<SUBMISSION>
<ACCESSION-NUMBER>0000950144-04-003696
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20040513
<FILING-DATE>20040409
<EFFECTIVENESS-DATE>20040409
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CORRECTIONS CORP OF AMERICA
<CIK>0001070985
<ASSIGNED-SIC>8744
<IRS-NUMBER>621763875
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>001-16109
<FILM-NUMBER>04726412
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10 BURTON HILLS BLVD
<STREET2>N/A
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
<PHONE>6152633000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>10 BURTON HILLS BOULEVARD
<STREET2>N/A
<CITY>NASHVILLE
<STATE>TN
<ZIP>37215
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PRISON REALTY TRUST INC
<DATE-CHANGED>19990517
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PRISON REALTY CORP
<DATE-CHANGED>19980924
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>g88342def14a.htm
<DESCRIPTION>CORRECTIONS CORPORATION OF AMERICA
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV align="center">
<B><FONT size="2">SCHEDULE 14A</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Rule 14a-101)</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">INFORMATION REQUIRED IN PROXY
STATEMENT</FONT></B>

<P align="center">
<B><FONT size="2">SCHEDULE 14A INFORMATION</FONT></B>

<P align="center">
<B><FONT size="2">Proxy Statement Pursuant to Section 14(a) of
the Securities</FONT></B>

<DIV align="center">
<B><FONT size="2">Exchange Act of 1934 (Amendment No.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</FONT></B>
</DIV>

<P align="left">
<FONT size="2">Filed by the Registrant&nbsp;
<FONT face="wingdings">&#120;</FONT>
</FONT>

<P align="left">
<FONT size="2">Filed by a Party other than the Registrant&nbsp;
<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left"><FONT size="2">
Check the appropriate box:
</font>

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

<TR>
        <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR>
        <TD align="left" valign="top">

<FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;<B>Confidential,
for Use of the Commission Only (as permitted by<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule 14a-6(e)(2))</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2"><FONT face="wingdings">&nbsp;</FONT>&nbsp;
        </FONT></DIV>
        </TD>
</TR>

<TR>
        <TD colspan="3" align="left" valign="top">
        <FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp;Definitive
        Proxy Statement
        </FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left" valign="top">
        <FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;Definitive
        Additional Materials
        </FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left" valign="top">
        <FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;Soliciting
        Material under Rule 14a-12
        </FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><font size="2">Corrections Corporation of America</FONT>


<DIV align="center">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="center">
<FONT size="2">(Name of Registrant as Specified In Its Charter)
</FONT>
</DIV>

<P align="center">


<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="center">
<FONT size="2">(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)
</FONT>
</DIV>

<P align="left">
<FONT size="2">Payment of Filing Fee (Check the appropriate box):
</FONT>
<P>

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

<TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2"><FONT face="wingdings">&#120;</FONT></FONT></TD>
        <TD align="left">
        <FONT size="2">No fee required.
        </FONT></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></TD>
        <TD align="left">
        <FONT size="2">Fee computed on table below per Exchange Act
        Rules&nbsp;14a-6(i)(1) and 0-11.
        </FONT></TD>
</TR>
</TABLE>
<P>

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

<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</FONT></TD>
        <TD align="left">
        <FONT size="2">Title of each class of securities to which
        transaction applies:
        </FONT></TD>
</TR>
</TABLE>

<P align="right">
<HR size="1" width="91%" align="right" noshade>
<P>

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

<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</FONT></TD>
        <TD align="left">
        <FONT size="2">Aggregate number of securities to which
        transaction applies:
        </FONT></TD>
</TR>
</TABLE>

<P align="right">
<HR size="1" width="91%" align="right" noshade>
<P>

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

<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)</FONT></TD>
        <TD align="left">
        <FONT size="2">Per unit price or other underlying value of
        transaction computed pursuant to Exchange Act Rule&nbsp;0-11
        (set forth the amount on which the filing fee is calculated and
        state how it was determined):
        </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="91%" align="right" noshade>
<P>


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

<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)</FONT></TD>
        <TD align="left">
        <FONT size="2">Proposed maximum aggregate value of transaction:
        </FONT></TD>
</TR>
</TABLE>

<P align="right">
<HR size="1" width="91%" align="right" noshade>
<P>

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

<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)</FONT></TD>
        <TD align="left">
        <FONT size="2">Total fee paid:
        </FONT></TD>
</TR>
</TABLE>

<P align="right">
<HR size="1" width="91%" align="right" noshade>
<P>

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

<TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></TD>
        <TD align="left">
        <FONT size="2">Fee paid previously with preliminary materials.
        </FONT></TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></TD>
        <TD align="left">
        <FONT size="2">Check box if any part of the fee is offset as
        provided by Exchange Act Rule&nbsp; 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>
</TABLE>
<P>

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

<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</FONT></TD>
        <TD align="left">
        <FONT size="2">Amount Previously Paid:
        </FONT></TD>
</TR>
</TABLE>

<P align="right">
<HR size="1" width="91%" align="right" noshade>
<P>

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

<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</FONT></TD>
        <TD align="left">
        <FONT size="2">Form, Schedule or Registration Statement No.:
        </FONT></TD>
</TR>
</TABLE>

<P align="right">
<HR size="1" width="91%" align="right" noshade>
<P>

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

<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)</FONT></TD>
        <TD align="left">
        <FONT size="2">Filing Party:
        </FONT></TD>
</TR>
</TABLE>

<P align="right">
<HR size="1" width="91%" align="right" noshade>
<P>

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

<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)</FONT></TD>
        <TD align="left">
        <FONT size="2">Date Filed:
        </FONT></TD>
</TR>
</TABLE>

<P align="right">
<HR size="1" width="91%" align="right" noshade>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<P align="right" style="font-size: 10pt"><IMG src="g88342g8834200.gif" alt="(CCAHEADER)">



<P align="center" style="font-size: 10pt">April&nbsp;9, 2004


<P align="left" style="font-size: 10pt">To our stockholders:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are invited to attend the 2004 annual meeting of stockholders of
Corrections Corporation of America (the &#147;Company&#148;) to be held at 10:00&nbsp;a.m.,
local time, on Thursday, May&nbsp;13, 2004, at the Hilton Suites, 121 4th Avenue
South, Nashville, Tennessee. The Notice of Annual Meeting and Proxy Statement,
both of which accompany this letter, provide details regarding the business to
be conducted at the meeting, as well as other important information about the
Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the meeting, management will review our recently completed 2003
fiscal year and provide a report on our progress, including recent
developments. Stockholders also will have the opportunity to ask questions
about the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Along with the other members of the Board of Directors and management, we
look forward to greeting you at the annual meeting if you are able to attend.


<P align="left" style="font-size: 10pt; margin-left: 50%">Sincerely,


<P align="left" style="font-size: 10pt; margin-left: 50%">William F. Andrews<BR>
Chairman of the Board of Directors


<P align="left" style="font-size: 10pt; margin-left: 50%">John D. Ferguson<BR>
Vice-Chairman of the Board of Directors,<BR>
Chief Executive Officer, and President


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

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

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

<P align="center" style="font-size: 10pt"><B>CORRECTIONS CORPORATION OF AMERICA<BR>
10 Burton Hills Boulevard<BR>
Nashville, Tennessee 37215</B>



<P align="center" style="font-size: 10pt"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON THURSDAY, MAY 13, 2004</B>



<P align="center" style="font-size: 10pt"><B>TIME, DATE &#038; PLACE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The annual meeting of stockholders will be held at 10:00&nbsp;a.m., local time,
on Thursday, May&nbsp;13, 2004, at the Hilton Suites, 121 4th Avenue South,
Nashville, Tennessee.


<P align="center" style="font-size: 10pt"><B>ITEMS OF BUSINESS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders will consider and vote on the following items at the annual
meeting:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The election of 12 directors to serve on the Company&#146;s Board
of Directors;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The ratification of the appointment by the Company&#146;s Audit
Committee of Ernst &#038; Young LLP as the Company&#146;s independent auditor;
and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other matters that are properly raised at the annual
meeting.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>WHO MAY VOTE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders of record at the close of business on Wednesday, March&nbsp;31,
2004 are entitled to receive this notice and vote at the annual meeting.


<P align="center" style="font-size: 10pt"><B>HOW TO VOTE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your vote is important. Most stockholders have a choice of voting on the
Internet, by telephone, or by mail using the enclosed proxy card. Please refer
to the proxy card and the accompanying Proxy Statement for information
regarding your voting options. Even if you plan to attend the annual meeting,
please take advantage of one of the advance voting options to assure that your
shares are represented at the annual meeting. You may revoke your proxy at any
time before it is voted by following the procedures described in the
accompanying Proxy Statement.


<P align="left" style="font-size: 10pt; margin-left: 50%">By Order of the Board of Directors,


<P align="left" style="font-size: 10pt; margin-left: 50%">G. A. Puryear IV<BR>
Executive Vice President, General Counsel,<BR>
and Secretary


<P align="left" style="font-size: 10pt">April&nbsp;9, 2004<BR>
Nashville, Tennessee


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>


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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#101"><B>INFORMATION ABOUT THE ANNUAL MEETING AND VOTING</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#102">What matters will be acted on at the Annual Meeting?</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#103">What are the Board of Directors&#146; recommendations?</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#104">Will the Company&#146;s directors attend the Annual Meeting?</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#105">Who is entitled to vote at the Annual Meeting?</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#106">How do I vote?</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#107">What vote is required to approve each item?</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#108">What if I am unable to attend the Annual Meeting in person?</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#109">Where can I find the voting results?</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#110">How and when may I submit a stockholder proposal for the Company&#146;s 2005 Annual Meeting?</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#111">Can I communicate directly with members of the Company&#146;s Board of Directors?</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#112">How can I obtain the Company&#146;s Annual Report on Form&nbsp;10-K?</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#113">What are the costs of soliciting these proxies?</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#114">How many copies should I receive if I share an address with another stockholder?</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#115">Who should I contact if I have any questions?</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#116"><B>CORPORATE GOVERNANCE</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#117">General</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#118">Board and Committee Composition</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#119">Director Independence</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#120">Director Candidates</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#121">Board of Directors Meetings and Committees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#122">Director Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#123">Certain Relationships and Related Transactions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#124">Compensation Committee Interlocks and Insider Participation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#125">Code of Ethics and Business Conduct</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#126">Report of the Audit Committee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#127"><B>PROPOSAL I &#151; ELECTION OF DIRECTORS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#128"><B>PROPOSAL II &#151; RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITOR</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#129">Audit and Non-Audit Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#130">Pre-Approval of Audit &#038; Non-Audit Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#131"><B>EXECUTIVE OFFICERS AND EXECUTIVE COMPENSATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#132">Information Concerning Executive Officers Who Are Not Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#133">Summary Compensation Table</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#134">Option Grants in Last Fiscal Year</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#135">Aggregate Option Exercises in the Last Fiscal Year and Fiscal Year-End Option Values</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#136">Report of the Compensation Committee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#137">Employment Agreements and Change in Control Provisions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#138"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#139">Ownership of Common Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#140">Ownership of Series&nbsp;B Preferred Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#141">Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#142"><B>PERFORMANCE GRAPH</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>29</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

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

<P align="center" style="font-size: 10pt"><IMG src="g88342g8834201.gif" alt="(CCALOGO)">



<P align="center" style="font-size: 10pt"><B>CORRECTIONS CORPORATION OF AMERICA</B>



<P align="center" style="font-size: 10pt"><B>PROXY STATEMENT<BR>
FOR<BR>
THE ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON THURSDAY, MAY 13, 2004</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are providing this Proxy Statement, together with a Notice of Annual
Meeting of Stockholders and a form of proxy card, in connection with the
solicitation by the Board of Directors of Corrections Corporation of America, a
Maryland corporation (the &#147;Company,&#148; &#147;we,&#148; or &#147;us&#148;), of proxies to be voted at
our 2004 Annual Meeting of Stockholders and any adjournment or postponement of
the meeting (the &#147;Annual Meeting&#148;). These proxy materials are being sent
beginning on or about Friday, April&nbsp;9, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Annual Meeting will take place on Thursday, May&nbsp;13, 2004, at 10:00
a.m., local time, at the Hilton Suites, 121 4th Avenue South, Nashville,
Tennessee. All stockholders are invited to attend.

<DIV align="left">
<A name="101"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>INFORMATION ABOUT THE ANNUAL MEETING AND VOTING</B>


<DIV align="left">
<A name="102"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>What matters will be acted on at the Annual Meeting?</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders will consider and vote on the following matters at the Annual
Meeting:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The election of 12 members to our Board of Directors;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The ratification of the appointment by our Audit Committee of
Ernst &#038; Young LLP as our independent auditor for the fiscal year
ending December&nbsp;31, 2004; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other matters that are properly raised at the Annual
Meeting.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this Proxy Statement, we are not aware of any other
matters that will be presented for action at the Annual Meeting.

<DIV align="left">
<A name="103"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>What are the Board of Directors&#146; recommendations</B>?



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors recommends that you vote:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FOR the election of each of the 12 nominees to serve as
directors on the Board of Directors.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of our Board of Directors recommends that you vote:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FOR the ratification of the appointment of Ernst &#038; Young LLP.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">1
</DIV>

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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any other matter properly comes before the Annual Meeting, the proxy
holders will vote as recommended by the Board of Directors or, if no
recommendation is given, in their own discretion.

<DIV align="left">
<A name="104"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>Will the Company&#146;s directors attend the Annual Meeting?</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company strongly encourages each member of the Board of Directors to
attend our annual meetings of stockholders. Accordingly, we expect most, if
not all, of the directors to attend the Annual Meeting. All of the directors
attended the 2003 annual meeting of stockholders.

<DIV align="left">
<A name="105"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>Who is entitled to vote at the Annual Meeting?</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders of record of our common stock at the close of business on the
&#147;record date&#148; are entitled to receive the accompanying notice and to vote at
the Annual Meeting. The Board of Directors has fixed the close of business on
Wednesday, March&nbsp;31, 2004 as the record date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of common stock are entitled to one vote for each share of common
stock held as of the record date on each matter to be voted on at the Annual
Meeting. Our Series&nbsp;B cumulative preferred stock does not grant its holders
any voting rights with respect to the items presented at the Annual Meeting.

<DIV align="left">
<A name="106"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>How do I vote?</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your vote is important. Whether or not you plan to attend the meeting in
person, we urge you to vote as soon as possible by completing, signing, dating,
and promptly returning the enclosed proxy card in the envelope provided or by
voting by telephone or the Internet as described below. If you choose to
attend the meeting in person, you may revoke your proxy and personally cast
your votes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Voting by proxy card. </I></B>If you complete and properly sign the accompanying
proxy card and return it to the Company, it will be voted as you direct. If
you are a registered stockholder and attend the meeting, you may deliver your
completed proxy card in person. &#147;Street name&#148; stockholders who wish to vote at
the meeting will need to obtain a proxy from the institution that holds their
shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Voting by telephone or the Internet. </I></B>If you are a registered stockholder,
you may also vote by telephone by following the instructions on your proxy
card. The deadline for registered holders to vote by telephone is 11:59&nbsp;p.m.,
Eastern Daylight Savings Time, on May&nbsp;12, 2004. If your shares are held in
&#147;street name,&#148; you may vote by telephone or electronically through the Internet
as instructed on your proxy card. The deadline for &#147;street name&#148; holders
voting by telephone or the Internet is 11:59&nbsp;p.m., Eastern Daylight Savings
Time, on May&nbsp;12, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>4</I></B><B><I>01(k)</I></B><B><I> shares. </I></B>If you participate in the Corrections Corporation of
America 401(k) Savings and Retirement Plan, you may vote the shares of our
common stock credited to your account as of the record date by completing and
returning the accompanying proxy card. If you do not vote your shares, the
trustee will vote your shares in its discretion.


