting
principles and financial statement presentations, including any significant changes in the Company&#146;s selection or application of accounting
principles, and major issues as to the adequacy of the Company&#146;s internal controls and any special audit steps adopted in light of material
control deficiencies.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">16.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review analyses prepared by management (and the independent
auditor as noted in item 8 above) setting forth significant financial reporting issues and judgments made in connection with the preparation of the
financial statements, including analyses of the effects of alternative GAAP methods on the financial statements.</FONT></TD>
</TR>
</TABLE>
<BR>
<!-- agabop mode="frill" last-style="h2" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 27 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 28 -->
<!-- agabop mode="main" last-style="h2" -->

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">17.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review with management the effect of regulatory and accounting
initiatives, as well as off-balance sheet structures, on the financial statements of the Company.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">18.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review and approve all related party transactions.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">19.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Establish and maintain procedures for the receipt, retention,
and treatment of complaints regarding accounting, internal accounting, or auditing matters.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">20.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Establish and maintain procedures for the confidential,
anonymous submission by Company employees regarding questionable accounting or auditing matters.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Internal Audit</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">21.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review and advise on the selection and removal of the internal
audit director to oversee the internal audit function to provide management and the Audit Committee with ongoing assessments of the Company&#146;s risk
management processes and system of internal control.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">22.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review activities, organizational structure, and qualifications
of the internal audit function.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">23.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Annually, review and recommend changes (if any) to the internal
audit charter.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">24.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Periodically review with the internal audit director any
significant difficulties, disagreements with management, or scope restrictions encountered in the course of the function&#146;s work.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">25.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Periodically review with the independent auditor, the budget,
staffing, and responsibilities of the internal audit function.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Ethical Compliance, Legal Compliance, and Risk Management</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">26.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Establish, review and update periodically a Code of Ethical
Conduct and ensure that management has established a system to enforce this Code. Ensure that the code is in compliance with all applicable rules and
regulations.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">27.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review management&#146;s monitoring of the Company&#146;s
compliance with the organization&#146;s Ethical Code, and ensure that management has the proper review system in place to ensure that Company&#146;s
financial statements, reports and other financial information disseminated to governmental organizations and the public satisfy legal
requirements.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">28.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review, with the organization&#146;s counsel, legal compliance
matters including corporate securities trading policies.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">29.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review, with the organization&#146;s counsel, any legal matter
that could have a significant impact on the organization&#146;s financial statements.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">30.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Discuss policies with respect to risk assessment and risk
management. Such discussions should include the Company&#146;s major financial and accounting risk exposures and the steps management has undertaken to
control them.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Other Responsibilities</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">31.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Review with the independent auditors, the internal auditing
department and management the extent to which changes or improvements in financial or accounting practices, as approved by the Audit Committee, have
been implemented. (This review should be conducted at an appropriate time subsequent to implementation of changes or improvements, as decided by the
Committee.)</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">32.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Prepare the report that the SEC requires be included in the
Company&#146;s annual proxy statement.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">33.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Annually, perform a self-assessment relative to the Audit
Committee&#146;s purpose, duties and responsibilities outlined herein.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">34.&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Perform any other activities consistent with this Charter, the
Company&#146;s by-laws and governing law, as the Committee or the Board deems necessary or appropriate.</FONT></TD>
</TR>
</TABLE>
<BR>
<!-- agabop mode="frill" last-style="h2" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">26<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 28 -->
<PAGE>


<DIV align="center">
<TABLE border="0" cellspacing="0" cellpadding="0" width="100%" style="font-size:10pt; font-family:'Times New Roman,Times,Serif'">
<TR>
    <TD width="30%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>

</TR>


<TR valign="top">
    <TD align="left"><B><I>ACADIA REALTY TRUST<BR></I></B>
<B><I>1311 MAMARONECK AVENUE<BR></I></B>
<B><I>SUITE 260<BR></I></B>
<B><I>WHITE PLAINS, NY 10605</I></B></TD>
    <TD align="left"><B>VOTE BY MAIL<BR></B>
Mark, sign, and date your proxy card and return it in the postage-paid envelope we have provided or return
it to Acadia Realty Trust, c/o ADP, 51 Mercedes Way, Edgewood, NY 11717.</TD>
</TR>
</TABLE>
</DIV>
<P>&nbsp;
<P>&nbsp;
<DIV align="center">
<TABLE border="0" cellspacing="0" cellpadding="0" width="90%" style="font-size:8pt; font-family:'Times New Roman,Times,Serif'">
<TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>

</TR>


<TR valign="top">
    <TD align="right" nowrap>TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD align="center" nowrap>ACADIA</TD>
    <TD align="right" nowrap>KEEP THIS PORTION FOR</TD>
</TR>

<TR valign="top">
    <TD align="left"><DIV style="margin-left:10px; text-indent:-10px"></DIV></TD>
    <TD align="center"><DIV style="margin-left:40px"></DIV></TD>
    <TD align="right">YOUR RECORDS</TD>
</TR>

<TR valign="top">
    <TD align="right" colspan="3">DETACH AND RETURN THIS PORTION ONLY</TD>
</TR>
</TABLE>
</DIV>
<DIV align="center" style="font-family:'Times New Roman,Times,Serif'; font-size: 10pt"><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B>
</DIV>
<P>&nbsp;
<P>&nbsp;

<P align="left" style="font-family:'Times New Roman,Times,Serif'; font-size: 10pt">
<B>ACADIA REALTY TRUST</B><BR><BR>
THE BOARD OF  TRUSTEES RECOMMENDS THAT YOU<BR> VOTE &#147;FOR&#148; THE NOMINEES AND EACH OF THE<BR> PROPOSALS LISTED BELOW.


<DIV align="center">
<TABLE border="0" cellspacing="0" cellpadding="0" width="100%" style="font-size:10pt; font-family:'Times New Roman,Times,Serif'">
<TR>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>

    <TD width="7%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>

</TR>


<TR valign="top">
    <TD align="left"><DIV style="margin-left:10px; text-indent:-10px"></DIV></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="center"><B>For</B></TD>
    <TD align="center"><B>Withhold</B></TD>
    <TD align="center"><B>For All </B></TD>
    <TD align="left" colspan="5" rowspan="5">To withhold authority to vote  for any individual nominee, mark &#147;For All Except&#148; and write the nominee&#146;s number on the line below.
</TD>
</TR>

<TR valign="top">
    <TD align="left"><DIV style="margin-left:10px; text-indent:-10px"></DIV></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="center"><B>All</B></TD>
    <TD align="center"><B>All</B></TD>
    <TD align="center"><B>Except </B></TD>
</TR>

<TR valign="top">
    <TD align="left" colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><B>Vote On Directors</B></DIV></TD>
    <TD align="left">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="left"><DIV style="margin-left:10px; text-indent:-10px">1.</DIV></TD>
    <TD align="left"><B>Nominees:</B></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="left"><DIV style="margin-left:10px; text-indent:-10px"></DIV></TD>
    <TD align="left" nowrap>01) Kenneth F. Bernstein&nbsp;&nbsp;&nbsp;<BR>
02) Douglas Crocker II<BR>
03) Alan S. Forman<BR>04) Suzanne Hopgood</TD>
    <TD nowrap align="left">05) Lorrence T. Kellar<BR>
06) Wendy Luscombe<BR>
07) Lee S. Wielansky</TD>
    <TD align="center" valign="bottom">*</TD>
    <TD align="center" valign="bottom">*</TD>
    <TD align="center" valign="bottom">*</TD>
</TR>

<TR valign="top">
    <TD align="left"><DIV style="margin-left:10px; text-indent:-10px"></DIV></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left" colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><B>Vote On Proposals

</B></DIV></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="center"><B>For</B></TD>
    <TD align="center"><B>Against</B></TD>
    <TD align="center"><B>Abstain</B></TD>
</TR>
<TR valign="top">
    <TD align="left"><DIV style="margin-left:10px; text-indent:-10px">2.</DIV></TD>
    <TD align="left" colspan="6">TO RATIFY THE APPOINTMENT OF ERNST &#038; YOUNG LLP AS INDEPENDENT AUDITORS FOR THE COMPANY FOR THE FISCAL YEAR ENDING DECEMBER 31, 2005.

</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="center">*</TD>
    <TD align="center">*</TD>
    <TD align="center">*</TD>

</TR>

<TR valign="top">
    <TD align="left"><DIV style="margin-left:10px; text-indent:-10px"></DIV></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="left"><DIV style="margin-left:10px; text-indent:-10px">3.</DIV></TD>
    <TD align="left" colspan="6"><DIV align="justify">TO TRANSACT SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.</DIV>

</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="center">*</TD>
    <TD align="center">*</TD>
    <TD align="center">*</TD>

</TR>

<TR valign="top">
    <TD align="left"><DIV style="margin-left:10px; text-indent:-10px"></DIV></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="left" colspan="7">Please sign exactly as name appears on the certificate or certificates representing shares to be voted by this proxy, as shown on the label above. When signing as executor, administrator, attorney, trustee, or guardian, please give full title as such. If a corporation, please sign full corporation name by president or other authorized officer. If a partnership, please sign In partnership name by authorized person(s).
<BR>
For comments, please check this box and write them on the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>back where indicated



</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>

</TR>

</TABLE>
</DIV>

<DIV align="center">
<TABLE border="0" cellspacing="0" cellpadding="0" width="100%" style="font-size:10pt; font-family:'Times New Roman,Times,Serif'">
<TR>
    <TD width="45%" nowrap>Signature [PLEASE SIGN WITHIN BOX]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date

</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%" nowrap>Signature (Joint Owners)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date

</TD>

</TR>

</TABLE>
</DIV>
<P>&nbsp;
<P>&nbsp;
<P align="center" style="font-family:'Times New Roman,Times,Serif'; font-size: 10pt"><B>ACADIA REALTY TRUST <BR>PROXY FOR ANNUAL MEETING OF<BR>SHAREHOLDERS<BR>MAY 18, 2005 <BR>This Proxy is Solicited on <BR>Behalf <BR>of the Board of Trustees</B>

<DIV align="left" style="font-family:'Times New Roman,Times,Serif'; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby constitutes and appoints Kenneth F. Bernstein and Robert Masters, Esq., or either one of them, as proxies, with full power of substitution, to vote all common
shares of beneficial interest of Acadia Realty Trust ( the &#147;Company&#148;) which the undersigned would be entitled to vote if personally present at the Annual Meeting of Shareholders of the Company to be held at the offices of Paul, Hastings, Janofsky &#038; Walker, LLP, which are located at
Park Avenue Tower, 75 East 55th Street, New York, NY 10022 at 10:00 o&#146; clock a.m. local time, May 18, 2005 or at any adjournments or postponements thereof.</DIV>

<P align="center" style="font-family:'Times New Roman,Times,Serif'; font-size: 10pt"><B>THIS PROXY IS ON BEHALF OF THE BOARD OF TRUSTEES. </B>

<P align="left" style="font-family:'Times New Roman,Times,Serif'; font-size: 10pt;margin-left:100px;"><B>Comments:</B>

<DIV align="center" style="font-family:'Times New Roman,Times,Serif'; font-size: 10pt">(If you noted any Comments above, please mark corresponding box on the reverse side.)<BR><B>(Continued and to be signed on reverse side.)</B>
</DIV>
<P align="center" style="font-family:'Times New Roman,Times,Serif'; font-size: 10pt">24