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

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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Changing a vote. </I></B>You may change your vote at any time before it is cast
by filing with the Secretary of the Company either a notice of revocation or a
duly executed proxy bearing a later date. If you have voted by telephone or by
the Internet, you may change your vote by following the same instructions used
in originally voting your shares. Attendance at the meeting will not by itself
revoke a previously granted proxy.

<DIV align="left">
<A name="107"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>What vote is required to approve each item?</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Quorum Requirement. </I></B>The presence, in person or by proxy, of the Company&#146;s
stockholders entitled to cast a majority of the votes entitled to be cast at
the Annual Meeting is necessary to constitute a
quorum for the transaction of business at the Annual Meeting. Abstentions
and &#147;broker non-votes&#148; will be treated as shares present and entitled to vote
for purposes of determining the presence of a quorum.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Election of Directors. </I></B>Under the Company&#146;s Third Amended and Restated
Bylaws (the &#147;Bylaws&#148;) and Maryland law, the affirmative vote of a plurality of
all of the votes cast at the Annual Meeting is required for the election of
directors. A properly executed proxy marked &#147;WITHHOLD AUTHORITY&#148; with respect
to the election of one or more directors will not be voted with respect to the
director or directors indicated, although it will be counted for the purposes
of determining whether there is a quorum.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Items. </I></B>For the ratification of the appointment of Ernst &#038; Young LLP
as the Company&#146;s independent auditor for the fiscal year ended December&nbsp;31,
2004 and any other matter that properly comes before the Annual Meeting, the
affirmative vote of a majority of the votes cast is required for approval. An
&#147;ABSTAIN&#148; election will not be counted as a vote &#147;for&#148; or &#147;against&#148; any such
matter. As noted above, if any other matter properly comes before the Annual
Meeting, the proxy holders will vote as recommended by the Board of Directors
or, if no recommendation is given, in their own discretion.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold your shares in &#147;street name&#148; through a broker or other
nominee, your broker or nominee may not be permitted to exercise voting
discretion with respect to some of the matters to be acted upon. Thus, if you
do not give your broker or nominee specific instructions, your shares may not
be voted on those matters and will not be counted in determining the number of
shares necessary for approval. Shares represented by such &#147;broker non-votes&#148;
will, however, be counted in determining whether there is a quorum.

<DIV align="left">
<A name="108"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>What if I am unable to attend the Annual Meeting in person?</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A live broadcast of the Annual Meeting will be available on-line through
our website at www.correctionscorp.com (under the &#147;Webcasts&#148; Section of the
Investor page). The on-line replay will be archived on our website promptly
following the meeting.

<DIV align="left">
<A name="109"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>Where can I find the voting results?</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will announce the voting results at the Annual Meeting. We also will
report the voting results in a press release following the Annual Meeting and
in our quarterly report on Form 10-Q for the second quarter of fiscal 2004,
which we expect to file with the Securities and Exchange Commission, or the
SEC, in August&nbsp;2004.


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="110"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>How and when may I submit a stockholder proposal for the Company&#146;s 2005
Annual Meeting?</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our annual meeting of stockholders generally is held in May of each year.
Consistent with applicable SEC rules, we will consider for inclusion in our
proxy materials for next year&#146;s annual meeting stockholder proposals that are
received at our executive offices no later than December&nbsp;10, 2004 and that
comply with other SEC rules regarding form and content. Proposals must be sent
to the following address: Corrections Corporation of America, Attention:
Secretary, 10 Burton Hills Boulevard, Nashville, Tennessee 37215.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other stockholder proposals may be raised at next year&#146;s meeting (but not
considered for inclusion in our proxy materials) if timely received and
otherwise in compliance with the advance notice provisions of our Bylaws. In
order to be timely, notice must be received at our executive offices (the
address listed above) between February&nbsp;12, 2005 and March&nbsp;14, 2005.

<DIV align="left">
<A name="111"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>Can I communicate directly with members of the Company&#146;s Board of
Directors?</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. Stockholders interested in communicating directly with members of
the Company&#146;s Board of Directors (including specific members of the Board or
non-management directors as a group) may do so by writing to Corrections
Corporation of America, Attention: Secretary, 10 Burton Hills Boulevard,
Nashville, Tennessee 37215. The Secretary of the Company compiles all
substantive communications and periodically submits them to the Board, the
group of directors, or the individual directors to whom they are addressed.
Also, the Secretary maintains a log of correspondence received by the Company
that is addressed to members of the Board that may be reviewed by any director
at his or her request. Concerns relating to accounting, internal controls, or
auditing matters are handled in accordance with procedures established by the
Audit Committee.

<DIV align="left">
<A name="112"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>How can I obtain the Company&#146;s Annual Report on Form 10-K?</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All stockholders of record on the record date will receive with this Proxy
Statement a copy of our 2003 Annual Report to Stockholders. The Annual Report
to Stockholders is not part of the proxy solicitation materials. Any
stockholder who desires a copy of our 2003 Annual Report to Stockholders or our
Annual Report on Form 10-K for the year ended December&nbsp;31, 2003, as filed with
the SEC, may obtain a copy without charge by visiting our website,
www.correctionscorp.com, or by addressing a request to: Corrections Corporation
of America, Attention: Secretary, 10 Burton Hills Boulevard, Nashville,
Tennessee 37215.

<DIV align="left">
<A name="113"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>What are the costs of soliciting these proxies?</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company pays the cost of soliciting proxies. We have retained
Corporate Communications, Inc. to assist with the solicitation of proxies on
our behalf. Corporate Communications, Inc. will receive a fee of $5,000, plus
reasonable expenses, for these and other services in connection with the Annual
Meeting. Solicitation initially will be made by mail. Forms of proxies and
proxy materials may also be distributed through brokers, custodians, and other
like parties to the beneficial owners of shares of our common stock, in which
case we will reimburse these parties for their reasonable out-of-pocket
expenses. Proxies may also be solicited personally or by telephone or fax by
directors, officers, and employees of the Company. No additional compensation
will be paid for these services.


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="114"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>How many copies should I receive if I share an address with another
stockholder?</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC has adopted rules that permit companies and intermediaries such as
brokers to satisfy delivery requirements for proxy statements with respect to
two or more stockholders sharing the same address by delivering a single proxy
statement addressed to those stockholders. This process, which is commonly
referred to as &#147;householding,&#148; potentially provides extra convenience for
stockholders and cost savings for companies. The Company and some brokers
household proxy materials, delivering a single proxy statement to multiple
stockholders sharing an address unless contrary instructions have been received
from the affected stockholders. Once you have received notice from your broker
or us that they or we will be householding materials to your address,
householding will continue until you are notified otherwise or until you revoke
your consent. If at any time you no longer wish to participate in householding
and would prefer to receive a separate proxy statement, or if you are receiving
multiple copies of the proxy statement and wish to receive only one, please
notify your broker if your shares are held in a brokerage account or us if you
hold registered shares. You can notify us by sending a written request to
Corrections Corporation of America, Attention: Karin Demler, 10 Burton Hills
Boulevard, Nashville, Tennessee 37215, or by calling Karin Demler at (615)
263-3000.

<DIV align="left">
<A name="115"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>Who should I contact if I have any questions?</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions about the Annual Meeting or these proxy
materials, please contact Karin Demler, our director of investor relations, at
10 Burton Hills Boulevard, Nashville, Tennessee 37215, (615)&nbsp;263-3000. If you
have any questions about your ownership of our common stock, please contact our
transfer agent, the American Stock Transfer and Trust Company, at 59 Maiden
Lane, New York, New York 10038, (800)&nbsp;937-5449, or Karin Demler at the address
and phone number above.



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


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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="116"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>CORPORATE GOVERNANCE</B>


<DIV align="left">
<A name="117"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>General</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that effective corporate governance is critical to our
long-term health and our ability to create value for our stockholders. During
the past year, we have continued to review our corporate governance policies
and practices and to compare them against &#147;best practice&#148; proposals and the
practices of other public companies. We also have continued to review the
provisions of the Sarbanes-Oxley Act of 2002, new and proposed rules of the
SEC, and the new corporate governance rules of the New York Stock Exchange, or
the NYSE.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on this effort, our Board of Directors adopted revised Corporate
Governance Guidelines and revised charters for all of our Board committees in
December&nbsp;2003. We will continue to monitor emerging developments in corporate
governance and enhance our policies and procedures when required or when our
Board determines that it would benefit the Company and our stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The responsibilities of our Board and Board committees are described
below, along with other corporate governance-related disclosures. Our current
Corporate Governance Guidelines and committee charters are attached to this
Proxy Statement as Appendices A &#150; E. You also can access our Corporate
Governance Guidelines, current committee charters, and other corporate
governance-related information on our website, www.correctionscorp.com, or by
request to the following address: Corrections Corporation of America,
Attention: Secretary, 10 Burton Hills Boulevard, Nashville, Tennessee 37215.

<DIV align="left">
<A name="118"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Board and Committee Composition</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chart below shows the composition of our Board of Directors and each
of our Board committees. Biographical information for our directors is
provided under &#147;Proposal I &#150; Election of Directors.&#148;

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Nominating and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Governance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Audit Committee</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Committee</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Committee</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Executive Committee</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William F. Andrews*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John D. Ferguson**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chair</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donna M. Alvarado
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lucius E. Burch III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John D. Correnti</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John R. Horne</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">C. Michael Jacobi
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chair</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Thurgood Marshall, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Charles L. Overby
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chair</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John R. Prann, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joseph V. Russell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chair
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Henri L. Wedell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P>

<HR size="1" width="18%" align="left" noshade>


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

<TR valign="top">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Chairman of the Board</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">**</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Vice-Chairman of the Board</TD>
</TR>

</TABLE>



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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="119"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Director Independence</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has determined that each of the following directors
is an &#147;independent director&#148; under applicable NYSE rules.

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Donna M. Alvarado
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thurgood Marshall, Jr.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lucius E. Burch, III
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charles L. Overby</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John D. Correnti
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John R. Prann, Jr.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John R. Horne
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joseph V. Russell</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C. Michael Jacobi
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Henri L. Wedell</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the application of the three-year &#147;look back&#148; period in the
new NYSE independence rules to certain past relationships that ended in 2002,
the independence of Mr.&nbsp;Correnti and Mr.&nbsp;Horne may be considered impaired when
the transition period for the new rules ends in November&nbsp;2004. Each resigned
from the Compensation Committee in February&nbsp;2004 to ensure our compliance with
the new rules. The look back period for these relationships will conclude in
the first and second quarters of 2005, respectively.

<DIV align="left">
<A name="120"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Director Candidates</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating and Governance Committee considers candidates for Board
membership suggested by its members and other Board members, as well as
management and stockholders. A stockholder who wishes to recommend a
prospective nominee for the Board should notify our Secretary in writing, along
with any supporting material the stockholder considers appropriate, in
accordance with the stockholder proposal provisions of our Bylaws. General
information concerning the submission of stockholder proposals is provided
above under the caption &#147;How and when may I submit a stockholder proposal for
the Company&#146;s 2005 Annual Meeting?&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the Nominating and Governance Committee has identified a prospective
nominee, the Committee decides whether to conduct a full evaluation of the
candidate. The initial determination is based on the initial information
provided to the Committee, the Committee&#146;s own knowledge of the candidate, and
any information received from inquiries by the Committee. The Committee also
considers the need for additional Board members to fill vacancies or expand the
size of the Board and the likelihood that the prospective nominee can satisfy a
full evaluation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Committee determines, in consultation with the Chairman of the
Board and other Board members, as appropriate, that additional consideration is
warranted, it may request a third-party search firm to gather additional
information about the prospective nominee&#146;s background and experience. The
Committee then evaluates the prospective nominee against the standards and
qualifications in our Corporate Governance Guidelines, which include a general
understanding of marketing, finance, and other elements relevant to the success
of a publicly-traded company in today&#146;s business environment, an understanding
of our business, and factors such as diversity, age, skills, and educational
and professional background. The Committee also considers any other factors it
deems relevant, including the current composition of the Board, the balance of
management and independent directors, the need for Audit Committee expertise,
and the qualifications of other prospective nominees. The Committee then
determines whether an interview is warranted. If so, one or more members of
the Committee, and others as appropriate, interview the prospective nominee in
person or by telephone. After completing the evaluation and interview, the
Committee determines whether or not to recommend the prospective nominee to the
full Board. After considering the recommendation and report of the Committee,
the Board then decides whether to appoint and/or nominate the candidate.


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

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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donna M. Alvarado is the only director nominee proposed for election who
is not standing for re-election. Ms.&nbsp;Alvarado was referred to the Nominating
and Governance Committee by a non-management director. A third-party director search firm, which was retained by
the Committee and paid a fee to identify and evaluate potential director
candidates, assisted the Committee in its evaluation of Ms.&nbsp;Alvarado.

<DIV align="left">
<A name="121"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Board of Directors Meetings and Committees</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors is responsible for establishing broad corporate
policies and reviewing our overall performance, rather than managing our
day-to-day operations. In fulfilling the Board&#146;s duties, our directors are
guided primarily by our Bylaws, Corporate Governance Guidelines, and the
charters of the Board committees on which they serve. The Board&#146;s primary
responsibility is to oversee the Company&#146;s management and, in so doing, serve
the best interests of the Company and our stockholders. The Board selects,
evaluates, and provides for the succession of our executive officers. It
reviews and approves corporate objectives and strategies, and evaluates
significant policies and proposed major commitments of corporate resources. It
participates in decisions that have a potential major economic impact on the
Company. Management keeps directors informed of our activity through regular
written reports and presentations at Board and committee meetings. Mr.&nbsp;Andrews
and Mr.&nbsp;Ferguson are the only directors who are our employees. The
non-management directors meet at regularly scheduled executive sessions (<I>i.e.</I>,
with no members of management present). Executive sessions of the
non-management directors are chaired on a rotating basis by the non-management
directors, based on seniority of service.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors met six times in 2003. During 2003, each director
attended at least 75% of their Board and committee meetings. The Board has
standing Audit, Compensation, Nominating and Governance, and Executive
Committees. Each committee has a charter that has been approved by the Board
and that the committee reviews at least annually.


<P align="left" style="font-size: 10pt"><B><I>Audit Committee</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Audit Committee consists of Ms.&nbsp;Alvarado, Mr.&nbsp;Burch, Mr.&nbsp;Jacobi, Mr.
Overby, and Mr.&nbsp;Wedell, with Mr.&nbsp;Jacobi serving as its Chair. The Board has
determined that each member of the Audit Committee is an &#147;independent director&#148;
and &#147;financially literate&#148; under applicable SEC and NYSE rules. The Board has
determined that Mr.&nbsp;Jacobi qualifies as an &#147;audit committee financial expert&#148;
as defined under rules adopted by the SEC. The responsibilities and activities
of the Audit Committee are described below in more detail in the Report of the
Audit Committee. The Audit Committee held six meetings in 2003.


<P align="left" style="font-size: 10pt"><B><I>Compensation Committee</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Compensation Committee consists of Mr.&nbsp;Burch, Mr.&nbsp;Prann, and Mr.
Russell, with Mr.&nbsp;Russell serving as its Chair. The Board has determined that
each member is an &#147;independent director&#148; under applicable NYSE rules. The
Compensation Committee determines compensation, including awards under our
current equity incentive plans, for our executive officers. The functions and
activities of the Compensation Committee are described in more detail in the
Report of the Compensation Committee in the &#147;Executive Officers and Executive
Compensation&#148; section of this Proxy Statement. The Compensation Committee held
three meetings in 2003.


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

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

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

<P align="left" style="font-size: 10pt"><B><I>Nominating and Governance Committee</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Nominating and Governance Committee consists of Mr.&nbsp;Marshall, Mr.
Overby, and Mr.&nbsp;Russell, with Mr.&nbsp;Overby serving as its Chair. The Board has
determined that each member is an &#147;independent director&#148; under applicable NYSE
rules. The Nominating and Governance Committee is responsible for, among other
things, developing and implementing policies and practices relating to
corporate governance, including monitoring implementation of our Corporate
Governance Guidelines. The Nominating and Governance Committee also develops
and reviews background information for Board candidates, including those
recommended by stockholders, and makes recommendations to the Board regarding
such candidates. Additional information regarding this committee&#146;s activities
is provided above under the heading &#147;Director Candidates.&#148; The Nominating and
Governance Committee held seven meetings in 2003.


<P align="left" style="font-size: 10pt"><B><I>Executive Committee</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Executive Committee consists of Mr.&nbsp;Andrews, Mr.&nbsp;Ferguson, Mr.&nbsp;Burch,
and Mr.&nbsp;Russell, with Mr.&nbsp;Ferguson serving as its Chair. When necessary, the
Executive Committee acts on behalf of the full Board of Directors in the
management of our business and affairs during the intervals between Board
meetings. However, the Executive Committee&#146;s authority is limited. For
example, the Committee cannot amend our Charter or Bylaws, adopt an agreement
or plan of merger or consolidation to which we are a party, or take certain
other significant corporate actions. The Executive Committee held one meeting
in 2003.

<DIV align="left">
<A name="122"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Director Compensation</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently, we pay our non-employee directors an annual retainer of $34,000
for their services. In addition, non-employee committee chairs receive an
additional annual retainer of $1,500. Non-employee directors also receive a
fee of $1,500 for each Board meeting they attend and $1,500 for each committee
meeting they attend for committees on which they serve. Non-employee committee
chairs currently receive a fee of $2,500 for each meeting they attend for the
committees on which they serve as chair.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February&nbsp;2004, the Compensation Committee recommended to the Board of
Directors, and the Board of Directors approved, an increase to the fees paid to
our non-employee directors. Effective following the Annual Meeting, the
Company&#146;s non-employee directors will receive an annual retainer of $45,000,
the chairs of the Compensation Committee and Nominating and Governance
Committee will each receive an additional annual retainer of $2,000, the chair
of the Company&#146;s Audit Committee will receive an additional annual retainer of
$7,500, and each member of the Audit Committee (other than the chair) will
receive an additional annual retainer of $2,000. Meeting fees for non-employee
directors will be increased to $3,000 for each Board meeting they attend and
$2,000 for each committee meeting they attend for committees on which they
serve. Non-employee committee chairs will continue to receive a fee of $2,500
for each meeting they attend for the committees on which they serve as chair.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-employee directors are reimbursed for reasonable expenses incurred to
attend Board and committee meetings. Non-employee directors also participate
in our Non-Employee Directors&#146; Share Option Plan, which annually grants each
non-employee director options to purchase 4,000 shares of our common stock.
Non-employee directors are also eligible to participate in our Non-Employee
Directors&#146; Deferred Compensation Plan.


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="123"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Certain Relationships and Related Transactions</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We paid a net amount of approximately $47,000 to B-Air, LLC as
reimbursement for use of an aircraft for business travel during fiscal 2003 by
certain executive officers and other company employees.
The Company discontinued use of aircraft through B-Air, LLC in June&nbsp;2003 and
does not intend to use the service in the future. Mr.&nbsp;Burch owns fifty percent
of B-Air, LLC. The Board of Directors has determined that this relationship is
not material and, therefore, does not affect the independence of Mr.&nbsp;Burch.

<DIV align="left">
<A name="124"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Compensation Committee Interlocks and Insider Participation</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2003, our Compensation Committee was comprised of Mr.&nbsp;Correnti, Mr.
Horne, Mr.&nbsp;Prann, and Mr.&nbsp;Russell, with Mr.&nbsp;Russell serving as its Chair. In
February&nbsp;2004, Mr.&nbsp;Burch was appointed to and, as discussed above under
&#147;Director Independence,&#148; Mr.&nbsp;Correnti and Mr.&nbsp;Horne resigned from the
Compensation Committee. None of the foregoing current and former members of
the Compensation Committee or any of their family members serve or have served
as an officer or employee of the Company. None of our executive officers
served during 2003 as a member of the board of directors or compensation
committee (or other committee serving an equivalent function) of any entity
that had one or more executive officers serving as a member of the Compensation
Committee.

<DIV align="left">
<A name="125"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Code of Ethics and Business Conduct</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of our directors and employees, including our Chief Executive Officer
and President, Chief Financial Officer, and principal accounting officer, are
subject to our Code of Ethics and Business Conduct. Our Code of Ethics and
Business Conduct is designed to ensure that our business is conducted in a
legal and ethical manner, to promote an open environment where ethics and
compliance issues are addressed, and to support our commitment to integrity in
all aspects of our business.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our policies and procedures cover all areas of professional conduct,
including employment policies, conflicts of interest, intellectual property,
and the protection of confidential information, as well as strict adherence to
all laws and regulations applicable to the conduct of our business. Our
Nominating and Governance Committee reviews the Code of Ethics and Business
Conduct on an annual basis, and our Audit Committee is responsible for
addressing violations and waiver requests involving our executive officers and
directors. We intend to post amendments to or waivers from our Code of Ethics
and Business Conduct (to the extent applicable to our directors, chief
executive officer, principal financial officer or principal accounting officer)
on our website.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees are required to report any conduct that they believe in good
faith to be an actual or apparent violation of the Code of Ethics and Business
Conduct. The Sarbanes-Oxley Act of 2002 requires companies to have procedures
to receive, retain, and treat complaints received regarding accounting,
internal accounting controls, or auditing matters and to allow for the
confidential and anonymous submission by employees of concerns regarding
questionable accounting or auditing matters. We currently have such procedures
in place and we will continue to review our policies and monitor any rules
adopted by the SEC to determine whether we need to modify our processes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You can access our Code of Ethics and Business Conduct on our website,
www.correctionscorp.com, or by request to the following address: Corrections
Corporation of America, Attention: Secretary, 10 Burton Hills Boulevard,
Nashville, Tennessee 37215.


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="126"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Report of the Audit Committee</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The charter of the Audit Committee, as revised in December&nbsp;2003, specifies
that the purpose of the Audit Committee is to assist the Board of Directors in
its oversight of:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the integrity of our financial statements;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our compliance with legal and regulatory requirements;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the qualifications and independence of our independent auditor;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the performance of our independent auditor and of our internal audit function; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the preparation of this report.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">The full text of the Audit Committee&#146;s revised charter is attached to this
Proxy Statement as Appendix&nbsp;B.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In carrying out these responsibilities, the Audit Committee, among other
things:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>monitors preparation by our management of quarterly and
annual financial reports and interim earnings releases;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>supervises our relationship with our independent auditor,
including making decisions with respect to appointment or removal,
reviewing the scope of audit services, approving audit and non-audit
services, and annually evaluating the audit firm&#146;s independence; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>oversees management&#146;s implementation and maintenance of
effective systems of internal accounting and disclosure controls,
including review of our policies relating to legal and regulatory
compliance and ethics and business conduct and review of our
internal auditing program.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee met six times in 2003. The Committee schedules its
meetings to allow appropriate attention to all of its tasks. The Committee
also meets periodically in executive sessions with our independent auditor
without the presence of our management.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of its oversight of our financial statements, the Committee
reviews and discusses with both management and our independent auditor all
annual and quarterly financial statements prior to their issuance. During
fiscal 2003, management advised the Committee that each set of financial
statements reviewed had been prepared in accordance with generally accepted
accounting principles and reviewed significant accounting and disclosure issues
with the Committee. These reviews included discussion with the outside auditor
of matters required to be discussed pursuant to <I>Statement on Auditing Standards
No.&nbsp;61 (Communication with Audit Committees)</I>, including the quality of our
accounting principles, the reasonableness of significant judgments, and the
clarity of disclosures in the financial statements. The Committee also
discussed with Ernst &#038; Young LLP matters relating to its independence,
including a review of audit and non-audit fees and the disclosures made to the
Committee pursuant to <I>Independence Standards Board Standard No.&nbsp;1 (Independence
Discussions with Audit Committees)</I>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Committee reviewed major initiatives and programs aimed
at strengthening the effectiveness of our internal control structure. As part
of this process, the Committee reviewed staffing levels and steps taken to
implement recommended improvements in internal procedures and controls.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taking all of these reviews and discussions into account, the undersigned
Committee members recommended to the Board of Directors that the Board approve
the inclusion of our audited financial statements in our Annual Report on Form
10-K for the fiscal year ended December&nbsp;31, 2003, for filing with the SEC.


<P align="right" style="font-size: 10pt">Submitted by the Audit Committee of the Board of Directors:



<P align="center" style="font-size: 10pt">11
</DIV>

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

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



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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="53%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C. Michael Jacobi, Chair</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Donna M. Alvarado</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lucius E. Burch, III</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charles L. Overby</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Henri L. Wedell</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">12
</DIV>

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

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

<DIV align="left">
<A name="127"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PROPOSAL I &#151; ELECTION OF DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The current term of office of each of our directors expires at the Annual
Meeting. The Board of Directors proposes that the following nominees, all of
whom are currently serving as directors, be re-elected for a new term of one
year and until their successors are duly elected and qualified. We expect each
of the nominees to serve if elected. If any of them becomes unavailable to
serve as a director, the Board may designate a substitute nominee. In that
case, the persons named as proxies will vote for the substitute nominee
designated by the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding each of the nominees for director is set forth
below. Directors&#146; ages are given as of the date of this Proxy Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Board of Directors unanimously recommends a vote FOR each of the 12
nominees listed below.</B><br><br>

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>WILLIAM F. ANDREWS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Director Since 2000</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Andrews, age 72, has served as a director and Chairman of our Board
since August&nbsp;2000. Mr.&nbsp;Andrews also serves as a member of our Executive
Committee. Prior to our restructuring in 2000, Mr.&nbsp;Andrews served as a
director for our predecessor company and its affiliated operating company. Mr.
Andrews has been a principal of Kohlberg &#038; Company, a private equity firm
specializing in middle market investing, since 1995. He also currently serves
as: chairman of Katy Industries, Inc., a publicly-traded manufacturer and
distributor of consumer electric corded products and maintenance cleaning
products, among other product lines; chairman of Allied Aerospace, a private
company engaged in the engineering and manufacture of complex aerospace
hardware and prototype systems for ground test and flight applications; a
director of Black Box Corporation, a publicly-traded provider of information
technology infrastructure solutions; and a director of Trex Corporation, a
publicly-traded producer of decking and railing products. Mr.&nbsp;Andrews
previously served as chairman of Northwestern Steel and Wire Company, Scovill
Fasteners Inc., and Schrader-Bridgeport International, Inc., among others. Mr.
Andrews is a graduate of the University of Maryland and received a Masters of
Business Administration from Seton Hall University.<br><br>

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>JOHN D. FERGUSON</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Director Since 2000</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Ferguson, age 58, has served as a director, our Chief Executive
Officer and President, and Vice-Chairman of our Board since August&nbsp;2000. Mr.
Ferguson also serves as the Chair of our Executive Committee. Prior to joining
the Company, Mr.&nbsp;Ferguson served as the Commissioner of Finance for the State
of Tennessee from June&nbsp;1996 to July&nbsp;2000. As Commissioner of Finance, Mr.
Ferguson served as the State&#146;s chief corporate officer and was responsible for
directing the preparation and implementation of the State&#146;s $17.2&nbsp;billion
budget. From 1990 to February&nbsp;1995, Mr.&nbsp;Ferguson served as the chairman and
chief executive officer of Community Bancshares, Inc., the parent corporation
of The Community Bank of Germantown (Tennessee). Mr.&nbsp;Ferguson is a former
member of the State of Tennessee Board of Education and served on the
Governor&#146;s Commission on Practical Government for the State of Tennessee. Mr.
Ferguson graduated from Mississippi State University in 1967.


<P align="center" style="font-size: 10pt">13
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>DONNA M. ALVARADO</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Director Since 2003</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;Alvarado, age 55, has served as a director and member of our Audit
Committee since December&nbsp;2003. Ms.&nbsp;Alvarado is the founder and current
President of Aguila International, an international business-consulting firm
that specializes in human resources and leadership development and provides a
consortium for businesses and non-profit organizations seeking to collaborate
in the western hemisphere. In addition to her established career in the
private sector, Ms.&nbsp;Alvarado has held senior management positions in
government, including Deputy Assistant Secretary of Defense with the U.S.
Department of Defense, Counsel for the U.S. Senate Committee on the Judiciary
Subcommittee on Immigration and Refugee Policy, Staff Member of the U.S. House
of Representatives Select Committee on Narcotics Abuse and Control, and
Director of ACTION, the federal domestic volunteer agency, a position to which
she was appointed by President Reagan. Ms.&nbsp;Alvarado currently serves as a
Regent on the Ohio Board of Regents, as a member of the Ohio Governor&#146;s
Commission on Higher Education and the Economy, and as Chair of the Ohio
Governor&#146;s Workforce Policy Board. Ms.&nbsp;Alvarado earned both a master&#146;s and
bachelor&#146;s degree in Spanish from Ohio State University, completed doctoral
coursework in Latin American Literature at the University of Oklahoma, and
earned a postgraduate certificate in Financial Management from the Wharton
School of Business at the University of Pennsylvania.<br><br>

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>LUCIUS E. BURCH, III</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Director Since 2000</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Burch, age 62, has served as a director and member of our Audit
Committee since December&nbsp;2000 and as a member of our Compensation Committee
since February&nbsp;2004. Mr.&nbsp;Burch also serves on our Executive Committee. Prior
to our restructuring in 2000, Mr.&nbsp;Burch served as a director for our
predecessor company and as chairman of its affiliated operating company. Mr.
Burch currently serves as chairman and chief executive officer of Burch
Investment Group, a private venture capital firm located in Nashville,
Tennessee (formerly known as Massey Burch Investment Group, Inc.), a position
he has held since October&nbsp;1989. Mr.&nbsp;Burch currently serves on the boards of
directors of several private companies, including Maxwell Medical, Education
Networks of America, and MCT Corp. Mr.&nbsp;Burch graduated from the University of
North Carolina where he received a B.A. degree in 1963.<br><br>

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>JOHN D. CORRENTI</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Director Since 2000</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Correnti, age 57, has served as a director since December&nbsp;2000. Mr.
Correnti currently serves as chairman and chief executive officer of BIR Steel
Corp., a position he has held since December&nbsp;2002. From December&nbsp;1999 through
December&nbsp;2002, Mr.&nbsp;Correnti served as the chairman of the board of directors
and as the chief executive officer of Birmingham Steel Corporation, a
publicly-traded steel manufacturing company whose assets were acquired by Nucor
Corporation, a publicly-traded manufacturer of steel products, in December
2002. Mr.&nbsp;Correnti served as the president, chief executive officer, and vice
chairman of Nucor Corporation from 1996 to 1999 and as its president and chief
operating officer from 1991 to 1996. Mr.&nbsp;Correnti also serves as a director of
Navistar International Corporation. Mr.&nbsp;Correnti holds a B.S. degree in civil
engineering from Clarkson University.<br><br>