</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>mastersrsig.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 mastersrsig.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````'@``_^X`#D%D
M;V)E`&3``````?_;`(0`$`L+"PP+$`P,$!</#0\7&Q00$!0;'Q<7%Q<7'QX7
M&AH:&A<>'B,E)R4C'B\O,S,O+T!`0$!`0$!`0$!`0$!`0`$1#P\1$Q$5$A(5
M%!$4$10:%!86%!HF&AH<&AHF,",>'AX>(S`K+B<G)RXK-34P,#4U0$`_0$!`
M0$!`0$!`0$!`_\``$0@`*0!L`P$B``(1`0,1`?_$`'8```,!`0$!````````
M```````$!0,&`@$!`0`````````````````````0``("``0""`,$"04`````
M``$"`P0`$1(%(1,Q05%A<2(R%)&A!H%2<C.QP6*"(X,D%1:2HE-S-!$!````
M`````````````````/_:``P#`0`"$0,1`#\`[7<[AI4I)T&J7@D*?>D<A$'Q
M.%_I^:Y-MB/>D$MD/(CR`:0VAV4$`>&/&ZR`WZ%<^A6DM2>$">7/]YAC;84*
M;/4!XDQAB>TMYB?G@'\&).\;F:][;:,4O+EM39R=!/)C4LV>?4>C/!-:?<]<
M=9C'MT8/N+0X&4#U1P]W:WPP&M'=1>EO&'3[2HW*2QGP:11JD_=7AA'<=ZOT
M=EEM31J9>7G#;K_Q(&9O2Q!\RCCU\._"=H_V_P"B9FB3ERVT8J@X9-9;(`?A
M4X^[S'ROIK;-N7/.=ZL;#]E=+/@.FK2K-`DBNKZ@,V0ZESZ\B,:80EVB(.T]
M&1J5@]+19<MC^W$?*WZ>_&1W*Y28)N=<F+JN5PSQ_P`R/BZ?,8"HQ"@LQR`&
M9/=A+:MVK;K"\U<.JHY0B0:6/6K9=C`YC&>X7:\VT3RU95E61>4CH01JE(C'
MS;&>SQ(ES<1'PB1XH4_DPHIP%7'W!@P!@P8,!!W3,[I8'W-LE([<W?+]6'&_
MN%?;:R;;#%+*L:*5E<QJ`%'8K8G;FV>X;DW#*.G#&?%Y&.1Q7W&V*%%I%&J7
M(1P1];RMY44>)P')[9&=X^IYWWP*)X(N5%6]*')O,%X^<`ZL=/O<G(VJ98@-
M4@6"-1P&<I$8'#QQ.I;1&\UFG9S,L45<B=3DZR_Q',B'J.MC@>]):K58+I59
MH;ICM,."L*@:9G[@0H.`\_4R!X*^WH>$:AV'B17B_P!S_+!NA]QO-2NGY=5H
MHSV:Y?.?A''\\9V'`@AW.^>7[ZW$Y5N'+KPZI(D\?+J/><,5D9[NW32IRY;+
MV+<L;>H9H$CS_"F6`OX,1(]TN3;J\NN.#9*Y,',?+5/8)T9*>H*W#OQ3N7Z]
M,#FDM(_Y<*`O(_X5''[<!!^K=OJ100W(/Z6TUB,&:+@6/%EU)Z6)91TX9V\[
MMM%94NP>\60M+/8K?F!W\S:XCT\>M3]F%;-]]ZAAW"LC+MU"6.=Q(O&61&R<
M#IX1+F<QTG%E=ZVU[\>WQS+)/(I<:/,O`9Y%APS(X@8#W2W7;[^8JSJ[KZXS
MY9%_$C9,/AAO"ES:MOO$-9A5I%]$HS21?PNF3#XX6:CN]1?Z"V)T'1#<!;[!
M,F3?'/`5<&)4>]F)N7NM:2@W_*Q$E<G_`+DX#][+%+F1\OFZQR\M6O,:<NW/
M`1YMGF$.[R:N9+>=9(T'4L2KI3Q.DXWJI8W"S'?MP-7BA!]K7DRYFMADTD@&
M8!RX*/'%3!@)=L6:6X->AKO:BGC6*5(LM:M&6*-DQ&8.H@X2_P`=L6?;-:E"
M+S9K%V->)=IBIY8;[HTY$]>.AP8#"Q3JV1&+$2RB%Q)&&&85UZ"/#"5Z1*^[
M5+$[<N`QRQB0^@2,5(#'JS`.6*F%=R_\;^*_I&`D5?IY;-6$6;3O%`6>IR@8
MBKER_.;5GJ?CV98=;8:C5IH.;-KLY">SS#SW4'TZ^I3V#%/'W`95ZT%6O'6@
M0)!$H1$'0%&,)-JV]ZWM1`L<.K6HB'+*OTZU*99-WX<P8"<E?=ZXTQV8[2#@
M!.I5P.]X^!_TX]\[=U;C5A9>U9CG\&C_`%X>P8"<UC=9%*>P3)N!YDPTY=^E
C&PA_C]KVO)YL?*]Q[CV63>WTY?DYYZM.KS=F?5CH,&`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>acadia-logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 acadia-logo.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`*@#A`P$1``(1`0,1`?_$`+````(#`0`#`0``````
M```````)!P@*!@,$!0L!`0`#`0$!```````````````"`P0!!080```&`@$"
M`P0%"`8+``````(#!`4&!P$(`!$)$A.9%#4V-R$S%18X(C)49&5F.0HQ46)3
M%QAA(S0E5;5VMF=Y.A$``0,#`04%!@0$!@,``````0`1`B$Q`Q)!46%Q!(&1
M(A.3\*&Q,C,TP4(4!=%B@B/Q4G*R0S7ADI7_V@`,`P$``A$#$0`_`-_'"*`M
ME]@(]K144EM-^CE@30;04F3M$-JNNIC:\]D+LY+4K8B*:()`FQWD[F@1*EP#
MW`\DGRT:(!AQ@@X#CK5ERPQ1>1`)LZC*<(#Q$#FD=Z>]SO8$N]5B#9>IMDQ5
M[=S\A,:')M[<O<"@31!I(N^[L69W$N0VK++'AL0J=$VMV1NA3>WH$I:PPQR-
M'@P:L1WGXL^?%/7U.3&<,JAHR!W4)G($;V`W\%G&26,ZLF2)QFH`B06YZY..
M0Y;EH]).*4%%'D&EGD'E@.).)&$PHXHP.!EFE&`R(!A9@!8R$6,YQG&>N.>H
M")`2B7B5I!!#BH*\G.KJ.$4&;+[&53J31%G[&W:_YCE95-%E\JDRXDHM2Y*B
MTN`E(&-A0&'IL.DDD;H<2@;DOF`]I6J"B_$'`LBQ7ER1Q0UR=J"E2Y+#W]@N
M2`Y49R$(ZB_9QI[;!<L%X-8-E*FV_H2L-DJ/?39!65L1E+)8XK6)L(79%XS#
M4CHP/[=@U1AMD<;=TIZ!P3X,-`4K3F!`88#PC$Q9898ZX6=N1%P>7^%$A.,P
M\?8[E/7+%)'"(X1'"(X1'"(X1'"(X1'"(X1'"(X1'"(X1'"(X1'"(X1'"(X1
M>JN4')$*Q4G0J7-0F2J%!#:B&C*6.!Q)(S"D*0QQ5H&\M2K&'!98CSR2<"%C
M(S`!ZBQPT"+*CO$.]9[+G._]_=:91$*$K0US<Z@IZT:AT2V9+?G9<H8DJ6GH
M<.I"MI]A6LZQE+>G,D,B2,1Y;2WDG*\X+`F3D8\/K#`_WNO&B`MJEC`WZ;F[
M56'/#%,>;G$@!9]`')]1NE!49?\`(;]GCM5>XU34JQ5C*1$(Z&D35I/L79K)
MJ2]`&Q-[/`JI@VRVIJ^HZVH26-C.2W/:4L]J2MRCRWP9_FE+O;/+CGZ.@ZG/
MT\XB@TF,2.%<D_#P:EWN^(2PD`9Y8I`4>+`@=LYN!L``;?=]9O;.=MR(9&DE
M([":Y61%*VC\>*.JNTW9ST@:89'(TU(F9MCU8M$&U:MA_-`RY0!,/:U13,$D
M@H&23#`E^1X?HND\[&V(PD,#4+P+7W2=C1J4Y6]3&)8R,0C/0*.=-&_J);8`
MU.5FT<WJ]'"+,5MHA=.\AW.XOHFR*,N_;X[?;LQ6MNT[-9KH?%KHV(&<(Z%Z
MU/*PG!#(Z)XFF(P-R2EFG9)$<Z%GX+5)4W@P2/ZO(<<)?VAM#[V-;<(G@2'V
M4$C,3&)\'!][&M!R[Z[*_:4R*5=CWNJ3+MQ6>>XM_;]WPESS8FB,M>5;@N8J
M^LQS<D!1]3(%PQJ$[>08J>"F%P)-Z&^U@9%YF0!<3S3(XY^1GEBDPB2_-V$9
M7X:2XN'H!7D9:,A@6&WF]`;\&+BXI2^L"R;(@5/0&86G:,L8X)7<`C[G*IE,
M)(N*;F./1]H3#5N#DX*S<X"`H@DO/0(<",,'G``!$,00Y]"4A$/*@6@EKI4U
M/;C[[[VM(K1TYH>G]?-77=3YM57UNFGLF0SJ]HKG\DBP83K/73E6[W%8$]Y#
MDYG7/TL3'N[>82L*3!)-!UQ#+UF8B6(0AB(O(:C?<)"XY@;R["@2SS+Q:,"'
MJ'-^$A<<VXNI+'=7<]J>TJ5AEKZR4)>]33ZS&&(6)L/K3-)]%E]51V0Y7-*2
M02+7"?-DRDN6U+(5+>8M<F^6.R)M;0J3U82"@Y.*Z,G68Y1&:,91)9X/2K`D
M&H<,3<18U-"@EFB1Y@!!+>%^0+&SW-]-0YNFB<VJ](/J[O8M$T[AHZ"D,&98
M_I!;3Y**0U+W&4J%;7';;VHIPY`1<-="=W%S,8%\?>7-^+:8JJ*(0Y7NK2>6
MF,<\+0_9^''U@GGT4\LOIWEFK>U:TH\=ZHAEUY---)=MY9JWM7=M&]/L-P;D
MHS!`RRSLECP28:6(XH!N0YP6,PD!I`S2PCZ9R'`P9%CZ,"Q_3S<KT@;3C?GN
M7[PJ-FSJBJW1=A8]:=HK4U@<UMCS._F5VE3S5Z].E/E2!HC,7F2-L;'A.K+,
M`G,7&FDC\0,B'@.!BQX.IEGE*(`!@S]H>BHQ9O-)BS&+/VAU*\_[E.SVEKRQ
MK>X_IZS0+79T=4+([;I:N66^WC3M>.3RK`B:3;BK1UKV*VS6,7,5C`0-\R4Z
M-WM*@@G`O-,\&.^?FQ_7AX7-8UH]*5-FXG8-BEKG$>,.`]1N>E+V;GLW*4MR
M][K$H#8_MR575K=5<YKG?&T7.N#)BY?;CJKBZ%J86V7D32++X[)DC%+6F1L#
MH$M*7G!("QA"HPH4%FX*+LEED,D(P8PD#5^3-O!!W[!=Z6$FA#&//N:G/;NW
MT:IR]=2#97WK$40[C++1SK!V$KM].,Z<=/7'=,TY21'6+N%M;9]]UU2N$IR^
MCC)4,2QA0G8C<F-Y1I<GRJ%E=[,@6%E81U;Y]%/)L#O-"[NVT49V\0+45`RF
M632&T6&\FAW\;-45!-D_+FY7HX1'"(X1'"(X1'"(X1'"(X10OL'?]7:PU',K
MJN"3MD8AD-:%K@:->ZLK4M?W,A$I5-L2C/V\YL[>YRZ2GIO9FY'E07E2I&$/
MB"'Q"#7FRQPXSDG8#B2>``<D\`"5R1TQ)W#X5H!4\A7<OSO-M[5GW>'VCDMF
M6>^G0NEZR8Y0_-RV>4W6,RKK5JA6DSVYR?Y6?"MWW5R7/#J(A*2K4HFC*^1O
MQZ1"E(ZB1)2_G\G60S9#.4\L(\82C$`;S/&W>:F@J0%@EU!)>1E&.\P(`'$R
MQ_$U-!L"JY$8-HGNVZR6E-4]>FFE[E@85CQ3@ET9E=FRC<:%L$7;4\G9'R,V
M/:550:MK_.=FE5(F1I9'@;4XM[@I9@!-7H$2ESJCUD,QT1E*,@]IXY:NP&<G
MH["(NU2SUCKH99:(4D'L<<M0V,`92?;2(NUV6BSL1]UYIJ9+%]"ME)&O;8DB
M4#C]"6%+FVFZZCU<%I"E.2ZCE)B'::X'LY`K7`]G8,X3$X0J!80"_P!4--@C
M=T77XXR&&1RD2-#*$@!0FI,(@#OJ=UM&'/XM$AD<FYC(`4VDQB`/Q.Y;(N>V
MMB5!WA=_'W0_5PH^I6!QFNUNQ4I24!J5!FEI`^*GBYYH0-(TO2EL&8`*INB9
M1OMGE"P,"I;[*E'C`5&1!S]3E.*'A?4=U6WEOA>K*O)+2*72S=.^Q?W%M4:@
M*AE;=Y:6T\X39\5VG:\;B>I]96*W+;@E[>UXG#N.P)[,`2Z9&&JFXL@#@M*3
M&J"2`#R03UR#&`=%UXKCS0QQ/Y=!+=OF!^;#DLAZ?JB7ADC".[22W:)A^;!<
MCOGV&^X;MK2*QHL7NVR78R758H76G2,(EVJ]5564;;+"QN94;3I;0A4N')H4
M!W.4^SF*2@'D`&(HXTD>22Q`Y+H>MD'S9898,7B<9#@W#G(0'%*@C>%S]-U/
M_)DC.#5CH-1M%9D5Y%5\G^Y]R]XW^7IV\J]F1O+?O7K8VU[%MJ:K^Q1-\PF_
M^$=AQ662=^;8TF%EY;3YO'H4N4JD@$A6<O[8N:P$`(&#FB63S<.DFL2"1?4!
M8]A8G<1N*U&6H:30C9=P-O?W<EIP[>.RE+[8Z:T#<-#/+>XP5?7,6CAK0DR2
M2N@LEBK$W,LCKV0MA0QB9GZ(.";*4U.+\D1>"SBLC3FDFCU8,D<F(2A06;E3
MNW&Q#$4*LA(2B)"@_@6[J4.T54_77==9Z\5G*;>MZ4)8E!(@A]K='(XA6N6J
ME!HPIVUC8&5M(5O,EE#\O,+2-K6@(4+W!8:60G*,-&$.;)SCC@9R^4!=)8$[
M`$L#NV[`WBKK&"Z2Z3I0NNX>\#-,6F(#6+0Q<=64-&F,A9<UN/[@ZD940I80
MTO"5B93UB3QX?'4&0`$:D&7C'UF;((QPX&\[([/N8FQ(<EK$CPB1!<*G-DG%
MHXV\R3L_`/8D.>#B@)>BI'LEIGMQ=_;X8^W_``[MGU?4D5JV/1#.O=@,>_,7
M52NH++K@.%,(M%$>CUR93UTD^UO--=S23D1[F!<LQYI(S_,#5..6>$83ADPV
MZH=KL1>KVNHR>4-$L<R/Z/PEMJF5=J'>1QW'U_=(S;"+[J[>:LRE;KIMY`%:
MY"I<&^XJ[ZQYXG#>6D`GR*(V6I:SG-O,P2$HLT2A*6,X*;SS=?3999(-,$9(
MT/X'^.XN*W-N.1E'Q`B0]O\`'<:5N:-_R\GN3NI_^VO;3_F3%S'T'ULW.'^U
M9NE^ID_I_P!JMEWQM@*4IKMM;30VT5C6[R_8&F+"HZD:L+PF=)K9=N60P*(?
M!$D*B8?.=WU;&Y6^H7,XQ(0:8C`EP:'H9@O`MG4R`Q&`+3D&'\>RZU9'T$1+
M2(8<RE=WA6TYIQZ_E3:ELXD])8M92:(P.<H%)I9Y[7*XGK'7K&_,YJ@H9A:D
M;.Y(3$N3<"%YOD^+KGKRL`@XGNQX-:G99=B^@/=QPV'X)M_=6VFMJE:@B%":
MIM7WEW<W+D#O2FLK5A6B2I(@X88%;Q/KLE)ZH*@3=#:DB90U9ROV=046YJ$(
M#@A),,,!WJLYQ:<<*Y)EA4/9Z/0G8W.5HE5Y<AQF,1\TCPV!Z/<V#=M@ENOF
ME^U[]VTSNVDM[9E8GUZ.O!,A5A+M]XBXS8NVA*C9,*^3%"C6[&39\=8QPWLT
MS!A>3!&C38&$@7AYFTYC@\F6$D[WA?>S[=VZB@#(XQ"<)$M7Y*G_`-E=SLY;
ME6#=E2S+4S:1MS$=[-$7%FI/8V,*UB54*7($;83FN;HCJDI0<-YCUAQ,"8X]
M7C`<&..#3@A"G4I<CT])D,H>7..F4*=EAW,QV&XH59A),=)CI;X;/:VT4*<E
MS6K4<(CA$<(N'LXTTBMK"/(,,).)@\L-).*&(LTHTMA7C+,+,!G`P&`'C&<9
MQG&<9QUQP@NLY5R[ZWA5^YPM6(ZGJ5DKQ\H325HK65/M<MK\_MM]W[8S&@<B
M7@Y5DDJ1HG2IHU+%I"<1A9A2ENP9G.<=<9HE)I$4O^`6J$`8B1?:J^8[I^[+
M!!G6V[`UY7N,)JB=.VIURL.MFJK)?=@1W:;7.")CMC+/=X2OL2OUP]8G>V9,
MA:0JV]=A6@1MQH"SRE#@D.+Z-1W#V]O:[3$;SVE2GIQOK>&Y4RVQ6O#M%%5'
MP5FK!74BVM]79=#(@K/D@]39ZVRI#LF\."5.>\N;);2\),-4MB=\+:C2%YY@
M0X$3B1;X?$*)#`?QX%:G>6+.E"]SKM65_P!QO[LN=Y;/VS5M256RK78-=1QJ
MI);6"=V2A<%;M9DHQ;-<S8&']$RG"386".(3H6\L>`!!YJ@9N7/T_G%Y2(B!
M8..9<$>_=3:].3&<GYB([JCX$>]8%-NYE34499QI#IHDF/\`EH2V3EPL"T#J
M@HDVQ=MY9$7!0EB#Q-'^MK3IUI=Z@@JL1Y\(8,L904YRP]T4".6J@82^-FP>
M8T89<L(@FTA6PJ\94I0/1R];42Z24P(C)F@Q/RD%[;W+4H'VJJ\QU*<J(!%Y
M^R2W"V5Q*3M3?,@5E!8R.:ZWW&D+^]4;@EDJB]DFG,.L?+4B^T$0D*E42%6@
M<$8%&')F=4J+-^CR2!$\_4`.P>47/'Z?MS<"@="9.)9^H%68F#\V;V]R?UH3
MIQI+WK)K*7.]9I)]>-R&UJ;U4Z:X%3^HL2C.R:HDM<H>;M9HU(H_=;Z9:3MY
M(E,T`G<\)E*W&70M.3A4H`7Z>/##,=.29\PTO(.PW`@.P)+`/4M=:IX`2-<S
MJ-*DAV&X29V#E@-I9;NJ*K9]IVHH%5TBLZ7W*Y0./(8SBR[`(8B9S*T+6#V9
MM72PV--C*R.#X4@`62<K)2)Q*LEX--"(X1A@_5Q0..`@[@4'+8M$(Z8B.Y+A
MOS3_`$8M7?BFMC[?VMDS=M11;ZP9I>IE>Q=>LC5"53PF2B"Q1^F'-M&N&.PT
MJT(E8AEFN+D6I+\L_`2TGDY<G2">?SCER!B/#X&H7:L#)B:GQ/N(HT)=-DR9
M!FU3T!J-'32NV)-3>K[B&#,]GUH5I5+4E?;1L2"ULR+EP&Q$\3Z6L$.:E;D,
MDY2!O2N$A<&Y(H7#3IS#,%`'DS("Q"Z=`YSC:2!=7",I?*"5]Z-2>-S-B;)3
M#Y"QRN,O:8*UFD4:=D#ZQ.Z,0A`"K;'=K4*F]>F$,&<8,*,&#.<9QU^CG4((
M+&Z5CK1VSM/J[VYMS?K7VZ+4D-OVO*9<VW6NC=OQ"3UK+W98Z)7.00V6Q:/Q
MG+,0>R.R=,;Y`1IW%(<6$0C<",-R;BQ])Y>;SAER$:B=/@T^)RU("3`EQXGH
M')6>/3RQY=9G/223I(BU7_E$F#T\6P.2O7EG:7U)E%MV+9>MUN;!:56<\OB?
M%W$:)WJ73K)*)>L;4DE1+;3JDMGEM<CEJMHD1#C@U0R)U:HE>!49DSVC!@TN
MBQ2F90E.'@TM`B--C,'#;`"!M9UV73Q)<&408M2G(A@[C8Q;@Z^FR:EZ5:R6
M'!Y[M!M9.[OM:,K!2NI'S?W:5GEPX0YI!!2YE]6UP_'PBL8](T1WY('QNCX7
M1,//A`J!]&.<AT."&49<AEDG$`1UG5I;:"0[DU))-0&9@D.CB9C(TIF(`#U9
MN+.YN7)JVY3I'M5->JHVWF>_;U:,J6VY=\`8M?D#G8UBQLV`(H2Z2IHE</KR
MK&PYI:PM):R0-@3421&L-&XGJ#330J5`\&ALATVCJ#U)R3D2"&.G2`2#1H@T
M:CDW.]=C@D,QRZIR+$:2S`4W1!HVTFYWJYL>E48EJ9:MBDC89,C;7=SC[BKC
MSPWO29`_,JD2)Y9%I[:H4E)7=I6`$4I3#R$X@W&0C"$6.G-2N((NJ.H=#]?Z
MDV\N?N)M\_L6NK)LJ"D--V&_?>-1ZFGJ&PN)D-;>[S6.JHT0W"-AC<T`7E/*