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>JOHN R. HORNE</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Director Since 2001</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Horne, age 66, has served as a director since December&nbsp;2001. Mr.
Horne served as chairman of Navistar International Corporation, a
publicly-traded truck and engine manufacturer, from April&nbsp;1996 to February
2004. From March&nbsp;1995 to February&nbsp;2003, Mr.&nbsp;Horne served as Navistar&#146;s
president and chief executive officer, after having served as the company&#146;s
chief operating officer for more than four years. Mr.&nbsp;Horne also currently
serves on the board of directors of Intermet Corporation, the National
Association of Manufacturers, and Junior Achievement of Chicago, as well as the
board of trustees of Manufacturer&#146;s Alliance/MAPI. Mr.&nbsp;Horne received his M.S.
degree in mechanical engineering from Bradley University in 1964, a B.S. degree
in mechanical engineering from Purdue University in 1960, which also awarded
him an Honorary Doctor of Engineering degree in May&nbsp;1998, and is a graduate of
the management program at Harvard Graduate School of Business Administration.<br><br>

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>C. MICHAEL JACOBI</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Director Since 2000</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Jacobi, age 62, has served as a director and as Chair of the Audit
Committee since December&nbsp;2000. Mr.&nbsp;Jacobi currently is the President and Chief
Executive Officer and a director of Katy Industries, Inc. Mr.&nbsp;Jacobi has been
associated with Katy Industries since June&nbsp;2001. From October&nbsp;1999 until April
2000 he was Chairman of Timex Watches Limited (India), a public company
headquartered in New Delhi, India and from July&nbsp;1999 until April&nbsp;2000 he was
Chairman and Chief Executive Officer of Beepware Paging Products, L.L.C.,
Waterbury, Connecticut, a company jointly owned by Timex Corporation and
Motorola, Inc. Mr.&nbsp;Jacobi served as President and Chief Executive Officer and
a director of Timex Corporation, headquartered in Middlebury, Connecticut, from
December&nbsp;1993 to August&nbsp;1999. He is also a member of the board of directors of
Webster Financial Corporation, a public company engaged in banking and
financial services, and Invisible Technologies, Inc., a privately held company
headquartered in Garrett, Indiana engaged in the design, manufacture, and
distribution of electronic training products for sporting dogs and pet
companion dogs under the brand names Innotek and Invisible Fence. Mr.&nbsp;Jacobi
is a certified public accountant and holds a B.S. degree from the University of
Connecticut.<br><br>

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>THURGOOD MARSHALL, JR.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Director Since 2002</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Marshall, age 47, has served as a director and member of the
Nominating and Governance Committee since December&nbsp;2002. Mr.&nbsp;Marshall is a
partner in the law firm of Swidler Berlin Shereff Friedman, LLP in Washington
D.C., where he practices in the firm&#146;s Government Affairs Group and represents
clients appearing before federal agencies and Congress. Previously, he has
held appointments in each branch of the federal government, including Cabinet
Secretary to President Clinton and Director of Legislative Affairs and Deputy
Counsel to Vice President Al Gore. In his role under President Clinton, Mr.
Marshall was the chief liaison between the President and the agencies of the
Executive Branch. Mr.&nbsp;Marshall, the son of the historic Supreme Court Justice
Thurgood Marshall, earned a B.A. in 1978 and a J.D. in 1981 from the University
of Virginia, after which he clerked for United States District Judge Barrington
D. Parker. He chairs the American Bar Association Election Law Committee and
serves as a board member of the National Fish &#038; Wildlife Foundation and the
Supreme Court Historical Society. He also serves as the Vice Chair of the
Ethics Oversight Committee of the United States Olympic Committee.<br><br>


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>CHARLES L. OVERBY</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Director Since 2001</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Overby, age 57, has served as a director since December&nbsp;2001. Mr.
Overby has served as a member of the Audit Committee since February&nbsp;2002 and as
the Chair of the Nominating and Governance Committee since the committee was
established in December&nbsp;2002. Mr.&nbsp;Overby is the chairman and chief executive
officer of The Freedom Forum, an independent, non-partisan foundation dedicated
to the First Amendment and media issues, and two of the foundation&#146;s affiliate
organizations: The Newseum and The Freedom Forum First Amendment Center. Mr.
Overby is a former Pulitzer Price-winning editor in Jackson, Mississippi. He
worked 16&nbsp;years for Gannett Co., the nation&#146;s largest newspaper company, in
various capacities, including as reporter, editor, and corporate executive. He
was vice president for news and communications for Gannett and served on the
management committee of Gannett and USA TODAY. Mr.&nbsp;Overby currently serves on
the board of the Committee to Protect Journalists and the Board of Regents of
Baylor University. Mr.&nbsp;Overby graduated from the University of Mississippi and
is a member of its foundation board.<br><br>

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>JOHN R. PRANN, JR.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Director Since 2000</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Prann, age 53, has served as a director and member of the Compensation
Committee since December&nbsp;2000. Mr.&nbsp;Prann served as the president and chief
executive officer of Katy Industries, Inc. from 1993 to February&nbsp;2001. From
1991 to 1995, Mr.&nbsp;Prann served as the president and chief executive officer of
CRL, Inc., an equity and real estate investment company that held a 25%
interest in Katy. A former partner with the accounting firm of Deloitte &#038;
Touche, Mr.&nbsp;Prann graduated from the University of California, Riverside in
1974 and obtained his M.B.A. from the University of Chicago in 1979.<br><br>

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>JOSEPH V. RUSSELL</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Director Since 1999</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Russell, age 63, has served as a director since 1999 and, prior to our
restructuring, served as an independent trustee of CCA Prison Realty Trust.
Mr.&nbsp;Russell is the Chair of the Compensation Committee and a member of the
Executive Committee and the Nominating and Governance Committee. Mr.&nbsp;Russell
is the president and chief financial officer of Elan-Polo, Inc., a
Nashville-based, privately-held, world-wide producer and distributor of
footwear. Mr.&nbsp;Russell is also the vice president of and a principal in RCR
Building Corporation, a Nashville-based, privately-held builder and developer
of commercial and industrial properties. He also serves on the boards of
directors of Community Care Corp., the Footwear Distributors of America
Association, and US Auto Insurance Company. Mr.&nbsp;Russell graduated from the
University of Tennessee in 1963 with a B.S. in Finance.<br><br>

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>HENRI L. WEDELL</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Director Since 2000</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Wedell, age 62, has served as a director and member of the Audit
Committee since December&nbsp;2000. Mr.&nbsp;Wedell is a private investor in Memphis,
Tennessee. Prior to his retirement in 1999, Mr.&nbsp;Wedell was the senior vice
president of sales of The Robinson Humphrey Co., an investment banking
subsidiary of Smith-Barney, Inc., with which he was employed for over 24&nbsp;years.
From 1990 to 1996, he served as a member of the board of directors of
Community Bancshares, Inc., the parent corporation to The Community Bank of
Germantown. Mr.&nbsp;Wedell graduated from the Tulane University Business School,
where he received a B.B.A. in 1963.



<P align="center" style="font-size: 10pt">16
</DIV>


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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="128"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PROPOSAL II &#151; RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITOR</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has appointed Ernst &#038; Young LLP as our proposed
independent auditor for the fiscal year ending December&nbsp;31, 2004. Services
provided to the Company and its subsidiaries by Ernst &#038; Young LLP in fiscal
2003 are described below under  &#147;Audit and Non-Audit Fees.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Ernst &#038; Young LLP will be present at the Annual
Meeting. They will have the opportunity to make a statement if they desire to
do so and we expect that they will be available to respond to questions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratification of the appointment of Ernst &#038; Young LLP requires the
affirmative vote of a majority of the votes cast by the holders of the shares
of common stock voting in person or by proxy at the Annual Meeting. If the
Company&#146;s stockholders do not ratify the appointment of Ernst &#038; Young LLP, the
Audit Committee will reconsider the appointment and may affirm the appointment
or retain another independent accounting firm. If the appointment is ratified,
the Audit Committee may in the future replace Ernst &#038; Young LLP as our
independent auditor if it determined that it is in the Company&#146;s best interest
to do so.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Audit Committee of the Board of Directors unanimously recommends a
vote FOR the ratification of the appointment of Ernst &#038; Young LLP as the
independent auditor of the Company for the fiscal year ending December&nbsp;31,
2004.</B>

<DIV align="left">
<A name="129"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Audit and Non-Audit Fees</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents fees for audit, audit-related, tax, and other
services rendered by the Company&#146;s principal independent auditor for the years
ended December&nbsp;31, 2003 and 2002. Arthur Andersen LLP served as the Company&#146;s
independent auditor up to May&nbsp;14, 2002, when it was replaced by Ernst &#038; Young
LLP.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Ernst &#038; Young LLP</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Arthur Andersen LLP</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Fees</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Audit Fees (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">889,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,064,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">224,284</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tax Fees (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">628,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,188,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">299,111</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All Other Fees (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,519,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,253,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">523,395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Audit fees for the years ended December&nbsp;31, 2003 and 2002
include fees associated with the audits of our consolidated
financial statements; reviews of our quarterly financial statements;
audits of our operations in the Commonwealth of Puerto Rico as a
result of statutory requirements; assistance with filing certain
registration statements with the SEC; and assistance with certain
financing transactions. The audit fees for the year ended December
31, 2002 also include a re-audit of our 2001 consolidated financial
statements and performance of certain agreed-upon procedures in
connection with the filing of a registration statement.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Tax fees for the years ended December&nbsp;31, 2003 and 2002
include $423,778 and $370,687 (including $107,069 to Ernst &#038; Young
LLP and $263,618 to Arthur Andersen</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">17
</DIV>

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

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

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>LLP), respectively, for fees
associated with federal and state tax compliance, including $75,240
and $125,127 (including $42,830 to Ernst &#038; Young LLP and $82,297 to
Arthur
Andersen LLP), respectively, for assistance with tax examinations.
Tax fees for the year ended December&nbsp;31, 2002 also include a $4.0
million success-based fee for federal and state tax planning
resulting in an income tax refund of approximately $32.1&nbsp;million
that the Company received during the second quarter of 2003. The
remaining tax fees during 2003 and 2002 were for services
consisting primarily of federal and state tax planning.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>All other fees for the year ended December&nbsp;31, 2003 include
preparation of the stock performance graph presented in the
Company&#146;s 2002 annual proxy statement.</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="130"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Pre-Approval of Audit and Non-Audit Fees</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC rules under Section&nbsp;202 of the Sarbanes-Oxley Act of 2002 require the
Audit Committee to pre-approve audit and non-audit services provided by our
independent auditor. The rules became effective on May&nbsp;6, 2003. In November
2002, prior to the effectiveness of the rules, our Audit Committee began
pre-approving all services by Ernst &#038; Young LLP and has pre-approved all new
services since that time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consistent with the Section&nbsp;202 rules and other SEC rules on auditor
independence, we also have adopted an Auditor Independence Policy. The policy
prohibits our independent auditor from performing certain non-audit services
and any services that have not been approved by the Audit Committee in
accordance with the Section&nbsp;202 rules. The policy establishes procedures to
ensure that proposed services are brought before the Audit Committee for
consideration and, if determined by the Committee to be consistent with the
auditor&#146;s independence, approved prior to initiation, and to ensure that the
Audit Committee has adequate information to assess the types of services being
performed and fee amounts on an ongoing basis. The policy allows delegation of
pre-approval responsibility to a subcommittee consisting of one or more members
of the Committee, along with a requirement that amounts approved by the
subcommittee be presented to the full Committee on a quarterly basis.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Auditor Independence Policy also includes requirements regarding audit
partner rotation and compensation and hiring of auditor personnel.


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="131"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>EXECUTIVE OFFICERS AND EXECUTIVE COMPENSATION</B>


<DIV align="left">
<A name="132"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Information Concerning Executive Officers Who Are Not Directors</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Kenneth A. Bouldin, </B>age 61, has served as an Executive Vice President and
as our Chief Development Officer since February&nbsp;2003. Prior to joining the
Company, Mr.&nbsp;Bouldin was the President of KAB Associates, Inc., a management
consulting company. Mr.&nbsp;Bouldin established Econotech in 1995, an IT staffing
firm, which achieved revenues of $15&nbsp;million per annum and was sold in 2000.
Mr.&nbsp;Bouldin served as vice president of Comdisco, Inc. and manager of its
Federal Marketing Group from 1993 to 1995. Mr.&nbsp;Bouldin also served as chairman
of the board of directors and president and chief operating officer of the
Computer Dealers and Lessors Association, which he helped form. Mr.&nbsp;Bouldin
also co-founded Econocom, a business that sold and leased new and used data
processing equipment. Mr.&nbsp;Bouldin has also had a lengthy military career,
rising to the rank of Major General and serving as a commanding general of the
125th Army Reserve Command during Operation Desert Storm. Mr.&nbsp;Bouldin
graduated cum laude from the University of Tennessee with a B.S. in Electrical
Engineering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Irving E. Lingo, Jr.</B>, age 52, has served as an Executive Vice President
and our Chief Financial Officer and Assistant Secretary since December&nbsp;2000.
Prior to joining the Company, Mr.&nbsp;Lingo was chief financial officer for Bradley
Real Estate, Inc., a NYSE listed REIT headquartered in Chicago, Illinois, where
he was responsible for financial accounting and reporting, including SEC
compliance, capital markets, and mergers and acquisitions, from September&nbsp;1995
to September&nbsp;2000. Prior to joining Bradley Real Estate, Mr.&nbsp;Lingo held
positions as chief financial officer, chief operating officer, and vice
president, finance for several public and private companies, including
Lingerfelt Industrial Properties, CSX Corporation, and Goodman Segar Hogan,
Inc. In addition, he was previously an audit manager at Ernst &#038; Young LLP.
Mr.&nbsp;Lingo graduated summa cum laude from Old Dominion University, where he
received a B.S. in Business Administration.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>G.&nbsp;A. Puryear IV, </B>age 35, has served as an Executive Vice President and as
our General Counsel and Secretary since January&nbsp;2001. Prior to joining the
Company, Mr.&nbsp;Puryear served as legislative director and counsel for U.S.
Senator Bill Frist, where he worked on legislation and other policy matters.
During that time, he also served as a debate advisor to Vice President Richard
B. Cheney. In addition, Mr.&nbsp;Puryear worked as counsel on the special
investigation of campaign finance abuses during the 1996 elections conducted by
the U.S. Senate Committee on Governmental Affairs, which was chaired by U.S.
Senator Fred Thompson. Prior to his career on Capitol Hill, Mr.&nbsp;Puryear
practiced law with Farris, Warfield &#038; Kanaday, PLC (now Stites &#038; Harbison,
PLLC) in Nashville in the commercial litigation section. Mr.&nbsp;Puryear was also
a law clerk for the Honorable Rhesa Hawkins Barksdale, U.S. Circuit Judge for
the Fifth Circuit in Jackson, Mississippi. Mr.&nbsp;Puryear graduated from Emory
University with a major in Political Science in 1990 and received his J.D. from
the University of North Carolina in 1993.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>James A. Seaton, </B>age 54, has served as an Executive Vice President and as
our Chief Operating Officer since July&nbsp;2002. Prior to joining the Company, Mr.
Seaton most recently managed his own consulting/contracting CEO firm, serving
as Interim Presidents for AMCAS (subsidiary of Questcom, Inc.), Treats and
Eats, and APT Image. From 1998 to 2000, Mr.&nbsp;Seaton served as President-School
Services Division of Sodexho Marriott Services, based in Maryland, where he was
responsible for management and growth of the $420&nbsp;million division and 8,500
associates. From 1972 to 1998, he served in various leadership roles for
Marriott International in Washington, D.C., including Senior Vice
President-Corporate Services. Mr.&nbsp;Seaton is a graduate of New Mexico State
University.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>David M. Garfinkle, </B>age 36, has served as our Vice President, Finance
since February&nbsp;2001. Prior to joining the Company, Mr.&nbsp;Garfinkle was the vice
president and controller for Bradley Real


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Estate, Inc. since 1996. Prior to
joining Bradley Real Estate, Mr.&nbsp;Garfinkle was a senior audit manager at KPMG
Peat Marwick LLP. Mr.&nbsp;Garfinkle graduated summa cum laude from St. Bonaventure
University in 1989 with a B.B.A. degree.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Todd J. Mullenger</B>, age 45, has served as our Vice President, Treasurer
since January&nbsp;2001. Mr.&nbsp;Mullenger served as the Vice President, Finance from
August&nbsp;2000 to January&nbsp;2001. Mr.&nbsp;Mullenger previously served as the vice
president of finance of our predecessor company from August&nbsp;1998 until the
completion of its merger with the Company. Mr.&nbsp;Mullenger also served as vice
president, finance of an affiliated operating company to our predecessor
company from January&nbsp;1, 1999 through the completion of our restructuring during
the fourth quarter of 2000. From September&nbsp;1996 to July&nbsp;1998, Mr.&nbsp;Mullenger
served as assistant vice president-finance of Service Merchandise Company,
Inc., a publicly traded retailer headquartered in Brentwood, Tennessee. Prior
to September&nbsp;1996, Mr.&nbsp;Mullenger served as an audit manager with Arthur
Andersen LLP. Mr.&nbsp;Mullenger graduated from the University of Iowa in 1981 with
a B.B.A. degree. He also received an M.B.A. from Middle Tennessee State
University.