MU9E8C$2+Q*/9,F$"R_IB.H/4#)D`/Y?#ILW^75QK*_"BI\J1S>8)R8TT^%K-
M_EU/MOPM141HWM2Z..CK:SCJUW!-S$RF=V`^6S;J#6;N`K&9H<K#L!:H6N\Q
MDT>J(2)F0N\A4IAX":-.5XP$>67T`5@(<8_:_$91ZCJ!(L[&`=K.T`ZSG]OG
M$ZCESQ)_TAVY0#JPM#Z:=L&D]A4<A1S*&7?N@U+0LC=/MF=D%&RFT3&[-J56
M,;='%-LS64RV'NJ9,H4C&4T)$!P"S3,9Q@O.<8V8^DZ;'(SB`9DN2;N-O/:]
MW6J/31@\Q"Y=V]__`)4[[1:?:_[$W]JC:ULV=-8K9^MTEDEC:_1>.V!&8N@6
M2%O*:E$TD1L6=F)R7S$*1C+2IG#H,:=&A,_-)$:(P?,W3'+ECE&7)`Q%HZ6-
M7/S1)K8L12S*,\,\DA.,YQ`N`S'F\3RH0=R]UMULU]5[,![DYEMR*52$JCGB
MM8Y(7.Q(D[T1$J;=W!IE3VHAI930%L94:YU8"UZIX*<LG'8\8#3Q)NA0>CIV
MZ@]2<DS3Y3ITCEX=6_\`-M.PH,$AG.0RF2:::,.7AU>_:=ZM57]HUI;+0J?Z
MML*$V.QH7$UH7.\%E+)*VU$[$$)U1S8L6L2U<G2N!:564;DDP03,%&@'T\(P
MYSI!$@XLKY1E$M($%+J*UZT0E'<>3;B1/9)M0[CAB'^"CQ7L!O.LDZ>7Q>+)
MUPW&%3:K&Y&ID$K7-XD8E"D:P9KDCRWDX`:24B(`3F.!^H\\9)C^4:-)V5\.
MJO\`JY*HX,NOS=4Q!K,-)Y^%_>FH<U*:.$1PB.$7!VG\L;&_Z#E__;[APNBZ
MS]]RN":;ZU5I4^]FP#C>CM)WJ9:<J&.#5:"FU)Y\MUSB,ZD\;FK9]]ZJD\B1
MMU5UP]S%_=P$N0`+4I1A&0XR,D(:I0%9.7/MN5^.<CX`S!]^WM5/;`MO6RHI
MYOY3\%G6[[O.=2G3;':/9A7`+OHJHS9#$I[5M1V],[412^+4$Q.CR=>EC3E@
M928JF,-:D1T<RYK<%$A(`XQ,"]'>NW8>S@I";LXBU-AV;+[%.>@%1ZP2FL-N
M-N*3(G['/$DYB&LECL!=H:_671#@K:%&KM@HGVJW;7:NH)!UJ5LB9[`TA\@I
M,%N&C4HLIO"46;E&--9=Z#WC@$R2+B#!K\;'>2M1_+UE6"K^8B[XJZPY2]:-
M::69&3ZJ8"UK1L/9\:EU7NK9:#XJ3+&MZIY$1)754VNM?,:8\9+WD:<TAV7B
M$GQU3I<B4_/]=^Y2.3RL`GY8N?*RR$G:L90B08[+U/!B?,S]?*,].$$Q:I\O
M)('D8Q((]K7X?M:=H"<MVF^QO<FVBB,7B2V*:S7C/M0H$&JJ09)&!\;*<E#Y
M$=CU+W#(6G=8^-B<Q)U\+&E6IUX'!(!VQY19:`Q1=T4<G483GS-Y1'AI.)-W
M)C,`C8U.-F)T=-.>?$<F01T$4:)B=KN)`$;&[]R3[_+KU3"=F.Y.VT!=+23.
MJJNRF;U:K&BL@(1OC9(34$&=))'WQ<W/J5T:ETBB<M0)GAJ5J4YYB%U2DJB^
MA@,9Y8(1EEQQLY(I<#3(T[0#V!"/[D&NY%A;23MX@=RZ_?\`U1VX[+^Y:#$3
MDC7$T:!W<)AK'LG$X!K=7KM(XSD2A#U2/(8DP+6F:LS:NRWR!O*SX.AXNF#$
M2HH1OG=3FZGI<QQ$$M8C'FDXWO",@#O#N#P8G-GZKJ,,SC:C7&/(;C?")`/!
MW6^CM!=UZJ>YQ034Z%NT:CNR\"9$*2]ZB0R./NJ]N<"1%MP;"CA#*Y.&#Z_F
M*K&#DPNN1MR@T2([(A%EG*/8Z#K1U>-I"0S1`U/"<`3OCKC$D?"QV$Z^EZ@9
MX5$A.+.\91!+7&H!Q\.Y_KW+VMV.W;_M?8<^V),TRF=W!JO:$=C@5<L45PTI
MM="H(G<V.;5>"8IJYM%1+R8:+V58[-1IK,-1@1/B$7C.=,L6J1D]5Z4.HTP&
M-J`$=_P4X[XZ>R+;Z,4XVQ2R$M9OU/V^AM9`YK$,U4$NHTL2E45&T97UU857
MS5E$87)\FX5-[RE/QY7@Z^$0N2R0UAE##E&(DD.X;V=U,C-5EI,&L6:?9[,;
M6FVDU:N\.9+8):I@^H662*D*U$SRT#7.)_+9H\GLPCRCO]Y2%8J4'E>,Q1GQ
M=,=$2(:1=E$RB<FLCPO90+I-H*Q:*.LW9:ML5[?JCFT4KDE1"91'H@A=6RQH
M$T&Q)7.4;Q!V.(-2L<QAZ5N)=<K&]4ZKU[>%:J7J%!IXS$8:3P4LN;S0-0\0
M)[EW$)H"[*_VANNV8];%?YIB^;`C%B3.MG*L'E7/DKK%Z`K>E$R1BL4FP4C,
MC1*%-9(G$>#6(\>`'&DXSUR$P/-,M9D#0M[EPS@<8@0=0VOQ==SL=KNBV`'2
M!BAU0,QE/W_7%UFC5L9+R-_0P/+R)1$<"&I2Y0DO.77&1'9\T`,E_24/K]'9
M0$FM=<QY#!^((77W_2\<ORF)]4#\0@)32R,N#<Q.JA#E2;#962F&;#9PQX3J
M$*QOD,&D925S;E*0],J2JTA9A)I1@0CQ(@$,HPF82$@O)K]3C!K_`$Q7%/QP
ME![+!XJU-+DYH$'V?F3R4*8!TKF;D4(]6I/?9G)#53HO4*#U"E0L5F&'&F&"
M$,7(Q$8L$G(SF9':5+QQ)2@HU.H*+/(/+&2<2<`)I1Q1H<@,*-+'@0#"S`"S
M@0<XSC.,],\E>ALHJK^IVM276&$3F(E/B*2GS.\+OM[+HE8BV(2)';EF2.P$
M48$4%6N&I+C!+]A($[QA";DO(PEEX%X,0A`0>U5;ER>80=@`"J(C[7+(AV+1
M;)DV[+ARM-N5)-GSHNK<I:X5JICDB@BN'YA9=9+Y>IK]!-&Y4KRK)EJ=L+=<
M!"$KZ`A#TCY?BUO5U/\`4?V_+:FEE8?:W5V?W;-Z2MBI+78JLLRD4-OL+0IE
MU?G6-$WF.77&&6,RLA>R(Y9#'!.[-Q4?3'H%`%@B@CP,)I1@18\/9P,B"#4/
M[U'%DC`&,@\2WN7V(MJ#%X?I"SZ3-[TG?(PRT432@)'-(NW29([%EQS[%4/K
M_#CE25N<4RY6(:@Q!A06'`1>6`X.0X,Q(1:.E<.0G+YIN[KDM)-/Y+JH"X%L
MKM-39+O;$CB#QD@)MBK6F-)(;#4,11IFQSMRS+?L([*XE)C(DQKZ)K0$$D$(
M$B4L`\&1QP,'>I*[FRC(S!@/;8P4I1S7%#']M+-V@"[H%`["I:JJI)C&&$DE
M4R+JZEUKR5=)"GS"H>5`I&1982#"L$%C![)G(C#,&8"'H@!(RI51.0G&,>XE
M6;Y-5HX1'"(X1<_+&0<EBLFCA:@*0Q_C[RR`5#+R<!,-U;E*$*@101EY-"3D
M_P`60X$'(L8Z=<<(J!6OI;_F&C%7Q39.E]1-@F>I&E4@B++;$9FDRB"-P<H\
MAC+G(A05^RXQ%3(AM:+RT:]0D/6M83CL(SB?/.R9QJNI"36VJ,#^V)6:F*JX
M:HH;7DYD<D4I:G81DZV1&^OC+.*=KVA)E'I!+,S?,K?XS*:MJ2+(7!M6+3T"
MM7'6YR-)$YHR%@(Z!;\2I>87?\!S4]G:TV&)%;;<R-=(0G-_6?&;7N%\8#++
M<W.23%B05S&CI&4WO3D8U)793":O:&W`",)DP@I`&#!DS(QCZ8NHZO<KX\DH
MK.<9]89_\YWYXOK/K/SL_6?V_P"O_3SXW_XR^:_^8GJ.?R&</E%\HE?O/Y#?
M!IGO#_Q%_>_L;KSZJ7VI^G]/;\EMO\GX+Z"?T3\ORF_RVV_R[^"6?IM\]&3^
M#E[ED?X-OGI[K-]R?L7_`(E^J^+GB?MOW0_ZVQ^C\]MG#?P7E=%]P/LK'Z?S
M]G#>K-[Z?!<%_`;\4+?QZ?!?NHSX%_>C^_\`U3KS9^[?+#[.Y^O;9\O'?V+3
M^X?+'[:Y^K;^GCO4#:.?.%S_`(2GP*\_@<^</O9@]Y_N+^F?K?LO,7[=]W'_
M`*VQ^C]2VSAOX++T7W(^RL?I_/V<-ZEO9+YG*OX=_N9H_$E\SOJ3/]J_8WZ)
M_8Z\^B-]B^AA\OY^RR@3T=.<[E+U$>CIQW)ZB/1TX[D]1'HZ<=R>HCT=..Y/
M41Z.G'<GJ(]'3CN3U$>CIQW)ZB/1TX[D]1'HZ<=R>HCT=..Y/41Z.G'<GJ(]
M'3CN3U$>CIQW)ZB/1TX[D]1'HZ<=R>HCT=..Y/41Z.G'<GJ(]'3CN3U$>CIQ
MW)ZB/1TX[D]1=+#/C")_PF?B5B^#/C#WHE^$_P!Y?T#]:\'.]RX;?\B;-R2H
#7__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>d16802line.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 d16802line.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````'@``_^X`#D%D
M;V)E`&3``````?_;`(0`$`L+"PP+$`P,$!</#0\7&Q00$!0;'Q<7%Q<7'QX7
M&AH:&A<>'B,E)R4C'B\O,S,O+T!`0$!`0$!`0$!`0$!`0`$1#P\1$Q$5$A(5
M%!$4$10:%!86%!HF&AH<&AHF,",>'AX>(S`K+B<G)RXK-34P,#4U0$`_0$!`
M0$!`0$!`0$!`_\``$0@!20'(`P$B``(1`0,1`?_$`(H``0`"`P$`````````
M```````#!`$"!08!`0`````````````````````0``$#`@(#"0L*!0(&`@,`
M``$``@,1!!(%(3$305&1T2*R4W,587&AL3)2HI,4-`:!0G*2(S.STU0UP8+B
M0V-BPM*#HR1$)<.4X546$0$`````````````````````_]H`#`,!``(1`Q$`
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MU;.)3ROV<;I,+GX`786BKC3<:-TKGV>>P7ER;:.WN6O8<,A?%A;&ZF*CS71H
M06CEN7'2;6$_\MO$L=FY=^DA]6SB4QFB#7NQMI'4O-?)IOJ.WO;6XMX[F*0;
M*85C<3AKPH->S<N_20^K9Q)V;EWZ2'U;.);1WL,MY-9MKM;=K'/J-%)*X:'Y
M%SW?$UBT2/,-QL(7F.6XV1,37-.$U<#JJ@OG+<N.NUA/_+;Q+'9N7?I(?5LX
ME/M(ZM&(5>*M%=)'<44-]:SOFCBD#G0/V4FY1]`::>^@U[-R[])#ZMG$G9N7
M?I(?5LXE8,C!6K@*&AT[JP)HC2CVFN@:1I)00G+<N.NUA]6WB6.S<N_20^K9
MQ+&89A!ET+9IFO<'O;&UL;<3BY_D@!:V.:VUZ9F,#X9;>FVBF:8WM#A4&AW"
M@W[-R[])#ZMG$G9N7?I(?5LXE/M8\(?C;A.IU10_*JL6:6TU[+91!SW0-#I9
M0!LVXAB`Q5UT02=FY<==K#ZMO$L=FY=^DA]6SB4XDC+0\/:6G4ZHIPH)H32D
MC>5H&D:2=Y!!V;EWZ2'U;.).S<N_20^K9Q*?:QX2[&W"W0YU104WTVL>$.QM
MPG2#44(""'LW+OTL.C5]FWB6.S<N_20^K9Q*<R1AF,N`9KQ$BG"LF2-H!<X`
M.T-)(TUWD%?LW+OTD/JV<2=FY=^DA]6SB5I$%;LW+M7LL.C_`!MXECLW+OTD
M/JV<2M(@J]FY=^DA]6SB3LW+OTD/JV<2M(@K=FY=2GLL-.K;Q+'9N7?I(?5L
MXE:1!5[-R[])#ZMG$G9N7?I(?5LXE:1!6[-RZE/98:;VS;Q+'9N7?I(?5LXE
M:1!5[-R[])#ZMG$G9N7?I(?5LXE:1!6[-RZE/98:;VS;Q+'9N7?I(?5LXE:1
M!5[-R[])#ZMG$G9N7?I(?5LXE:1!0N\NR]MI.6VL((C>12-NL-/<16+WW.?J
MW\TH@TRW]NM.ICY@5I5<M_;K3J8^8%:0$1$!$1`1$0$1$!$1`1$0$1$!$1!A
M<>VL;QLN=$`Q.NWUMI"?\08':-YR[*(/+9?E%P9(FBR]C9':R07N(M(NI'"@
M\DG%IY6(JF_*;]^706@R[`YEL^/%AC<_;UTFKGT:UVO$!B7M%E!Q\HM+J&_G
MFG86MDMK5@<2#5\;7!XU[A*Y+LAS#V*>4-D?)[7)*ZP=(1#<0E]:80:`G7XU
MZY$'E;_*K^?,Y)Q#(6SF!UO(P1U@$=,3<;W5CH?-&E8ERN[BEO'PV1+FW\-V
MQS,`VL+2"6,TZP:FA7JD0>7FRR^O#<NDM7-9<W]O-LW%M=BUK6O)PN/RA+W(
M7N[4=!:#$76WL!;A&$1AF+9Z>32B]2B#E?$%G<7MK;Q0!V(7,+WN80',8T\I
MX)WE4S/('ML)Q9NDN+F>2)]PZ5P<^6.(_=Z<+:4W%Z!80>6CR6>2*V9);O\`
M9W7VVD@D$;0R+9EI.SC.%K2[YJS=9#*'YB;2U:V-\MN8XVX6;6!@:9HFG<Q$
M?*O4K"#RK\HN9XIMG9FWM)[NV>RS):"R./1,\M:<+<6\%M?Y`YXS;86C:N%N
M+##A%`P-Q[/S:+U"R@\O=95<PRWC+6R:^TEEMG-8&M<,+&$2/9&YS6N<'4\K
MPK2QR6Z/L,5U;$P17=S)(Q^`M$;V_9U:TX:$[@T+U2R@\G#E5]%:6@N+1UQ;
M6UU<.?9U:ZL;ZB%S6N=A(;O+6^RB]D%NX63FV_L[XF6K"R8P2.>7`UF<`VH^
M</)7K4016L;XK6&.0ESV,:USG&I)`H22%,B("(B`B(@(B("(B`B(@(B("(B`
MB(@@O?<Y^K?S2B7ON<_5OYI1!IEO[=:=3'S`K2JY;^W6G4Q\P*T@*M>S3PP@
MV[-I(YS6@4K0$Z33$W<[JLJ.:"*=F"5N)M01W"-T$:D',=G$HBV[`Q\5=D-!
M:XR;/:8M)-&UT4\*OVT\C]LR;#C@?@<YH(:1A:^M"33RD]@LZUV+?)P4IHPT
MPTIJU:%)#!%`S!$W"VM3NU)W22@@.:6`)&V%02#0$Z1H.H)VI8=,.!W$LY=[
MN[K9OQ7JT@J=J6'3#@=Q)VI8=,.!W$K:(*G:EATPX'<2=J6'3#@=Q*VB"IVI
M8=,.!W$G:EATPX'<2MH@J=J6'3#@=Q)VI8=,.!W$K:(*G:EATPX'<2=J6'3#
M@=Q*VB"IVI8=,.!W$G:EATPX'<2MH@J=J6'3#@=Q)VI8=,.!W$K:(*G:EATP
MX'<2=J6'3#@=Q*VB"IVI8=,.!W$G:EATPX'<2MH@J=J6'3#@=Q)VI8=,.!W$
MK:(*G:EATPX'<2=J6'3#@=Q*VB"IVI8=,.!W$G:EATPX'<2MH@J=J6'3#@=Q
M)VI8=,.!W$K:(*G:EATPX'<2=J6'3#@=Q*VB"IVI8=,.!W$G:EATPX'<2MH@
MJ=J6'3#@=Q)VI8=,.!W$K:(*G:EATPX'<2=J6'3#@=Q*VB"IVI8=,.!W$G:E
MATPX'<2MH@J=J6'3#@=Q)VI8=,.!W$K:(*G:EATPX'<2=J6'3#@=Q*VB"IVI
M8=,.!W$G:EATPX'<2MH@J=J6'3#@=Q)VI8=,.!W$K:(*G:EATPX'<2=J6'3#
M@=Q*VN=F6:.MY&65FP3YC.*QQ?-8W=DE.XT>'<07HI8YHVRQ.#V/%6N&HA;J
MCDPD;EEN)7!\@;RG`4!-3J"O((+WW.?JW\THE[[G/U;^:40:9;^W6G4Q\P*T
MJN6_MUIU,?,"M("(B`B(@JY=[N[K9OQ7JTJN7>[NZV;\5ZM("*,R@.+0USB-
M=`FU/1OX!QH)$4>U/1OX!QIM3T;^`<:"1%'M3T;^`<:;4]&_@'&@D11[4]&_
M@'&FU/1OX!QH)$4>U/1OX!QIM3T;^`<:"1%'M3T;^`<:;4]&_@'&@D11[4]&
M_@'&FU/1OX!QH)$4>U/1OX!QIM3T;^`<:"1%'M3T;^`<:;4]&_@'&@D11[4]
M&_@'&FU/1OX!QH)$4>U/1OX!QIM3T;^`<:"1%'M3T;^`<:;4]&_@'&@D11[4
M]&_@'&FU/1OX!QH)$6C9`XEM"T@5H=XK=`1$0$1$!$1`1$0$1$!$1`1$0%A9
M7)O,QN;FX=EV483.S1<W3A6.W!W/]3]YO"@WS#,Y&3#+\N:)LP>*D'[N!A_N
M2D>`:RI<MRR.Q:]Y<9[N8XKBY?Y<COX-&X%OE^76^7PF.*KGO.*:9YK)*\ZW
M/<K:"IE?N$/>/C*MJIE?N$/>/C*MH(+WW.?JW\THE[[G/U;^:40:9;^W6G4Q
M\P*TJN6_MUIU,?,"M("(B`B(@JY=[N[K9OQ7JTJN7>[NZV;\5ZM((X_O)>^.
M:%(HX_O)>^.:%(@KWDMU#$'6MO[3)4`QXQ'HW\3E3]OSO_\`5#_[+.)=15[V
M_M,OAV]Y((HJAN(@G2=0T`H*?M^=_P#ZH?\`V6<2V;?YDV*:2YL-@(V%T=)6
MRE[]3686"NE3V&:6&9->^RF$S8R&O(!%"=/S@%8FE9#$^:0T9&TO<=>AHJ4'
M!CFOK`^R7#WPL(,PG:#.2YP\C2W=?4T[P"D=F5^9Y!%B-&S?9N9I88Z830-T
M;I`+CB70.9QM@?/)%)&UF#0X-Y0D-&D.#BSPZ-U'9I$#$V.*65TL6W#6@5#-
M&O$YN^@YK+J9FWGC>^9E92R8LTZ&0`$"@%->XI7SW5SDUWB)=('N9&X`U<VK
M:'DM977K`"O2YE;QQ02`.D%R*Q!M`2*8J\MS4=F5NR1S'AS6LQ!TA'(Q,;M'
M-J#K#4'-)O+!UR&M$;CL:;,.V0B+B'RC%CY0U'1H%#I67YE?!MORCC<&N-&\
MF1KI2S=94\@5/DTUKH'-+=H&T9(QQ>R/`6U<#(*M)PUT%7$'!;<75J9)L;RR
M)FU?"YM0Z-LTPDPDCR@T@ZU9O+5T]O9ONFXYS)&),-11KC5S>3N+I2PQ3-#)
M6A[00ZAU5&D+=!QWWEU:@O>YVQQSQQM#*ANS!$(%!4UINZUB.]O9+HP.>XXX
M]#6MPEA,0=B.)GG;H=W*+LH@KY:\OL+=SG%[C&W$YPHXFFFNK=5E864!$1`1
M$0$1$!$1!&/OS]`>,J11C[\_0'C*D0$1$!$1`1$0$1$!$1`1$0$6"0!4Z`-9
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MI?9W48/O9OG?Y7]Q6<4WF#ZW]*!']Y+WQS0I%%$7%\N(4.(:`:_-"E01S1"9
MF!SG-%:U8XL/"VA7)SOX?.8V7L\,[V/QM=65[Y&T%?FERZTLCXV8F1NE-?(:
M6@^F6A<[-,UO+.PFN8[&1SXVU&(L+1_J=@>YU`@JY#\,ORN*9D]PYYE<'`PN
M?$!04TT=I76%F&QR-CED#I&EH<YYDPG?`>2%QOAK/<PS&R<^XM7S.C=AV\>!
MK7[NI[FZ1W%T[RXG=879V,D#FPO+'$MK7"=6S<XH(#DA<QX<^(8RTF%L1;`[
M"'`XX\>DG%O[@68<CC#HC=R>UB&-\8V@-3C>'U)Q'5J4$4UQ932[4[,`0'`7
MOE86/D#7RXI-5`:$;FM9?FUQM(G->S8N>\4:*O<T3&)I:'$8AA'S37=I1!?O