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="133"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Summary Compensation Table</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the compensation paid during the three
fiscal years ended December&nbsp;31, 2003, 2002, and 2001 to John D. Ferguson, our
Chief Executive Officer and President and Vice-Chairman of the Board of
Directors, and the four other most highly compensated persons who served as
executive officers during fiscal 2003 (collectively, the &#147;Named Executive
Officers&#148;).

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Long-Term</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>Annual Compensation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation Awards</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Annual Comp.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other Comp.</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Principal Position</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Salary ($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Bonus ($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($) (1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)(2)</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">John D. Ferguson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">534,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495,921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,673</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Chief Executive Officer,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">458,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,810</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">President, and Vice-</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">348,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">468,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,562</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Chairman of the Board</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Irving E. Lingo, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,703</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Executive Vice President,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">299,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,258</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Chief Financial Officer, and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">272,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,400</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Assistant Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">James A. Seaton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Executive Vice President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,795</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">and Chief Operating Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Kenneth A. Bouldin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Executive Vice President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">and Chief Development
Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">G. A. Puryear IV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Executive Vice President,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">General Counsel,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">and Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P>

<HR size="1" width="18%" align="left" noshade>


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

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents moving allowances paid to Mr.&nbsp;Seaton and Mr.&nbsp;Bouldin.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">&#147;All Other Comp.&#148; for the fiscal year ended December&nbsp;31, 2003 includes
contributions to our Executive Deferred Compensation Plan on behalf of Mr.
Ferguson, Mr.&nbsp;Lingo, and Mr.&nbsp;Seaton.</TD>
</TR>

</TABLE>



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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="134"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Option Grants in Last Fiscal Year</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the options to purchase shares of common
stock granted to the Named Executive Officers with respect to the fiscal year
ended December&nbsp;31, 2003.

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="17"><B>Individual Grants</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Potential Realized Value</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>at Assumed Rates of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Stock Price Appreciation For</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities<br>Underlying Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options Granted to<BR>Employees in Fiscal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Option Term (1)</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Granted (#) (2)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price (3)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Expiration Date</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>5% ($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>10%($)</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">John D. Ferguson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">2-12-2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">976,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,473,860</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Irving E. Lingo, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">2-12-2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">538,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,365,257</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">James A. Seaton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">2-12-2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">718,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,820,325</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Kenneth A. Bouldin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">2-12-2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,315,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,334,906</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">G. A. Puryear IV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">2-12-2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">682,615</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>The dollar amounts under these columns are the result of calculations at
the 5% and 10% rates set by the SEC and are not intended to forecast
future appreciation, if any, of the price of our common stock.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Each of the options vest one-third each year, beginning on the first
anniversary of the grant date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Each of the options has an exercise price equal to the fair market value
of our common stock at the time of the grant. Fair market value is based
on the closing price per share of our common stock on the NYSE at the time
of the grant.</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="135"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Aggregate Option Exercises in the Last Fiscal Year and Fiscal Year-End Option Values</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information regarding the exercise of stock
options during the fiscal year ended December&nbsp;31, 2003 and value of unexercised
options to purchase shares of common stock held on December&nbsp;31, 2003 by the
Named Executive Officers.

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Number of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Underlying Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Value of Unexercised</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquired on</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Options Held at</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>In-The-Money Options at</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value Realized ($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>December 31, 2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>December 31, 2003 (1)</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercisable</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">John D. Ferguson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">749,431</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,604,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,158,350</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Irving E. Lingo, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,550,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,294,862</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">James A. Seaton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">655,573</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,136,058</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Kenneth A. Bouldin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,511,250</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">G. A. Puryear IV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,758</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,275,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,147,419</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>These amounts were calculated by subtracting the exercise price from the
market price of the underlying common stock as of December&nbsp;31, 2003. The
market value of the common stock was $28.83 per share as of December&nbsp;31,
2003 (the last trading date in 2003) based on the closing price per share
on the NYSE.</TD>
</TR>

</TABLE>


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="136"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Report of the Compensation Committee</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our executive compensation program is designed to attract, retain, and
reward the executives responsible for leading us toward the achievement of our
business objectives. The Compensation Committee makes decisions each year
regarding executive compensation, including base salaries, bonus awards, and
stock-based compensation. All compensation for executive officers is reviewed
by the full Board of Directors. The Compensation Committee has furnished the
following report on executive compensation for fiscal 2003.


<P align="left" style="font-size: 10pt"><B><I>Compensation Philosophy</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The general philosophy underlying our executive compensation program is
to:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>attract, retain, and motivate highly qualified and
high-performing executives;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>provide competitive levels of compensation commensurate
with the achievement of our annual and long-term performance
goals; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reward superior corporate and individual performance.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining executive compensation, the Compensation Committee
considers our financial and operating performance relative to companies with
similar annual revenues, capitalization, and business operations (including
other private corrections providers), as well as the performance of each
individual executive officer. The Committee also, in its discretion, considers
such other factors as it deems relevant to providing compensation that is
competitive in the marketplace, rewards successful financial performance, and
aligns executive officers&#146; interests with those of our stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee also believes that it is important to re-evaluate
periodically our compensation philosophy and the components of our executive
compensation. Accordingly, the Committee recently engaged
PricewaterhouseCoopers LLP, our outside compensation advisor, to conduct an
analysis of our compensation policies and procedures for senior management,
with a focus on identifying an appropriate peer group of companies for
comparison purposes.


<P align="left" style="font-size: 10pt"><B><I>Components of Executive Compensation</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The three primary components of our executive compensation program are:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>base salary;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>incentive cash bonuses; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>equity incentives.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Base Salary</I></B>. The Compensation Committee believes that the purpose of base
salary is to create a secure level of guaranteed cash compensation for
executive officers that is competitive in the marketplace for comparable
talent. During the first quarter of each fiscal year, the Committee reviews
and approves an annual salary plan for our executive officers. The salary plan
is developed by our Chief Executive Officer with the aid of the other members
of our senior management. Many subjective factors are included in determining
base salaries, such as the responsibilities of the executive officer, the scope
of the position, length of service, corporate and individual performance, and
the salaries paid by companies of similar size to officers in similar
positions. These subjective factors are then integrated with certain objective
factors, including our net income, earnings per share, return on equity, and
growth.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Incentive Cash Bonuses</I></B>. We maintain an annual incentive cash bonus plan.
This variable compensation plan is designed so that (i)&nbsp;the executive receives
a bonus only if we achieve certain


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">specified performance objectives and (ii)&nbsp;a
significant portion of the executive&#146;s total compensation is at
risk. The Compensation Committee believes that in order to motivate key
executive officers to achieve annual strategic business goals, senior
executives should receive annual incentive cash bonuses for their contribution
in achieving such goals. Consistent with this philosophy, at the beginning of
each year the Compensation Committee, in consultation with the Chief Executive
Officer, establishes for each executive officer a range of incentive bonus
opportunities, stated as a percentage of the executive&#146;s base salary, that the
executive is entitled to receive based in part on such executive&#146;s position to
impact our annual success and in part on the level of success achieved by that
executive and the Company during the year.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2003, the Compensation Committee adopted the 2003 Bonus Plan for the
Named Executive Officers and certain other Company personnel. The plan
included two components. The first component provided that the Named Executive
Officers would receive a cash bonus based upon our adjusted EBITDA for 2003.
The second component provided that the Named Executive Officers would receive,
in the Committee&#146;s discretion, an additional cash bonus based on their
individual performance and achievements during the year. Based on the
Company&#146;s performance and their individual and collective achievements, the
Named Executive Officers received the bonuses stated in the Summary
Compensation Table included in this Proxy Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Equity Incentives</I></B>. The Compensation Committee believes that long-term
equity incentives are also a key component of executive compensation. In 2001,
under this Committee&#146;s guidance and based in part on the recommendations of
PricewaterhouseCoopers LLP, we developed a comprehensive long-term plan
regarding equity compensation for our executive officers. This plan consists
primarily of option grants with three year vesting periods.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Benefits</I></B>. We match a percentage of eligible employee contributions
to our qualified 401(k) Plan. The matching contributions are made in cash. We
also have a nonqualified deferred compensation plan covering our executive
officers and key employees who elect not to participate in our qualified 401(k)
Plan. Under the terms of the plan, participants are allowed to defer up to 50%
of their annual base salary and 100% of their incentive cash bonus each plan
year. The Company, in its discretion, may make matching contributions to the
plan. Currently, we make matching contributions equal to 100% of amounts
deferred up to 5% of total compensation. Any compensation deferred and
matching contributions, if any, will earn a return determined based on the
return received by the Company on certain investments designated by the
Compensation Committee as a funding mechanism for meeting our obligations under
the plan. Participants are 100% vested in amounts deferred under the plan and
earnings on those amounts, while matching contributions and earnings on those
amounts vest over a three year period. Participants generally may elect to
receive benefits accrued under the plan at any time after the end of the fifth
year following the deferral or upon termination of employment.


<P align="left" style="font-size: 10pt"><B><I>Compensation of Chief Executive Officer and President</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The executive compensation policy described above is applied in setting
the compensation of our Chief Executive Officer and President, John D.
Ferguson. Mr.&nbsp;Ferguson participates in the same executive compensation plans
available to other executive officers. For 2003, Mr.&nbsp;Ferguson&#146;s total cash
compensation (inclusive of salary, bonus, and Company contributions under our
Executive Deferred Compensation Plan) was $1,080,209. Pursuant to the terms of
his employment agreement, Mr.&nbsp;Ferguson had a base salary of $540,000. In
addition, Mr.&nbsp;Ferguson was granted non-qualified stock options to purchase
92,726 shares of our common stock at an exercise price of $16.74 per share.


<P align="center" style="font-size: 10pt">24
</DIV>

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

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

<P align="left" style="font-size: 10pt"><B><I>Tax Deductibility of Compensation</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m) of the Internal Revenue Code of 1986 limits the
deductibility on the Company&#146;s tax return of compensation over $1.0&nbsp;million to
either the Chief Executive Officer or any of our Named Executive Officers
unless, in general, the compensation is paid pursuant to a plan which is
performance-related, non-discretionary, and has been approved by our stockholders.
The Compensation Committee&#146;s actions with respect to Section 162(m) in 2003
were to make every reasonable effort to ensure that compensation was deductible
to the extent permitted while simultaneously providing appropriate rewards for
performance. The Committee intends to structure performance based compensation
awarded in the future to executive officers who may be subject to Section
162(m) in a manner that satisfies the relevant requirements. The Committee,
however, reserves the authority to award non-deductible compensation as deemed
appropriate. Further, because of ambiguities and uncertainties as to the
application and interpretation of Section 162(m) and related regulations, no
assurance can be given that compensation intended to satisfy the requirements
for deductibility under Section 162(m) will in fact do so.


<P align="left" style="font-size: 10pt; margin-left: 40%">Submitted by the Compensation Committee of the Board of &nbsp;Directors:


<P align="left" style="font-size: 10pt; margin-left: 40%">Joseph V. Russell, Chair<BR>
Lucius E. Burch, III<BR>
John R. Prann, Jr.

<DIV align="left">
<A name="137"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Employment Agreements and Change in Control Provisions</B>


<P align="left" style="font-size: 10pt"><B><I>Employment Agreements</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>John D. Ferguson</I></B>. We have an employment agreement with John D. Ferguson
that expires on December&nbsp;31, 2004 and is subject to automatic one-year
renewals. The agreement provides for an annual salary, as well as customary
benefits, including life and health insurance. Mr.&nbsp;Ferguson&#146;s cash
compensation is discussed in more detail above in the Report of the
Compensation Committee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Mr.&nbsp;Ferguson&#146;s employment is terminated &#147;without cause,&#148; or Mr.
Ferguson resigns for &#147;good cause,&#148; including the non-renewal of the employment
agreement by the Company or Mr.&nbsp;Ferguson for any additional period after the
expiration of any renewal term, we generally are required to pay Mr.&nbsp;Ferguson a
cash severance payment equal to two times his annual base salary then in
effect, payable in monthly installments for a period of two years following the
termination of employment. Mr.&nbsp;Ferguson will also continue to be covered under
existing life, medical, disability, and health insurance plans for a period of
two years. To the extent Mr.&nbsp;Ferguson has become vested in any options to
purchase shares of our common stock or other equity securities granted to him
prior to the date of termination, Mr.&nbsp;Ferguson will remain entitled to exercise
them for their term. Any unvested options will be forfeited.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a termination in connection with a &#147;change in control,&#148;
whether by resignation or otherwise, Mr.&nbsp;Ferguson will be entitled to receive a
lump sum cash payment equal to three times his base salary then in effect, as
well as certain tax reimbursement payments. Mr.&nbsp;Ferguson will also continue to
be covered under existing life, medical, disability, and health insurance plans
for a period of two years. In addition, all options to purchase shares of our
common stock or other company equity securities granted prior to the date of
termination, whether vested or unvested, will become immediately exercisable
for the duration of their terms.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Ferguson is prohibited from competing with the Company during the term
of his employment and for a period of one year following termination of
employment. Mr.&nbsp;Ferguson is also subject to certain confidentiality and
non-disclosure provisions during this period.


<P align="center" style="font-size: 10pt">25
</DIV>

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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Executive Officers</I></B>. We also have employment agreements with each of
our other Named Executive Officers. Each of the employment agreements expire
on December&nbsp;31, 2004 and, except for Mr.&nbsp;Lingo&#146;s employment agreement, which
has no renewal provision, are subject to two one-year renewals. The agreements
provide for an annual salary, as well as customary benefits, including life and
health insurance.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under each of these agreements, if we terminate the employment of the
executive &#147;without cause,&#148; or the executive resigns for &#147;good cause,&#148; including
non-renewal by the Company or the employee, we generally are required to pay a
cash severance payment equal to the executive&#146;s annual base salary then in
effect, payable in monthly installments for a period of one year following the
termination of employment. In the event of termination in connection with a
&#147;change in control,&#148; whether by resignation or otherwise, the executive will be
entitled to receive a lump sum cash payment equal to 2.99 times his base salary
then in effect, as well as certain tax reimbursement payments. The employee
will also continue to be covered under existing life, medical, disability, and
health insurance plans for a period of one year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the executives is prohibited from competing with the Company
during the term of his employment and for a period of one year following
termination of employment. Each employee is also subject to certain
confidentiality and non-disclosure provisions during this period.


<P align="left" style="font-size: 10pt"><B><I>Change in Control Provisions of Stock Incentive Plans</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our 1995 Stock Incentive Plan and our Amended and Restated 1997 Employee
Share Incentive Plan each provide that upon a &#147;change-in-control&#148; or &#147;potential
change-in-control,&#148; as defined in the plans, the value of all outstanding share
options granted under the plans, to the extent vested, will be cashed out on
the basis of a &#147;change-in-control price,&#148; which is generally based on the
highest price paid per share of common stock on the NYSE at any time during a
60-day period prior to the occurrence of the &#147;change-in-control&#148; event.
Certain executive officers have been granted options to purchase shares of
common stock under the 1995 Stock Incentive Plan and under the Amended and
Restated 1997 Employee Share Incentive Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our Amended and Restated 2000 Stock Incentive Plan, the vesting of
all or a portion of an option, stock appreciation right, or restricted stock
award will be accelerated upon a &#147;change in control,&#148; as defined in the plan.
Certain of our executive officers have been granted options to purchase shares
of common stock under the plan.


<P align="center" style="font-size: 10pt">26
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="138"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL<BR>
OWNERS AND MANAGEMENT</B>


<DIV align="left">
<A name="139"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Ownership of Common Stock</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table contains information regarding our beneficial
ownership of our common stock as of March&nbsp;15, 2004 by stockholders known by us
to own more than 5% of our outstanding common stock, and our directors and
executive officers individually and as a group:

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquirable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Common Stock</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Within</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Beneficial</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Beneficial Owner</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned (1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>60 Days(2)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ownership</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned(3)</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">FMR Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,349,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,349,524</TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Pacific Mezzanine Fund, L.P.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,369,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,369,600</TD>
    <TD nowrap>(5)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.8</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">William F. Andrews</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">John D. Ferguson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">821,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">863,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Donna M. Alvarado</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lucius E. Burch, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">406,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">425,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">John D. Correnti</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">John R. Horne</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">C. Michael Jacobi</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Thurgood Marshall, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Charles L. Overby</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">John R. Prann, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Joseph V. Russell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,470</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Henri L. Wedell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">878,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">894,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.5</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Kenneth A. Bouldin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Irving E. Lingo, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">G. A. Puryear IV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">James A. Seaton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Todd J. Mullenger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">David M. Garfinkle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All directors and executive
officers as a<br>
group (18 persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,498,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,457,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,956,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.1</TD>
    <TD nowrap>%</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P>


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

<TR valign="top">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Represents beneficial ownership of less than 1% of the outstanding shares of
our common stock.</TD>
</TR>

</TABLE>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">(1)</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Except as set forth below, each person in the table has sole
voting and investment power over the shares listed:</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Mr.&nbsp;Andrews &#151; Includes 2,000 shares held in an IRA.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Mr.&nbsp;Ferguson &#150; Includes 1,150 shares held in our 401(k) Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Mr.&nbsp;Burch &#151; Includes: (i)&nbsp;23,776 shares owned by
the Lucius Burch Family Foundation and (ii)&nbsp;792 shares owned
by Lucius Burch Sheffield Partners.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Mr.&nbsp;Jacobi &#151; Includes 6,000 shares held in an IRA.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Mr.&nbsp;Russell &#151; Includes shares owned jointly with his wife.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">&#149;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Mr.&nbsp;Wedell &#151; Includes: (i)&nbsp;513,719 shares owned
by Mr.&nbsp;Wedell&#146;s wife; (ii)&nbsp;67,463 shares held in an IRA; (iii)
112,489 shares held by the Wedell Spendthrift Trust; and (iv)
23,000 shares held by The Miller Trust.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">(2)</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Reflects the number of shares that could be purchased upon
exercise of stock options or conversion of notes available at March
15, 2004 or within 60&nbsp;days thereafter (other than shares covered by
stock options to be automatically granted to our non-employee</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">27
</DIV>

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

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

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>directors on the date of the Annual Meeting under the terms of the
Company&#146;s 2000 Stock Incentive Plan).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">(3)</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The percentage ownership for each stockholder is calculated
by dividing (i)&nbsp;the total number of shares of common stock
beneficially owned by the stockholder by (ii)&nbsp;35,138,230 shares plus
any shares of common stock acquirable by that stockholder (including
exercisable stock options) within 60&nbsp;days after March&nbsp;15, 2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">(4)</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Based upon information contained in a Schedule&nbsp;13G filed with
the SEC on February&nbsp;16, 2004 by FMR Corp. jointly with its
affiliates Edward C. Johnson, III, Abigail P. Johnson, Fidelity
Management &#038; Research Company, and Fidelity Small Cap Independence.
FMR Corp. and/or its affiliates have sole voting power over
1,226,030 shares and sole investment power over 3,349,524 shares.
The principal address of FMR Corp. is 82 Devonshire Street, Boston,
Massachusetts 02109.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">(5)</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>This beneficial ownership information is based on the terms
of our $30.0&nbsp;million 4% convertible subordinated notes due February
28, 2007. The holder of the notes may convert the notes into shares
of our common stock at any time prior to February&nbsp;28, 2007 at a
current conversion rate of 11.232 per $100 of the notes. The
principal address of Pacific Mezzanine Fund, L.P. is 610 Newport
Center Drive, Suite&nbsp;1100, Newport Beach, California 92660.</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="140"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Ownership of Series&nbsp;B Preferred Stock</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table contains information regarding the beneficial
ownership of our Series&nbsp;B preferred stock as of March&nbsp;15, 2004. Other than the
person listed, none of our directors or executive officers beneficially owns or
can acquire within sixty (60)&nbsp;days of March&nbsp;15, 2004 any shares of Series&nbsp;B
preferred stock. We are not aware of any person owning more than 5% of our
outstanding Series&nbsp;B preferred stock.

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="71%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent of Series B</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Preferred Stock</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Beneficial Owner</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially Owned</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned(1)</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Todd J. Mullenger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13,046</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All directors and executive officers
as a group (18 persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD nowrap>%</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">(1)</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Based on the number of shares outstanding at March&nbsp;15, 2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="right">(2)</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Mr.&nbsp;Mullenger does not currently have investment power with
respect to 6,524 shares of Series&nbsp;B Preferred Stock held pursuant to
the terms of a restricted stock plan.</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="141"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Securities Exchange Act of 1934 requires our
executive officers and directors to file reports of ownership and changes in
ownership with the SEC and the NYSE. Based on our records and other
information, all Section 16(a) filing requirements were satisfied by our
executive officers and directors, with the exception of the following:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Due to administrative errors, Forms 4 reporting the acquisition by John D. Correnti of 319 shares of common stock,
John R. Prann of 888 shares of common stock, and John R. Horne of 319 shares of common
stock, each pursuant to elections under our Non-Employee Directors&#146; Compensation Plan to receive portions of
their director fees in stock in lieu of cash, were filed late.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">28
</DIV>

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

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

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Form&nbsp;4 reflecting the redemption of shares from Henri L. Wedell
in connection with the partial redemption of our Series&nbsp;A preferred
stock in June&nbsp;2003 was filed late.</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="142"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PERFORMANCE GRAPH</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is currently traded on the NYSE under the symbol &#147;CXW.&#148;
Prior to the completion of the Company&#146;s restructuring during the fourth
quarter of 2000, the common stock was traded on the NYSE under the symbol
&#147;PZN&#148;. On March&nbsp;31, 2004, the last reported sales price of our common stock
was $35.60 per share. Effective May&nbsp;18, 2001, we completed a reverse stock
split of our common stock at a ratio of one-for-ten.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following graph provides a comparison of the cumulative total
stockholder return on the common stock compared to the cumulative total return
of the Standard &#038; Poor&#146;s 500 Index (the &#147;S&#038;P 500 Index&#148;) and an index
consisting of direct competitors (the &#147;Peer Group Index&#148;). We believe that the
companies included in the Peer Group Index generally possess assets,
liabilities, and operations more similar to ours than companies comprising
other publicly-available indices. The graph assumes an initial investment of
$100, a reinvestment of distributions and/or dividends, and the actual increase
or decrease of the market value of the common stock relative to the initial
investment of $100. The comparisons in this graph are required by the SEC and
are not intended to forecast or be indicative of possible or future performance
of the common stock. All values related to the shares of common stock are on a
post-reverse stock split basis.


<P align="center" style="font-size: 10pt"><IMG src="g88342g8834203.gif" alt="(Performance Graph)">



<P align="center" style="font-size: 10pt">LEGEND OF INDEX VALUES


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>12/31/98</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>12/31/99</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>12/29/00</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>12/31/01</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>12/31/02</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>12/31/03</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Corrections Corporation of America</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">28.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Peer Group Index*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60.84</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">S&#038;P500 Index</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97.18</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P>

<HR size="1" width="18%" align="left" noshade>


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

<TR valign="top">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">*The Peer Group Index includes Avalon Correctional Services, Inc., Cornell
Companies, Inc., Correctional Services Corp., and the Geo Group, Inc. (formerly
Wackenhut Corrections Corp.).</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt">29
</DIV>


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

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

<P align="center" style="font-size: 10pt"><B>APPENDIX A</B>



<P align="center" style="font-size: 10pt"><B>CORRECTIONS CORPORATION OF AMERICA<BR>
(THE &#147;COMPANY&#148;)<BR>
CORPORATE GOVERNANCE GUIDELINES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Company has developed the following
corporate governance principles to assist it in fulfilling its responsibility
to the stockholders of the Company to oversee the work of management and the
Company&#146;s business results. These guidelines, along with the charters and key
practices of the Board committees, assure the Board will have the necessary
authority and practices in place to review and evaluate the Company&#146;s business
operations as needed and to make decisions that are independent of the
Company&#146;s management. They are also intended to align the interests of
directors and management with the long-term interests of the Company&#146;s
stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These guidelines are subject to future refinement or changes as the Board
may find necessary or advisable in order to achieve these objectives.


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>I.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Board Composition and Selection; Membership Criteria</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Board Size. </B>The Bylaws of the Company provide that the Board of Directors
shall consist of not less than 3 and not more than 16 directors, with the exact
number being determined from time to time by resolution of the Board. The
Board currently has 11 members. The Board believes that a range of 7 to 15 is
an appropriate number of directors based on the Company&#146;s present
circumstances. The Board periodically evaluates whether a larger or smaller
number of directors would be preferable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Selection of Board Members. </B>All Board members are elected annually by the
Company&#146;s stockholders, except as noted below with respect to vacancies. Each
year at the Company&#146;s annual meeting, the Board recommends a slate of directors
for election by stockholders. The Board&#146;s recommendations are based on its
determination (using recommendations, advice, and information supplied by the
Nominating and Governance Committee) as to the suitability of each individual,
and the slate as a whole, to serve as directors of the Company, taking into
account the membership criteria discussed below.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may fill vacancies in existing or new director positions (using
recommendations, advice, and information supplied by the Nominating and
Governance Committee). Such directors elected by the Board serve only until the
next election of directors unless elected by the stockholders to a subsequent
term at that time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In evaluating and recommending director candidates to the full Board, the
Nominating and Governance Committee may consider potential candidates from a
variety of sources. It is the policy of the Company that the Nominating and
Governance Committee consider director candidates recommended by Company
stockholders and that there be no differences in the manner in which such
nominees are evaluated. A stockholder who desires for the Nominating and
Governance Committee to consider a nomination for director must comply with the
notice, timing, and other requirements in the Company&#146;s Bylaws.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Board Membership Criteria. </B>The Nominating and Governance Committee works
with the Board on an annual basis to determine the appropriate characteristics,
skills, and experience for the Board as a whole and its individual members. In
evaluating the suitability of individual Board members, the Board takes into
account many factors, including general understanding of marketing, finance,
and other elements relevant to the success of a publicly-traded company in
today&#146;s business environment,


<P align="center" style="font-size: 10pt">A-1
</DIV>

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

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



<P align="left" style="font-size: 10pt">understanding of the Company&#146;s business, and diversity, age, skills, and
educational and professional background. The Board evaluates each individual in
the context of the Board as a whole, with the objective of recommending a group
that can best perpetuate the success of the business and represent stockholder
interests through the exercise of sound judgment using its diversity of
experience in these various areas. In determining whether to recommend a
director for re-election, the Nominating and Governance Committee also
considers the director&#146;s past attendance at meetings and participation in and
contributions to the activities of the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Board
Composition &#151; Director Independence. </B>At least a majority of the
Company&#146;s directors must be independent directors. In determining the
independence of a director, the Board will be guided by the definitions of
&#147;independent director&#148; included in pertinent corporate governance rules of the
New York Stock Exchange.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Term Limits. </B>The Board does not believe it should limit the number of
terms for which an individual may serve as a director. Directors who have
served on the Board for an extended period of time are able to provide valuable
insight into the operations and future of the Company based on their experience
with and understanding of the Company&#146;s history, policies, and objectives. The
Board believes that, as an alternative to term limits, it can ensure that the
Board continues to evolve and adopt new viewpoints through the evaluation and
nomination process described in these guidelines.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Directors with Significant Job Changes. </B>The Board believes that any
director who retires from his or her present employment, or who materially
changes his or her position, should volunteer to resign from the Board. It is
not the sense of the Board that in every instance the directors who retire or
change from the position they held when they came on the Board should
necessarily leave the Board. There should, however, be an opportunity for the
Board through the Nominating and Governance Committee to review the continued
appropriateness of Board membership under the circumstances.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Limitations on Other Board Service. </B>The Audit Committee charter provides
that a member of the Audit Committee may not serve on the audit committee of
more than two other public companies without Board approval. Otherwise, the
Board does not believe that its members should be prohibited from serving on
boards and/or board committees of other organizations and the Board has not
adopted any guidelines limiting such activities. However, the Nominating and
Governance Committee and the full Board will take into account the nature of
and time involved in a director&#146;s service on other boards in evaluating the
suitability of individual directors and making its recommendations to Company
stockholders. Service on boards and/or committees of other organizations should
be consistent with the Company&#146;s conflict of interest policies.


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>II.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Director Responsibilities</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Responsibilities. </B>The basic responsibility of the directors is to
exercise their business judgment to act in what they reasonably believe to be
in the best interests of the Company and its stockholders. In discharging that
obligation, directors should be entitled to rely on the honesty and integrity
of the Company&#146;s senior executives and its outside advisors and auditors. The
directors shall also be entitled to have the Company purchase reasonable
directors&#146; and officers&#146; liability insurance on their behalf, and shall be
entitled to the benefits of indemnification to the fullest extent permitted by
law and the Company&#146;s Charter, Bylaws, and any indemnification agreements and
to exculpation as provided by state law and the Company&#146;s Charter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors are expected to attend Board meetings and meetings of committees
on which they serve, and to spend the time needed and meet as frequently as
necessary to properly discharge their responsibilities. Directors are strongly
encouraged to attend the Company&#146;s meetings of stockholders.


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

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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Stock Ownership by Directors. </B>Each director is encouraged to own shares
of stock in the Company in accord with the Director&#146;s economic ability to
acquire such shares.