M;$W,;8XS&QK6N91\8>`UPP\G50A0NRC$'1&6MN<3@VG+QOCV))=7>).K6H'Y
MI=L?>`8970M>Z)K14#`X-Y6G$#0UH1IW#1127EU+'B,E<+9`U\9T.H^WH3@Y
M-1B(T(.K:VTD3Y)9GB267""6MPM`8*#14[Y5E<O,YHA=PP"<Q3N`<TE^"-C0
M[2ZFC$YWD@*H^>4;0ME?M")?:P'$[-HF8UI`^;]GBI3<TH.\LK@/GY#PZ=XM
MVMN#:/#W<M[2W!1U>733A&FJ[D9>8V&30\M&(=VFE!NB(@(B("(B`B(@(B("
M(B",??GZ`\94BA<7B<X6AW)%:FFZ>X5MBF\P?6_I02(H\4WF#ZW]*8IO,'UO
MZ4$B*/%-Y@^M_2F*;S!];^E!(BCQ3>8/K?TIBF\P?6_I02(H\4WF#ZW]*8IO
M,'UOZ4$B*/%-Y@^M_2F*;S!];^E!(M7O9&QSWN#6-%7.)H`!NDJ*6<P1NFF#
M(XV`N>]SZ``;IT+D,9=9^6SSQF+*0:Q6SB6NN"-3Y='D;S=W=0;$S?$#J-+H
M<E!TNTM?=TW!NMBYR[,<<<4;8HFAD;!1K6B@`&X`M096@-;&T`:``[0!]59Q
M3>8/K?TH)$4>*;S!];^E,4WF#ZW]*"1%'BF\P?6_I3%-Y@^M_2@@ROW"'O'Q
ME6U4RK]OA[Q\95M!!>^YS]6_FE$O?<Y^K?S2B#3+?VZTZF/F!6E5RW]NM.IC
MY@5I`1$0$1$%7+O=W=;-^*]6E5R[W=W6S?BO5I!'']Y+WQS0I%'']Y+WQS0I
M$!8-"*'5NK2:(RLP![H]-<3"`?""N9FUCF)L)69?/+)<O&%H>]C6@'RB>2-Q
M!T;7V;V=GL@8+>GV>SH&T[E%M-*R"&2:3R(VE[J"IHT5.A>?^&\IS>TMGVE^
M]\,;#6#92-<*.\IM*'=TKLR6+W6\\(GD>9F.8#(00VH(KR0$&>T;,NA:7C_N
M(S+&2*#`T`DN.YKW5+M[?D_:,Y0JSE#2-\+F29&\R-D;*T[*3'$QS3AP#E-C
M/<Q$^#>6),F?AEE<6O>Z*1H8QNISY-K1F(C1N=U!U/:;8,VFU9@<:!^(4)WJ
MK(EAQ[(/;M!IP`C%3O+CC++NZBE+L$&U?(<&'#H?&R,.T5/S3HKI5R#+#%*R
M4N:7-E,CB!I(,6QI7PH)G7]N)S`0XEK@Q\@:2QKW`.#7.W-!6\5W:S-8Z*5C
MMJW$P5%7-WZ:U5FRZ:2]%P'1M&)KMH`6RX6TK&<)PN!_U;ZKQ9-<L?#BE9@A
M+",((T1@MI3=)K6I[R#HOO+5N`8VN#Y!$W#1U'N%0#35J4K9H7^1(UVG#H(/
M*WN^N:,F+1`&O:P1"`.PBE3")&DCOXU"<JN+:T<V,X[C[)MN]M3A=&31[L1H
M!RC5!TIKZ*)[(PU\KGM+P(FX^2T@$Z.Z5IVI;DL$39)L;&R@QL+@&/)#2>`J
M*;)K>;9,<2(H870M#26N!<6\H%I_TJ%V4W!DCD(@D<R%D1Q!S0#&7&K0PZ*X
MM2"U+FMO$[#@E?RS%5C"X;0?-5F.:.0D,<"YM,3:C$VOG#<549>_1RQHNC<Z
MMP@\GPK%G826UU+,7-V<F*C&UUN=CKRJX>\#3=06&7EL\D;0-(>8Z..$ES30
M@5UK)N[<3;#:#:!KGN%1R0VE<6]Y2HOR<O?,\O:3+BPDMTMQ2[5:29-+)C;M
M&-;AD#'`'&['*V;[0_RT0=,3P$!PD:6D8@0X4PC17O+=<EV32O;'5[`Z.1TV
MIS\3R11CBX^1HT[YH=Q=9!E$1`1$01C[\_0'C*D48^_/T!XRI$!$1`1$0$1$
M!$1`4%W=V]E;ON;EXCB9K<?``-TE:W]_;9?`9[AU!7"Q@%7O<=3&-W251M+"
MYO9V9CFS:.8:VEE6K(/]3_.D\6X@TBL[C.)&W>9L,5DPAUM8'YU-4EQOG>;N
M+LZM`640$1$!$1`1$05,K]PA[Q\95M5,K]PA[Q\95M!!>^YS]6_FE$O?<Y^K
M?S2B#3+?VZTZF/F!6E5RW]NM.ICY@5I`1$0$1$%7+O=W=;-^*]6E5R[W=W6S
M?BO5I!'']Y+WQS0I%""YDC^0XAQ!!'>`6VU/F.X!QH,7$^PCVFS?+I`PQMQ.
MT]Q<;._B"XL\NDGMK69DH(:'S1T8W$:5.E=K:GS'<`XUJ]S9&ECXB]CA1S7`
M$$=T%!P?AWXCN[ZS>^[MY)GL?A$L$=6N%*Z=.L+K.OC+;W!#);0LC)$LT=`W
M0>5336FM3Q".%@CA@,;!J:QH:!\@6^U/1NX!QH.&)[O1!!.1-M8B';03Q.!;
M(:8Z!U'X-(.K6%-;9DZ6XBD?(8HG3S,<R0AN'!&WD&OFNJNFP11BC(,(K6C6
M@:=_0CQ$\4?!B%:T+0=.^@JYG([[`1S!@>7'!M##M`!\V4`TIKINJK;9C=8A
M('&6%VP9@D'VA+PX$@M.'6-[2NH[9O8(WP%S!J:6@C1W%G$WHCN;@W-2#F#-
MK@L9RH29FQ.#Q7#%M7X"U_*TG>U+/:]Q4?=<D`ENFLOVSH?L].Z&U&M7I(+>
M1N%T!PX@\@-`JYIJ"::UG90;83;`XVM#&F@Y(:213>UH*(S&Z#7.;@P1`.?B
MJYSL4TD5`:Z-#5-9YA+/=")YCPN;(_`VNTCV;Q&`_3NUW@K>)NK9'3KT#OJ&
M&WAAG=.UDAD?45<:T#CB(%3OH*<%T`P7,MP\W6*7%:@U!+,?V>STX:!NOC6+
M;-KVX#&8&,=(Z,!Y%0!(U[SR6R.U8-&D573&S#S((2)#H+\(Q$=]8:(V>1`6
MZ<6AH&G?0<GMB\#FNHUVV;"&L`K@+A*7NY3V5K@IK5[+[VXNY"7M8R-L<;BT
M<IV*05\H.I16'-B<*.@J"*$%H.BM:+8/`U1.'>`W/E0<&WN;T-8]\CV"2*=X
M>Z3&V0L#J-:VG)<WRN\%/;S3>RQNVQ+Y'V[7$3F8T>X!VC",-:KK8FT`V1H-
M0H-"U8R%FEEOAKKPM:-7>0<PMDCCNC[7(TLN!"PRR.PX:1NPXJ'"36F)2-N9
M>RIW-D>)(I,&(N$E.4W0V0>4*.UG3N%=$N:06F(EKO*!`H>^C2QK!&V$A@U-
M#0!P(.<,UNL-7",;0`L-#1GVPAJ_E:10UW%`<WO(,30&SG',XO%,!$;PT,:7
M/;37W:+L$L((,)((H1A%*'<6,,5&C8:&&K1A;H.^$%>UOI)[Z>U<&!L-<+A6
MKZG<^AJ=W5?40<T&HB<"*TT#=TG=W5G:GS'<`XT`??GZ`\94BB82Z4NPEHP@
M:>^5*@(B("(B`B(@*O?7L%A;/NKAU(V#4-;B=36C=)W%)//#;POGG>(XHP7/
M>[0``N59039K<LS2]866\>G+[5VL?YY!YQ^:-P(-LMLI[J<9OF;,-PX4M;8Z
M1;1G_>[YQ^1=9%E`1$0$1$!$1`6'.:UI<XAK1I).@`(N)G\4N<V,EAEYQ.Q`
MOEK2+D&N`N^<3W/E0=#*7-?ET#FD.!!H0:C65<7G_@[*[G+\O>Z=X/M#L;(@
M:A@')X2O0((+WW.?JW\THE[[G/U;^:40:9;^W6G4Q\P*TJN6_MUIU,?,"M("
M(HYIHH&;25P8VM*G?.X@D10>V6F+#MF5PX]8\FF*O!I6\,T4[,<3@]M:5&^-
MQ!#EWN[NMF_%>K2JY=[N[K9OQ7JT@(B("(B`B(@(B("(B`B(@(B("(B`B(@(
MB("(B`B(@(B("(B`B(@(B("U<YK&ESB&M:*N)T``;I65PY'R9_<NMHZC)X'4
MGE!]ZD;KC:?,!\H[NI!F)KL^N&W,@(RB!U;>,Z/:9&_W7#S!\T;NM=M8:UK&
MAK0&M:*-`T``;@6R`B(@(B("(L$@`DF@&DDH,J"XNX;>@>2Z1_D1,&)[N\T>
M/4H/:I[MV"QHV'YUVX5;WHF_.[^KOJ>WM(;>I;5TC_O)7G$]_?=_#4@A]GN+
MO3>'90[ELPZ^M>-?T1H[ZMM8UC0Q@#6M%`T"@`[@6R(*F5^X0]X^,JVJF5^X
M0]X^,JV@@O?<Y^K?S2B7ON<_5OYI1!IEO[=:=3'S`N?8_$!N\P]C,;&U>YH:
MU]9&!@<:R,IHTMI\H70RW]MM.ICY@7-LX[T9JUX;=B$F3;.N##LRVAP8=GRS
MIU5W$'<4-RR5\5(@USJZ0XENC4:.;I:>ZID0<;L>ZV`MB]F$$28]-<8BV092
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M9.6NPW#@#<W`TBVC/^]WS1\J"&[DGS2Z?E=G*YMM'HO[EM!3_!&0/*/SCN!=
M6&U9;PL@@)CBC`:QC0T``?(EE9V]C;,MK9N&-@[Y).MSCND[JG01[-W2.]'B
M39NZ1WH\2D1!'LW=([T>)-F[I'>CQ*1$$>S=TCO1XDV;ND=Z/$LR2QPL,DK@
MQC=+G.-`%5VEU>:(*VUN?[SA]H\?XV.\GONX$&;BX$+Q$U[YKAPJV%@:74WW
M:*-'=*T%C/<4=?RX@#5MNRFS'TZCE_+H[BM6]M#;-+8FTQ&KG'2YQWW..DE2
MH(]FX:!(ZG>;_P`*;-W2.]'B4B((]F[I'>CQ)LW=([T>)2(@J95^WP]X^,JV
MJF5_M\/>/C*MH(+WW.?JW\THE[[G/U;^:400V<,5QE%O#,T/B?!&'M.HC`%P
MLIMWPYQ%6UC@Q;2C60/:6,`>W3*YQ&MM.[4479C$;LBB$L;YF&VCK'%7:.Y#
M=#:$:?E57*;?.F7(?(YT67T-+>Y>)YZTY-'M')'<+B@[:(B`B(@JY=[N[K9O