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>III.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Board Meetings</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information and data that are important to the Board&#146;s understanding of
the business to be conducted at a Board or committee meeting should generally
be distributed in writing to the directors before the meeting, and directors
should review these materials in advance of the meeting. The Chairman of the
Board, taking into account suggestions from the Chief Executive Officer and
other members of the Board, will set the agenda for each Board meeting, and
will distribute this agenda in advance to each director. At the beginning of
the year, the Chairman will establish a schedule of agenda subjects to be
discussed during the year (to the degree this can be foreseen). Each Board
member is free to suggest the inclusion of items on the agenda. Each Board
member is free to raise at any Board meeting subjects that are not on the
agenda for that meeting. The Board will review the Company&#146;s long-term
strategic plans and the principal issues that the Company will face in the
future during at least one Board meeting each year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive officers of the Company who are not Board members may attend and
participate in Board meetings at the invitation of the Chairman. Should the
Chairman contemplate inviting any such person to attend and participate on a
regular basis, Board concurrence will first be obtained.


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>IV.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Access to Employees and Auditors</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board should have complete access to Company employees and independent
auditors in order to ensure that directors can ask all questions and obtain all
information necessary to fulfill their duties. The Board may specify a protocol
for making such inquiries. Management is encouraged to invite Company personnel
to any portion of a Board meeting at which their presence and expertise would
help the Board to have a full understanding of matters being considered.


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>V.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Executive Sessions of Non-Management Directors</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The non-management directors of the Company will meet at regularly
scheduled executive sessions (<I>i.e.</I>, with no management directors or management
present). Executive sessions of the non-management directors will be called and
chaired on a rotating basis by the non-management directors, based upon
seniority of service on the Board. These executive session discussions may
include such topics as the non-management directors determine, but actions of
the Board generally should be taken separately at a Board meeting. If the
non-management directors include one or more directors that do not meet the
definitions of &#147;independent director&#148; included in pertinent listing standards
of the New York Stock Exchange, then the &#147;independent directors&#148; of the Company
will at least once a year schedule an executive session including only
&#147;independent directors.&#148;


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>VI.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Outside Communications</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General. </B>The Board believes that management speaks for the Company.
Individual Board members may, from time to time, meet or otherwise communicate
with various constituencies that are involved with the Company. However, it is
expected that Board members would do this with the full knowledge of management
and, absent unusual circumstances or as contemplated by the committee charters,
only at the request of management.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Stockholder Communications. </B>Stockholders may communicate with the Board
of Directors, individual directors, or groups of directors (<I>e.g.</I>,
non-management directors) by writing to the attention of


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

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

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



<P align="left" style="font-size: 10pt">the Company&#146;s Secretary. The Secretary is charged with compiling all
substantive communications from stockholders, periodically submitting the
communications to the Board or the group of directors or individual directors
to whom they are addressed, and maintaining a log of the communications that
can be reviewed by directors upon request.


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>VII.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Performance Evaluation; Succession Planning</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Selection of Chief Executive Officer and Chairman. </B>The Board selects the
Company&#146;s Chief Executive Officer and Chairman in the manner that it determines
to be in the best interests of the Company&#146;s stockholders. The Board has no
policy with respect to the separation of the offices of Chairman and the Chief
Executive Officer. The Board believes that this issue is part of the
succession planning process and that it is in the best interest of the Company
for the Board to make a determination when it elects a new Chief Executive
Officer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Succession Planning. </B>As part of the Board&#146;s annual evaluation process of
the Company&#146;s senior executives, the Nominating and Corporate Governance
Committee of the Board shall have the responsibility to work with the Chief
Executive Officer, the Chairman, and the Compensation Committee to plan for
Chief Executive Officer succession, as well as to develop plans for interim
succession for the Chief Executive Officer in the event of an unexpected
occurrence and to ensure that adequate succession plans are in place for other
members of the Company&#146;s executive management and other key personnel within
the Company. Succession planning may be reviewed more frequently by the Board
as it deems warranted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Annual Board Performance Evaluation. </B>The Board of Directors will conduct
an annual self-evaluation to determine whether it and its committees are
functioning effectively. The Nominating and Governance Committee will receive
comments from all directors and report annually to the Board with an assessment
of the Board&#146;s performance. This will be discussed with the full Board
following the end of each fiscal year. The assessment will focus on the
Board&#146;s contribution to the Company and specifically focus on areas in which
the Board or management believes that the Board could improve.


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>VIII.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Compensation</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Board Compensation Review. </B>Company management should report to the Board
on an annual basis as to how the Company&#146;s director compensation practices
compare with those of other large public corporations. The Board should make
changes in its director compensation practices only upon the recommendation of
the Compensation Committee, and following discussion and approval by the full
Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Compensation for Non-Employee/Independent Directors. </B>The Board is
committed to fostering compensation programs and policies designed to encourage
director and senior management stock ownership over the long-term. Such
programs, in the view of the Board, will help align the interests of directors
and top management with those of stockholders. Compensation of non-employee
directors of the Company shall be comparable to that offered by other companies
of similar size and scope. Independent directors shall receive no additional
remuneration, in the form of consulting fees or other special benefits, beyond
that provided for service on the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors who are officers of the Company shall receive no additional
remuneration for serving as a Company director.


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

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

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

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>IX.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Committees</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Number and Type of Committees. </B>The Board currently has four standing
committees &#151; an Audit Committee, a Compensation Committee, a Nominating and
Governance Committee, and an Executive Committee. The Board may add new
committees or remove existing committees as it deems advisable for purposes of
fulfilling its primary responsibilities. Each committee will perform its duties
as assigned by the Board of Directors in compliance with each committee&#146;s
charter and the Company&#146;s Bylaws. These may be described briefly as follows:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Audit Committee. The Audit Committee reviews the work of the
Company&#146;s internal accounting and audit processes and the work of the
Company&#146;s independent auditors. The committee appoints the Company&#146;s
independent auditor.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compensation Committee. The Compensation Committee reviews the
Company&#146;s compensation practices and approves its compensation programs
and plans. The committee also reviews the performance of the Company&#146;s
Chief Executive Officer and determines CEO compensation.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nominating and Governance Committee. The Nominating and Governance
Committee recommends candidates to fill Board vacancies and for the
slate of directors to be proposed by the Board at the annual meeting of
the Company&#146;s stockholders. The Committee also advises the Board on
nominees for Chairman of the Board and Chief Executive Officer and
addresses management succession planning. In addition to these duties,
the committee monitors the Company&#146;s corporate governance practices and
suggests applicable revisions. It also administers a self-assessment
by the directors of the Board&#146;s performance.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive Committee. The Executive Committee generally acts on
behalf of the full Board of Directors during the intervals between
meetings of the Board of Directors. The committee does not have the
power or authority to take action with respect to certain fundamental
corporate transactions; however, the Board of Directors may authorize
the Executive Committee to undertake certain of those transactions
within defined limits.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Composition of Committees; Committee Chairpersons. </B>The Board will approve
committee assignments, including committee chair assignments. In doing so, the
Board will consider the desires of individual directors and the committee
members will be appointed by the Board upon recommendations of the Nominating
and Governance Committee in consultation with the Chairman and Chief Executive
Officer. It is the sense of the Board that consideration should be given to
rotating committee members periodically, but the Board does not feel that
rotation should be mandated as a policy.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the requirements of the applicable committee charter, committee
chairs will determine the frequency of meetings of their respective committees,
and, in consultation with management, will set meeting times and develop
committee agendas. Each committee will, at the beginning of the year,
enumerate the subjects to be discussed within that committee during the year.
This enumeration may be altered by the committee chair, in consultation with
management, should circumstances so warrant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only independent directors may serve on the Audit, Compensation, and
Nominating and Governance Committees. Any director may attend and participate
in discussions of any Board committee, although formal committee action will
only be through the vote of appointed committee members.


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

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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board committees shall have access to accountants, compensation
consultants, investment bankers, legal counsel or other independent consultants
whose expertise or service is deemed essential to carrying out the committees&#146;
respective missions.


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>X.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Director Orientation and Continuing Education</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All new directors must participate in the Company&#146;s orientation program,
which should be conducted within two months of the annual meeting at which new
directors are elected. This orientation will include presentations by senior
management to familiarize new directors with the Company&#146;s strategic plans, its
significant financial, accounting, and risk management issues, its compliance
programs, its Code of Business Conduct and Ethics, its principal officers, and
its internal independent auditors. In addition, the orientation program will
include visits to Company headquarters and, to the extent practical, certain of
the Company&#146;s significant facilities. All other directors also are invited to
attend the orientation program.


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

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

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

<P align="center" style="font-size: 10pt"><B>APPENDIX B</B>



<P align="center" style="font-size: 10pt"><B>CORRECTIONS CORPORATION OF AMERICA<BR>
(THE &#147;COMPANY&#148;)<BR>
AUDIT COMMITTEE CHARTER</B>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Purpose</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Audit Committee is to assist the Board of Directors&#146; oversight of:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the integrity of the Company&#146;s financial statements;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company&#146;s compliance with legal and regulatory requirements;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the independent auditor&#146;s qualifications and independence;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the performance of the Company&#146;s internal audit
function and independent auditors; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to prepare the report the rules of the Securities
and Exchange Commission (the &#147;SEC&#148;) require be included in the
Company&#146;s annual proxy statement.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Structure and Membership</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Number. The Audit Committee shall consist of at
least three members of the Board of Directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Independence. Except as otherwise permitted by
the applicable rules of the New York Stock Exchange (&#147;NYSE&#148;)
and Rule&nbsp;10A-3 under the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;), each member of the Audit
Committee shall be &#147;independent&#148; as defined by such rules and
Act.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Financial Literacy. Each member of the Audit
Committee shall be financially literate, as such qualification
is interpreted by the Company&#146;s Board of Directors in its
business judgment, or must become financially literate within
a reasonable period of time after his or her appointment to
the Audit Committee. At least one member of the Audit
Committee must have accounting or related financial management
expertise, as the Board of Directors interprets such
qualification in its business judgment. Unless otherwise
determined by the Board of Directors (in which case disclosure
of such determination shall be made in the Company&#146;s SEC
periodic reports), at least one member of the Audit Committee
shall be an &#147;audit committee financial expert&#148; (as defined by
applicable SEC rules).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Chair. Unless the Board of Directors elects a
Chair of the Audit Committee, the Audit Committee shall elect
a Chair by majority vote.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compensation. The compensation of Audit Committee
members shall be as determined by the Board of Directors. No
member of the Audit Committee may receive any compensation
from the Company other than director fees.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">B-1
</DIV>

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

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


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Selection and Removal. Members of the Audit
Committee shall be appointed by the Board of Directors, upon
the recommendation of the Company&#146;s Nominating and Governance
Committee. Unless otherwise determined by the Board of
Directors (in which case disclosure of such determination
shall be made in the Company&#146;s annual proxy statement), no
member of the Audit Committee may serve on the audit committee
of more than two other public companies. The Board of
Directors may remove members of the Audit Committee, with or
without cause.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>C.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Authority and Responsibilities</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Audit Committee shall discharge its
responsibilities, and shall assess the information provided by
the Company&#146;s management and the independent auditor, in
accordance with its business judgment. Management is
responsible for the preparation, presentation, and integrity
of the Company&#146;s financial statements and for the
appropriateness of the accounting principles and reporting
policies that are used by the Company. The independent
auditors are responsible for auditing the Company&#146;s financial
statements and for reviewing the Company&#146;s unaudited interim
financial statements. The authority and responsibilities set
forth in this Charter do not reflect or create any duty or
obligation of the Audit Committee to plan or conduct any
audit, to determine or certify that the Company&#146;s financial
statements are complete, accurate, fairly presented, or in
accordance with generally accepted accounting principles or
applicable law, or to guarantee the independent auditor&#146;s
report.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Oversight of Independent Auditors</B>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Selection. The Audit Committee shall be directly
responsible for appointing, evaluating, and, when necessary,
terminating the independent auditor. The Audit Committee may,
in its discretion, seek stockholder ratification of the
independent auditor it appoints.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Independence. At least annually, the Audit
Committee shall assess the independent auditor&#146;s independence
and present its conclusions to the Board of Directors. In
connection with this assessment, the Audit Committee shall
obtain and review a report by the independent auditor
describing all relationships between the independent auditor
and the Company, including the disclosures required by
Independence Standards Board Standard No.&nbsp;1. The Audit
Committee shall further consider whether, in order to ensure
continuing auditor independence, there should be regular
rotation of the independent audit firm (in addition to
rotation of the audit partner, as required by law). The Audit
Committee shall engage in an active dialogue with the
independent auditor concerning any disclosed relationships or
services that might impact the objectivity and independence of
the auditor.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Quality-Control Report. The Audit Committee shall
obtain and review with the independent auditor at such times
as it deems appropriate, but in no event less than annually, a
report describing the firm&#146;s internal quality control
procedures and any material issues raised by the most recent
internal quality control reviews, or peer review, of the firm,
or by any inquiry or investigation by governmental or</TD>
</TR>

</TABLE>

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

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

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


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"><TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 issue.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compensation. The Audit Committee shall be
directly responsible for setting the compensation of the
independent auditor. The Audit Committee is empowered, without
further action by the Board of Directors, to cause the Company
to pay the compensation of the independent auditor established
by the Audit Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preapproval of Services. The Audit Committee
shall preapprove all auditing services, which may entail
providing comfort letters in connection with securities
underwritings, and non-audit services (subject only to
approval subsequent to performance of certain limited <I>de
minimus </I>non-audit services as defined by Section&nbsp;10A of the
Exchange Act) to be provided to the Company by the independent
auditor. The Audit Committee shall cause the Company to
disclose in its SEC periodic reports and proxy statements the
approval by the Audit Committee of any non-audit services to
be performed by the independent auditor and the fees billed by
the independent auditor for audit and non-audit services (in
the manner and to the extent required by applicable SEC rules)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Oversight. The independent auditor shall report
directly to the Audit Committee and the Audit Committee shall
be directly responsible for oversight of the work of the
independent auditor, including resolution of any known
disagreements between Company management and the independent
auditor regarding financial reporting. In connection with its
oversight role, the Audit Committee shall, from time to time
as appropriate:</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain and review the reports
required to be made by the independent auditor pursuant
to paragraph (k)&nbsp;of Section&nbsp;10A of the Exchange Act
regarding:</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>critical accounting policies and practices;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>alternative treatments of
financial information within generally accepted
accounting principles (&#147;GAAP&#148;) that have been
discussed with Company management, ramifications
of the use of such alternative disclosures and
treatments, and the treatment preferred by the
independent auditor; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other material written
communications between the independent auditor and
Company management, such as any management letter
or schedule of unadjusted differences.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>review with the independent auditor:</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>audit problems or
difficulties the independent auditor encountered
in the course of the audit work and management&#146;s
response, including any restrictions on the scope
of the independent auditor&#146;s activities or on
access to requested information and any
significant disagreements with management;</TD>
</TR>