MQ7JTJN7>[NZV;\5ZM("(B`B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B("(
MB`B(@(BH9IF7L;&10,VU]<'#;0#YQW7.WF-UDH(\US&>-[,ORX"3,9Q5M=+8
M8]3I9.X-P;I5C+LOAR^WV49+WN)?-,[2^60^4]Q6F5Y;[$Q\DK]M>W!QW-P=
M;W;PWFMU`*\@(B("(H+B[@MZ"1W+=Y$;07/=]%HTE!.JL][A>8+9FWN1K8#1
MK*[LC_F^/>"\FS*_B2;XB]I?MHK=\F)TN.@$!/D4:XT.'11>RA@B@C$<+`Q@
MW!O[YWR@@CL:O$]V[;SMTMJ*1QG_`!L_B=*MHB`B(@(M7/:QI>\AK1I+B:`*
MK[>Z;191&?\`RGD1?7(Y7\H*"VN9F^>VF76DTK7;2:,4#6@N`>=#0\C0-.^K
M'L4T^F]F+VG^S%6./Y:'$[Y33N*PV"%D8C;&UL;=3``&CY$'!^#<W]NR\VTK
MJW-J:.W,3'&K7?P7HE2RF-C;&%S6@$M-2!0ZRKJ""]]SGZM_-*)>^YS]6_FE
M$&F6_MUIU,?,"Y]C>YQ+?MBN8\%F'2!DP91TM*X-HW$=GHU>=W%=LYF091;S
M25P,@C+L(+C3`-36U)7`R40G.0YEP',<Z1\9V4S))31P<)'/`;HKI[H"#UB(
MB`B(@JY=[N[K9OQ7JTJN7>[NZV;\5ZM("(B`B(@(B("(B`B(@(B("(B`B(@(
MB("(B`B(@(B("(B`B*O?7MO86S[FX=A8S4!I<YQ\EK1NDG4@TS+,8LO@VCP9
M)7G!!`WRY9#J:T*#*\NEB>^_OB),QN!]H1Y,3-R*/_2/"5'EEC<S3]JYH/\`
MNW@BW@UMMHC\T?ZS\X_(NL@(BCFFA@89)GB-@W7&B"113W,%NT.F>&UT-&MS
MCO-:-)/>5?:WET0+=IMX-V:0?:.^A&=7?=P*6"R@@<7M!?,=#IGG%(?YCXAH
M018KZZ\D>R0GYS@'3.'<;I:SY:GN!3V]I!;U,;>6[RY'$N>[Z3CI*F1`1$0$
M5>>]MH'!CW5E.J)@+Y#_`"MJ5%_["Y/Z.#<.A\Y\;&^%!8GN8+=N*9X8#H%=
M9.\T:S\B@]HO)]%M#L6=+.*?5B'*^M12065O`[&UN*4ZY7DOD/\`,[2K""HW
M+XBX27+G74@T@R>0T_Z8QR1P5[JM+*("(B"IE?N$/>/C*MJIE?N$/>/C*MH(
M+WW.?JW\THE[[G/U;^:40:9;^W6G4Q\P+CY3&9+]DC8Y1:QOFV#))V.$9)<U
MU(FMQZ=.LFBZMHV9V46[8'-9,8(\#W#$T'`-;:BJJV.43V]X+F7V0^47.BM]
MG(2X:\>,_*@ZZBN)7Q1XV,#S735P8T#=<YQU`*507=K'=Q;*1SFMQ!W(-*X=
M(!WP@I]LMV8F,+A$:-J2,6T+-J&8>]NJY;7#IA('LV<D3L#VUQ"M`X$&@W'*
M)V66[R3(7O#AR@7:"[#L\?TL.BJF@MF0M<T$O+SB>YYJ7&E-/R"B"++W#V=V
MD?>S?BO5K$W?"IY?%$;=U6-^]FW!TKU:V,7F-X`@VQ-WPF)N^%KL8O,;P!-C
M%YC>`(-L3=\)B;OA:[&+S&\`38Q>8W@"#;$W?"8F[X6NQB\QO`$V,7F-X`@V
MQ-WPF)N^%KL8O,;P!-C%YC>`(-L3=\)B;OA:[&+S&\`38Q>8W@"#;$W?"8F[
MX6NQB\QO`$V,7F-X`@VQ-WPF)N^%KL8O,;P!-C%YC>`(-L3=\)B;OA:[&+S&
M\`38Q>8W@"#;$W?"8F[X6NQB\QO`$V,7F-X`@VQ-WPF)N^%KL8O,;P!-C%YC
M>`(-L3=\)B;OA:[&+S&\`38Q>8W@"#;$W?"8F[X4<@MHFE\@8Q@UN=0#A*YT
MF>9,'[.#_O)>CMHS,>%HP^%!U<3=\)4;ZX^VSBY]VRZ*U8=4EVX%WJHJ^%RS
MV'=7'O\`?R.!UQ6S6V[.]48GGA07[O,+*R87W4[(6@5Y3@">\-97.LH9<SN6
M9K?-+(8]-A:N^8#_`'I!Y[MS>'=5NUR/*;,XH+5@?TCAC?\`6?4JT]MO&TOD
M#&,;I<YP``[Y*"3$W?"UDFBB89)7M8QNMSB`!\JI[8W&BR@:6G_R)6X8_P"5
MNAS_``#NK>++8&O$T_\`W$XU/>!1OT&#0WQ]U!CVJXN?=&".,_\`D3`@'Z$>
MAQ^6GRK>&SA8\32N,]P/[LA!(^@/);\@4^RB\QO`$V,7F-X`@VQ-WPF)N^%K
ML8O,;P!033V$#L$F#:'5&UN)Y[S&@N06<3=\)B;2M10:U1_[F?[FV9;L/]R<
M`N^2-G\7!9;E5NXAUU6Y<-(#P`P'N1M`;PU04+CXGMX\YCRV%HG#V4Q,</OB
M>2S$335K70V5W<>\3"%G10'3_-*=/U0%5?\`"V1OG-PZW.U+L9<'O'*K6M`Z
MBZFRB\QO`$&D$%M;M+86M8#I)&LG?<=9^52XF[X6NQB\QO`$V,7F-X`@VQ-W
MPF)N^%KL8O,;P!-C%YC>`(-L3=\)B;OA:[&+S&\`38Q>8W@"#;$W?"5&^%KL
M8O,;P!-E%YC>`(*^5_M\/>/C*MJIE7[?#WCXRK:""]]SGZM_-*)>^YS]6_FE
M$&F6_MUIU,?,"M*KEO[=:=3'S`K2`B(@(B(*N7>[NZV;\5ZM*KEWN[NMF_%>
MK2`B(@(B("(B`B(@(B("(B`B(@(L$@"I-`-9*I7&=Y1;&DUW$'>:'!SOJMJ4
M%Y%R'_$,;F.?:V=U<-:"3)L]E'0;N.;`N99?%5UF\[X+386.%N+'<$R.(W<(
M;@;PE!ZI4[O-LMLM%S<QQN\PNJ\]YHJY<LVUM.:7^:S7I.N*W)9'WL-L">$J
MW:0V-I[AEKVGS\#8R>^Z5S7(,=MSSZ,OR^XN*ZI)`+>/ZTO*]%:BU^(KLUN;
MN*RB.N.U;CD]9+H'R!7=IF3_`"8(HNZ^0N/`QG\4V.8/\NY;'W(H_P",CG^)
M!6C^'<L#A)<M?>RC3CNGNE]%W)\"Z#6P6\=&AD48W!1K0H/8`[[V>>7N&0L'
M!%@66Y;8--=@QSO.>,9X7U*`[,K!IIMVO=YK#C/`RJQ[?B^ZMYY.[@P#_JEB
MLM:UHPM`:!J`T!;(/+_%<6>WEK$+2"1D;7G:LC>#([1R:AFX.^K^19=<#+[=
M^;8I;I@Y+)78A&*\G1JQ4W=?=781!E%5DS"V:XQQDSRC7'",;AWZ:&_*0M?_
M`&,_FVC/DEE_X&^D@M/DCC:7R.#&#6YQ`'"55]OVNBSB=<?Z_(B^N[7_`"@K
M9F7VS7"20&>4:I)CC(^B#R6_(`K*"FVUNYM-Y/0'^S;U8VF\7^6?!WE8@MK>
MW;A@C;&#KPC2>^=U2H@(B("(B`B(@(B("(B`B(@J97[A#WCXRK:J97[A#WCX
MRK:""]]SGZM_-*)>^YS]6_FE$&F6_MUIU,?,"M*KEO[=:=3'S`K2`B(@(B(*
MN7>[NZV;\5ZM*KEWN[NMF_%>K2`B(@(B("(HIKFWMVXYY61-WWN#1X4$J+EN
M^(\L)PVSI+Q_FVT;I?2:,/A5#,OBBZLFQN=8&!LKPQCKF1K3I^<8X\;J#=0>
MC6-6M>=VN:7!.US:.)I^98P&4_(]V+Q*.2+(PZEVZ\S"3S972.T]6,`\"#M7
M&<97:Z)[N)A\W&"[ZHTJM_\`T$$NBSM;F[WG,B+6?7EP!1V1AC]PR5T`'SY&
MQ0_[B[P*><?$$Q`A-M:LW2<<SZ?58T>%!I[3\0S_`'5E#:MW[B4O/U81_%0S
M1W^J_P`X;!7^U;1L8[Y"\O<I3E&82FMQ?XP?FX#3@QAOHJQ%E3(A1L\C=_9B
M..OU&`^%!SAE>73&KH+O,7;C[E[PS@E<QO`U7(;22W'V%O:6#-\#&[P",>%6
M>S;8_>&63Z<LA\&*BRW+<O;I%O&3OEH<>$U05)?8GM++S,=J'`AT8D;&T@Z"
M*1T=X5Y_X=C^'H,VO1$7RF+DVY>#("SYY:UC=QVBN\O8["+9NC8T1AP(.#DD
M5T:*+F6/POE67W++JU;(R9E:$R.(((H00=:"X,PMP*-9+3<`@E_X$[0;N03G
M_E.'.HK:(*GMSCJM9S_*T<YX6?:YSJLYOE,0_P#D5I$%3VF\W+-WRR1CQ.*;
M>_.JT:._*/X-*MH@J[3,C_8B'?F=_")8Q9H=3(&_SO/^P*VB#SGQ/=YQ#EY@
MB8'ONJL.P;(YS6?.-=S>4^1B7,LNCDS+;&9GV<D$@,;*MU'"`W%4>=5=Q$&D
M<<<30R-H8P:FM``'R!;HB`B(@(B("(B`B(@(B("+22:&(5E>U@WW$#QJN<SL
M:T;*)#O1@R?AAR"VBJ>W.=HBMIW]TM$8_P"JYJ;7,7^3;QQ]V22IX&,/C06U
MI))'%&Z65P9&P%SG.-``-TJJ8,TD-7W3(F^;%%4_6D<[FJ&^R2._M9+>XN)G
MAXT$N``<-1PL#0:'<*#?([FWN<MA?`\2-%0:;AJ=!707!^%,EBRVSV^,R7%Q
M]X[2&@-)H`W^*[R""]]SGZM_-*)>^YS]6_FE$&F6_MUIU,?,"M*KEO[=:=3'
MS`K2`B*O?.F99S/@<&2-8YS7$8J4%=2"PBXMQ?W49>YDOV@HT0T!I'L1(9:4
MKH=\FXE]?W%MD^87-O-M'6QI!.0UU11ATT&$T+B$'0R[W=W6S?BO5I>&R'XC
MSR1L\<=M[<0<8#<+!&7N<YQ-!4U)5^6^^)9OO'.LF[T-I),[ZSD'J52NLZRF
MS]XNXF$?-Q`N^JVI7E9;6WF=_P"ROLSG&ZTP21M^K0A3VT'PE;D'93D[\C7`
M^#"@Z;_BZQ=HLX)[H[A:S`WA?3Q*N_/\WF-(HH+0'49';1_`3$%/%>?#K?(@
M+OI1N?SJJ[%FF7L'V,,C1_HA<!X&H.1L\TNM,]W<2`ZVPA\;?^C&.>I(<C8'
M8Q:.<_I)&QXOK7$D[O`NQVM;>;*._$_B6.U[/=+QWV.'\$%<9?=N:&N:T-WI
M)I'CU<8C8N%GOPCF-Y=LGM3!@<T,<UHV364W:<JO"O2]L6/GD=\47.S3XOR^
MP=&QK73R.(+VMH,+-UQ._O!!?M,GAAM8H+B1]T8VAI,CW%IH*>17#X%=CABB
M;AB8V-N\T!H\"I1YYETL;96258\!S33<*V[8LO.<>\TE!>14>U[/<VA[T;C_
M``3M:VW&3'O0O/\`M07D5'M6'<AN#_R)/^%.U(]RWN3_`,A_$@O(J(S1I_\`
M%N?5%;#,*_\`C7'RQ_\`Y07$5,W[J$BUN#W,`_BY<'*/BR\N\RN+>>T?L14M
M;$PNDA#=%)!NU\:#U2*CVO9ZGET9WI&F/GX5/'=Q2Z8OM/HN8[Q.03HH]J[H
MW^#C3:NZ-_@XT$B*/:NZ-_@XTVKNC?X.-!(BCVKNC?X.--J[HW^#C02(H]J[
MHW^#C3:NZ-_@XT$B*/:NZ-_@XTVKNC?X.-!(BCVIZ-_@XU7DS2TC=@)+I.C9
M21_U6%Q07$5(WMT\`P64A!^=*6Q`?(27>BM2,QD\N39#>A8"?KR./-07M2K/
MS&S:[`)1(_S(P9'<$>)1>Q6[M,\<MP?\SL8^IBP^!66%L;0V.$L:-36AH'@*
M#S$WQ%G8^(66D5H[8D49;/&%SV'^Z7_-_ANZ5Z+_`-F\_P!B(?SRG_XU-B&+
M'L78@*!U&UH=RM5G:NZ-_@XT$'LMV[[R\>.Y&QC.<'E.SH'"DKY9?IROI]5I
M`\"GVKNC?X.--J[HW^#C01QV%E&:LMXP=_"*\.M3@`:EIM7=&_P<:;5W1O\`
M!QH)$4>U=T;_``<:;5W1O\'&@D11[5W1O\'&L&;#I<QS1OG"!SD$.5^X0]X^
M,JVJ64O:ZPAPD$@:0#6FDJZ@@O?<Y^K?S2B7ON<_5OYI1!IEO[=:=3'S`K2J
MY;^W6G4Q\P*T@+"RB#&%M:T%:4KW%'+;P30N@EC:^%PHZ,CDD=Y2H@YF3Y?8
MVS'36\#(I"^5A>T4):)7`-\"Z:JY=[N[K9OQ7JT@+!`.M91!&ZW@?Y4;'=]H
M*C.7V#M=M$?Y&\2L(@J=F6&Y"UOT:MYI"R,NMAY.T;]&60>)ZM(@J'+V?-GG
M;_S7'G57EOB#X5S6^S)T]L1+$6-:'2O`?4:QH:O:(@Y=A89G;VEO$;P`QQL:
M8S$US06@"@<TM)5DMS,:I('=^-[?_D<K:(*@=F@UL@?WGO;_`+'(9\P&NU:[
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MG4!365AN:9>Z%DS;AA9*`YE#4N!WFC2N/\4V>0FV8R\>VRG>2;>9K">4VE<0
M8-(TJ]\.6V5P98SLUVUB<3CG((=(\:'$X@$%KVY[_=[:63><X;)O_4H[P+#F
M9G,*&2.U!Z,&5_UGX6^BIY+JVB^\F8SZ3@/&5#VG8UHV42'_`!ATG,!08&6V
M[@/:'/N3_E<2/J"C/`K,<443<,3&L;YK0&CP*O[>"?L[>=_=V99^)A3VF]=Y
M%F0-^21C>9C06T52N:.U-@C'=+Y/X,387[O*NFM[D<0'/<]!;15/87N^\NIW
M=YS6?AM:G9EF=+VND/\`D>]_.<4''_\`[.R[0]@,$@=MMB9"6X0<6#%KU+MN
MO[%OE7,0_G;QKD-^#<H;>"[!EQB3:AF)N"M<5,.'4NXV*)GDL:WO`!!7.:9>
M-4['?1.+FU09E:'R2]WT8I'>)BM+*"H<P9\V&=W>B>.<`@O7GR;2<_(QO.>%
M;1!4-U=GR;-_\SXQXG.039@=5JQOTI?^%CE;1!4+LS.J.!O?>]W^QJY'Q-89
MQ?Y9L(V1RNVC'8(ZAVBNG$]P"]$B#R_P/E]Y9P73[F(QMF+#&20<0;B!U%>H
M53*_<(>\?&5;007ON<_5OYI1+WW.?JW\TH@TRW]NM.ICY@5I5<M_;K3J8^8%
M:0$1$!$1!5R[W=W6S?BO5I5<N]W=ULWXKU:0$1$!$1`1$0$1$!$1`1$0$1$!
M$1`1$0$1$!$1`1$08H#K4+[*SDTR01N.^6-/\%.B#SV>?"L>9['V9[;798L0
MPEP=BI2@J*:E:RGX>MK&R9;7`;<O:7$O(.$U-?))(771!#':6D>F.&-A_P!+
M`/$%*LH@(B("(B`B(@(B("(B`B(@(B("(B"IE?N$/>/C*MJIE?N$/>/C*MH(
M+WW.?JW\THE[[G/U;^:40:9;^W6G4Q\P*TJN6_MUIU,?,"M("(B`BQJTE8:]
MCVAS'!S3J(-0@KY=[N[K9OQ7JTJN7>[NZV;\5ZM("(B`B(@(B("(B`B(@(B(
M"(B`B(@(B("(B`B(@(B("(B`BPB#*(B`B(@(B("(B`BPLH"(B`B(@(B("(B"
MIE?N$/>/C*MJIE?N$/>/C*MH(+WW.?JW\THE[[G/U;^:40:9;^W6G4Q\P*TJ
MN6_MUIU,?,"M("(B"O?1236<T4>E[VD`:J]SY=2TLHWL$[MGL1+)BCC-.2,+
M6Z0TTTD5677C]M-`R%SGQ-8X$D-:[&2W0=YM-)4+<U+X!+'#6C7/?5P#6M:X
MLQ8J:0["2*!!M!;YA$QS62Q!I>]P#HW$\M[GZQ(-]28,SZ:#U3_S5H,R82/L
MW!A@]H#S2A')Y([O*5<YXP$-=%1[SA8TO&@X]F=IHY%"@MX,SZ:#U3_S4P9G
MTT'JG_FJ2TN6W5NV=@H'5%*UTM):=(UZ0ID%7!F?30>J?^:F#,^F@]4_\U6D
M05<&9]-!ZI_YJ8,SZ:#U3_S5:6DK]G&YX:7X17"W6>X$$&#,^F@]4_\`-6KX
M\T(%)H=8U1NU5ZU:C,21;O,)$=P&$.+A4%X+J!N[A'E%8CS(NECC?"6[9ADC
MHX%Q#1B\GN[FE!+@S/IH/5/_`#4P9GTT'JG_`)JA&:8HH'-A.TN*X8RX#"<6
M#E$568<T;,]@$1:QSA$YY(JV4@NPTW1HUH)<&9]-!ZI_YJ8,SZ:#U3_S5:1!
M5P9GTT'JG_FI@S/IH/5/_-5I$%7!F?30>J?^:F#,^F@]4_\`-5I5YKK97$4&
MS<_:XJ/%*`M:74TG6:(-<&9]-!ZI_P":M6QYIB?6:&A(I]F[>ZU:-S&1V)FP
MK.UV#9AX(\C&>5H&C45F+,A+[/2(TG>^,N!!8TQXMW037#HT(),&9]-!ZI_Y
MJ8,SZ:#U3_S5$S-`^0`1'9%^SVE=.(@N;1N\0/"K%I<>TP[7`8^4YI8ZE1@<
M6::=Y!I@S/IH/5/_`#4P9GTT'JG_`)JM(@JX,SZ:#U3_`,U,&9]-!ZI_YJM(
M@JX,SZ:#U3_S4P9GTT'JG_FJR50=F;Q;NN!;D-8Z0/#W!I;LSAINU<[<""1\
M>9EC@)H:T-*1._-60S,Z??0>J?\`FK5^8X)&C9?9.E$(D+@.42&Z&]PZUJ_-
M&LBED=$]NRD,6$TQ'"S:8N!!+@S/IH/5/_-3!F?30>J?^:H7YG(QLA?;T="[
M!*,8W0TMP:.478M`7005<&9]-!ZI_P":F#,^F@]4_P#-5I$%7!F?30>J?^:F
M#,^F@]4_\U6D05<&9]-!ZI_YJ8,SZ:#U3_S5O=7/LXC.!S]H]D=12C<;@W$Z
MO?4)S!S97Q/A(<,.`!P).)^S;B\TG6.X@SL\TV@.VAI0_P!MU*U'^5;8,SZ:
M#U3_`,U0.S4LCF<^!V.`L#XVN#J8_..@"F[X*K:;,Q%-)&(RYL-#(^M*-Y()
M`W:8O`@EP9GTT'JG_FI@S/IH/5/_`#5FVNS---"^/9OAPDC$':'5I6F[H5E!
M5P9GTT'JG_FI@S/IH/5/_-5I$%7!F?30>J?^:F#,^F@]4_\`-5I$%7!F?30>
MJ?\`FI@S+IH/5/\`S5AUZ_:3Q,A)=!@TN<&-(?BY5=-&C"H79M2W]H;"2QL;
M9)"7`80[%HU::TT=\:D%JRA=;VD4+S5S&T<:4TZ^ZIU3?F`;)*PQ.`CC$C7&
ME'XCA#6Z]U1'-VMB?(^(CD;2%H()D;4BG<.C@06KWW.?JW\THM;E^TR^5XT8
MH7.IWVU1!C+?VZTZF/F!6EXZV]WB^@WQ*1!ZU%Y)$'I+FQAN0\/+F[5K6.+3
M3DM<7`>'2L"PC#2!+)CJT[3%RAAJ`-5*:3N+SB(/1]GVV&-@!#8F"-HK\T.:
MZA^5H6KLM@<Z1Y<_')\[%I;IQ4'<KOUWM2\\B#U,$,<$38HQ1C=5=)TZ23WU
M(O)(@]:B\DB#UJQK7DT0>@.56Y<TA\C0V,0AH=HP`4II&[NJ4640G;-5QP'$
MQA=R&N+<%0.\O-(@]%V=;X,(Q-IAPN!Y32USG@CY7%(LMMHI&/9BY%"&UJTN
M`+<9_P!5"O.H@]:B\DB#UJ+R2(/6J*6!DI8YQ(='BPEIH07-+#X"O+H@]!%E
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M(;D/QES=K@QX32HC)+1WM*P[+HG1EADDJXU<_%RG5;@(/<HO.H@]*;*`N:X`
MC`UC6@'1AC=C:.%1=DV1:]LC-HUP+6A_*P--=#*ZO**\^B#TEQ&R++Y8F"C&
30N:T;P#:!%YB;[F3Z+O$B#__V3\_
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