</TABLE>

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

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

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


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>analyses prepared by
management and/or the independent auditor 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;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the effect of regulatory
and accounting initiatives, as well as off balance
sheet structures, on the financial statements of
the Company; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where necessary or
appropriate, the items referenced in the
Commentary to NYSE Rule&nbsp;303A.07(c)(iii)(F).</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Review of Audited Financial Statements</B>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discussion of Audited Financial Statements. The
Audit Committee shall review and discuss with the Company&#146;s
management and independent auditor the Company&#146;s audited
financial statements, including the Company&#146;s disclosures
under &#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations,&#148; and the matters about
which Statement on Auditing Standards No.&nbsp;61 (Codification of
Statements on Auditing Standards, AU &#167;380) requires
discussion.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Recommendation to the Board of Directors
Regarding Financial Statements. The Audit Committee shall
consider whether it will recommend 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.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Audit Committee Report. The Audit Committee shall
prepare or cause to be prepared for inclusion where necessary
in a proxy or information statement of the Company relating to
an annual meeting of stockholders at which directors are to be
elected (or special meeting or written consents in lieu of
such meeting), the report described in Item&nbsp;306 of Regulation
S-K.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Review of Other Financial Disclosures</B>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Independent Auditor Review of Interim Financial
Statements. The Audit Committee shall direct the independent
auditor to use its best efforts to perform all reviews of
interim financial information prior to disclosure by the
Company of such information and to discuss promptly with the
Audit Committee and the Company&#146;s Chief Financial Officer any
matters identified in connection with the auditor&#146;s review of
interim financial information which are required to be
discussed by Statement on Auditing Standards Nos. 61, 71, and
90. The Audit Committee shall direct management to advise the
Audit Committee in the event that the Company proposes to
disclose interim financial information prior to completion of
the independent auditor&#146;s review of interim financial
information.</TD>
</TR>

</TABLE>

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

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

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


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Earnings Releases. The Audit Committee shall
review and discuss generally the types of information
disclosed in the Company&#146;s earnings press releases (including
any use of &#147;pro forma&#148; or &#147;adjusted&#148; non-GAAP information), as
well as financial information and earnings guidance provided
to analysts and rating agencies.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Quarterly Financial Statements. The Audit
Committee shall discuss with the Company&#146;s management and
independent auditor the Company&#146;s quarterly financial
statements, including the Company&#146;s disclosures under
&#147;Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations.&#148;</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Controls and Procedures</B>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Oversight. The Audit Committee shall coordinate
the Board of Director&#146;s oversight of the Company&#146;s internal
accounting controls, the Company&#146;s disclosure controls and
procedures, and the Company&#146;s code of ethics and business
conduct. The Audit Committee shall receive and review the
reports of the CEO and CFO required by Section&nbsp;302 of the
Sarbanes-Oxley Act and Rule&nbsp;13a-14 of the Exchange Act
(<I>i.e.</I>, the Certification of Disclosure in Annual and Quarterly
Results) prior to their submission to the SEC. The Audit
Committee shall also receive and review the independent
auditor&#146;s attestation and report on management&#146;s assessment of
the Company&#146;s internal controls required to be provided with
the Company&#146;s annual report by Section&nbsp;404 of the
Sarbanes-Oxley Act and the rules of the SEC prior its
submission to the SEC.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Internal Audit Function. The Audit Committee
shall coordinate the Board of Director&#146;s oversight of the
performance of the Company&#146;s internal audit function.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Risk Management. The Audit Committee shall
discuss the Company&#146;s policies with respect to risk assessment
and risk management, including guidelines and policies to
govern the process by which the Company&#146;s exposure to risk is
handled. The Audit Committee shall review material pending
legal proceedings involving the Company and other contingent
liabilities.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Hiring Policies. The Audit Committee shall
establish policies regarding the hiring of employees or former
employees of the Company&#146;s independent auditors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Procedures for Complaints. The Audit Committee
shall establish procedures for: (i)&nbsp;the receipt, retention,
and treatment of complaints received by the Company regarding
accounting, internal accounting controls, or auditing matters;
and (ii)&nbsp;the confidential, anonymous submission by employees
of the Company of concerns regarding questionable accounting
or auditing matters.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Additional Powers. The Audit Committee shall take
such other actions and have such other duties as may be
required by law, assigned by the Company&#146;s Bylaws or Corporate
Governance Guidelines, or delegated from time to time by the
Board of Directors.</TD>
</TR>

</TABLE>

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

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

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


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>D.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Procedures and Administration</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Meetings. The Audit Committee shall meet as often
as it deems necessary in order to perform its
responsibilities. The Audit Committee shall periodically meet
separately with: (i)&nbsp;the independent auditor; (ii)&nbsp;Company
management; and (iii)&nbsp;the Company&#146;s internal auditors. The
Audit Committee shall keep such records of its meetings as it
shall deem appropriate.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subcommittees. The Audit Committee may form and
delegate authority to one or more subcommittees (including a
subcommittee consisting of a single member), as it deems
appropriate from time to time under the circumstances. Any
decision of a subcommittee to preapprove audit or non-audit
services shall be presented to the full Audit Committee at its
next scheduled meeting.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reports to Board. The Audit Committee shall
report regularly to the Board of Directors. Such reports
shall include, without limitation, 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, or the performance of the
Company&#146;s internal audit function.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Charter. At least annually, the Audit Committee
shall review and reassess the adequacy of this Charter and
recommend any proposed changes to the Board of Directors for
approval.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written Affirmation to NYSE. On an annual basis,
no later than one month after the Company&#146;s Annual Meeting of
Stockholders, and after each change in the composition of the
Audit Committee, the Audit Committee shall direct the Company
to prepare and provide to the NYSE such written confirmations
regarding the membership and operation of the Audit Committee
as the NYSE rules require.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Independent Advisors. The Audit Committee shall
have the authority to engage such independent legal,
accounting, and other advisors as it deems necessary or
appropriate to carry out its responsibilities. Such
independent advisors may be the regular advisors to the
Company. The Audit Committee is empowered, without further
action by the Board of Directors, to cause the Company to pay
the compensation of such advisors as established by the Audit
Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investigations. The Audit Committee shall have
the authority to conduct or authorize investigations into any
matters within the scope of its responsibilities as it shall
deem appropriate, including the authority to request any
officer, employee, or advisor of the Company to meet with the
Audit Committee or any advisors engaged by the Audit
Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual Self-Evaluation. At least annually, the
Audit Committee shall evaluate its own performance.</TD>
</TR>

</TABLE>



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


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

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

<P align="center" style="font-size: 10pt"><B>APPENDIX C</B>



<P align="center" style="font-size: 10pt"><B>CORRECTIONS CORPORATION OF AMERICA<BR>
(THE &#147;COMPANY&#148;)<BR>
COMPENSATION COMMITTEE CHARTER</B>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Purpose</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The purpose of the Compensation Committee is to discharge the
responsibilities of the Board of Directors of the Company relating to
compensation of the Company&#146;s executive officers, as well as to oversee the
Board&#146;s evaluation of such officers. The Compensation Committee is also
responsible for producing an annual report on executive compensation for
inclusion in the Company&#146;s annual proxy statement, in accordance with
applicable rules and regulations.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>B.</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Structure and Membership</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Number. The Compensation Committee shall consist of at least two
(2)&nbsp;members of the Board of Directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Independence. Except as otherwise permitted by the applicable
rules of the New York Stock Exchange, each member of the Compensation
Committee shall be an &#147;independent director&#148; as determined in
accordance with the applicable rules of the New York Stock Exchange.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Chair. Unless the Board of Directors elects a Chair of the
Compensation Committee, the Compensation Committee shall elect a Chair
by majority vote.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Compensation. The compensation of Compensation Committee members
shall be as determined by the Board of Directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Selection and Removal. Members of the Compensation Committee
shall be appointed by the Board of Directors, upon the recommendation
of the Nominating and Governance Committee. The Board of Directors may
remove members of the Compensation Committee from such committee, with
or without cause.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>C.</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Authority and Responsibilities</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>General</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Compensation Committee shall discharge its responsibilities,
and shall assess the information provided by the Company&#146;s management,
in accordance with its business judgment.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Compensation Matters</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>CEO Compensation. The Compensation Committee shall annually
review and approve corporate goals and objectives relevant to the
compensation of the Company&#146;s Chief Executive Officer (the &#147;CEO&#148;),
evaluate the CEO&#146;s performance in light of those goals and objectives,
and set the CEO&#146;s compensation level based on this evaluation. In
determining the long-term incentive component of the CEO&#146;s
compensation, the Compensation Committee shall consider, among other
factors, the Company&#146;s performance and relative stockholder</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">C-1
</DIV>

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

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

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>return, the value of similar incentive awards to chief executive
officers at comparable companies, and the awards given to the CEO in
past years.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Executive Officer Compensation. The Compensation Committee also
shall review and make recommendations to the Board of Directors as to
the compensation of the Company&#146;s executive officers other than the
CEO, including salary, bonus, and incentive compensation levels,
deferred compensation, executive perquisites, equity compensation
(including awards to induce employment), severance arrangements,
change-in-control benefits, and other forms of executive officer
compensation. In connection with its review and approval of executive
officer compensation, the Committee shall oversee evaluation of the
performance of the executive officers.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Plan Recommendations and Approvals. The Compensation Committee
shall periodically review and make recommendations to the Board of
Directors with respect to incentive-compensation plans and
equity-based plans, as well as the number of options to be reserved
each fiscal year for grant to employees. The Compensation Committee
shall review and approve all equity compensation plans and amendments.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Incentive Plan Administration. The Compensation Committee shall
exercise all rights, authority, and functions of the Board of
Directors under all of the Company&#146;s stock option, stock incentive,
employee stock purchase, and other equity-based plans, including
without limitation, the authority to interpret the terms thereof, to
grant options thereunder, and to make stock awards thereunder;
provided, however, that, except as otherwise expressly authorized to
do so by a plan or resolution of the Board of Directors, the
Compensation Committee shall not be authorized to amend any such plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Director Compensation. The Compensation Committee shall
periodically review and make recommendations to the Board of Directors
with respect to director compensation, including director compensation
guidelines.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Compensation Committee Report on Executive Compensation. The
Compensation Committee shall prepare for inclusion where necessary in
a proxy or information statement of the Company relating to an annual
meeting of security holders at which directors are to be elected (or
special meeting or written consents in lieu of such meeting), the
report described in Item 402(k) of Regulation&nbsp;S-K.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Compensation Committee Report on Repricing of Options/SARs. If
during the last fiscal year of the Company (while the Company was a
reporting company pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, and the rules and regulations thereunder (the
&#147;Exchange Act&#148;), any adjustment or amendment was made to the exercise
price of any stock option or stock appreciation right previously
awarded to a &#147;named executive officer&#148; (as such term is defined from
time to time in Item&nbsp;402(a)(3) of Regulation&nbsp;S-K), the Compensation
Committee shall furnish the report required by Item 402(i) of
Regulation&nbsp;S-K</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Other Matters</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Succession Planning. The Compensation Committee shall assist the
Nominating and Governance Committee with respect to succession
planning for the Company&#146;s Chief Executive Officer, other senior
executives, and other key personnel within the Company.
</TD>
</TR>
</TABLE>

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

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

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

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>D.</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Procedures and Administration</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Meetings. The Compensation Committee shall meet as often as it
deems necessary in order to perform its responsibilities. The
Compensation Committee shall keep such records of its meetings as it
shall deem appropriate.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Subcommittees. The Compensation Committee may form and delegate
authority to one or more subcommittees as it deems appropriate from
time to time under the circumstances (including a subcommittee
consisting of a single member). In the event that each member of the
Compensation Committee does not qualify as a &#147;non-employee director,&#148;
as such term is defined from time to time in Rule&nbsp;16b-3 promulgated
under the Exchange Act (&#147;Rule&nbsp;16b-3&#148;), and an &#147;outside director,&#148; as
such term is defined from time to time in Section 162(m) of the
Internal Revenue Code of 1986, as amended, and the rules and
regulations thereunder (&#147;Section&nbsp;162(m)&#148;), the Compensation Committee
shall create a subcommittee consisting of at least two members of the
Compensation Committee who are &#147;non-employee directors&#148; and &#147;outside
directors,&#148; which subcommittee will have sole responsibility with
respect to the approval of (i)&nbsp;all transactions between the Company
and an officer or director of the Company involving a grant, award, or
other acquisition of securities from the Company (other than a
Discretionary Transaction, as defined in Rule&nbsp;16b-3) and (ii)&nbsp;all
compensation subject to Section&nbsp;162(m).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Reports to Board. The Compensation Committee shall report
regularly to the Board of Directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Charter. The Compensation Committee shall periodically review and
reassess the adequacy of this Charter and recommend any proposed
changes to the Board of Directors for approval.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Consulting Arrangements. The Compensation Committee shall have
the sole authority to retain and terminate any compensation consultant
to be used to assist in the evaluation of executive officer
compensation and shall have sole authority to approve the consultant&#146;s
fees and other retention terms. The Compensation Committee shall also
have authority to commission compensation surveys or studies as the
need arises. The Compensation Committee is empowered, without further
action by the Board of Directors, to cause the Company to pay the
compensation of such consultants as established by the Compensation
Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Independent Advisors. The Compensation Committee shall have the
authority to engage such independent legal, accounting, and other
advisors as it deems necessary to carry out its responsibilities. Such
independent advisors may be the regular advisors to the Company. The
Compensation Committee is empowered, without further action by the
Board of Directors, to cause the Company to pay the compensation of
such advisors as established by the Compensation Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Investigations. The Compensation Committee shall have the
authority to conduct or authorize investigations into any matters
within the scope of its responsibilities as it shall deem appropriate,
including the authority to request any officer, employee, or advisor
of the Company to meet with the Compensation Committee or any advisors
engaged by the Compensation Committee.</TD>
</TR>

</TABLE>


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

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

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

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Annual Self-Evaluation. At least annually, the Compensation
Committee shall evaluate its own performance.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Additional Powers. The Compensation Committee shall take such
other actions or have such other duties as may be required by law,
assigned by the Company&#146;s Bylaws or Corporate Governance Guidelines,
or delegated from time to time by the Board of Directors.</TD>
</TR>

</TABLE>

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

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

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


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>


<P align="center" style="font-size: 10pt"><B>APPENDIX D</B>



<P align="center" style="font-size: 10pt"><B>CORRECTIONS CORPORATION OF AMERICA<BR>
(THE &#147;COMPANY&#148;)<BR>
NOMINATING AND GOVERNANCE<BR>
COMMITTEE CHARTER</B>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Purpose</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The purpose of the Nominating and Governance Committee is to:</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Identify individuals qualified to become members of the
Company&#146;s Board of Directors;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Recommend to the Board the persons to be nominated by
the Board for election as directors and the persons for
appointment to Board committees;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Develop and recommend to the Board, and from time to
time evaluate, the Company&#146;s Corporate Governance Guidelines and
otherwise take a leadership role in shaping and evaluating the
corporate governance of the Company; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Oversee the evaluation of the Board.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>B.</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Structure and Membership</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Number. The Nominating and Governance Committee shall consist of
at least three members of the Board of Directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Independence. Except as otherwise permitted by the applicable
rules of the New York Stock Exchange, each member of the Nominating
and Governance Committee shall be an &#147;independent director&#148; as
determined in accordance with the applicable rules of the New York
Stock Exchange.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Chair. Unless the Board elects a Chair of the Nominating and
Governance Committee, the Committee shall elect a Chair by majority
vote.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Compensation. The compensation of Nominating and Governance
Committee members shall be as determined by the Board of Directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Selection and Removal. Members of the Nominating and Governance
Committee shall be appointed by the Board. The Board may remove
members of the Nominating and Governance Committee from such
committee, with or without cause.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>C.</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Authority and Responsibilities</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>General</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Nominating and Governance Committee shall discharge its
responsibilities, and shall assess the information provided by the
Company&#146;s management, in accordance with its business judgment.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">D-1
</DIV>

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

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


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Board and Committee Membership</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Selection of Director Nominees. Except where the Company is
legally required by contract or otherwise to provide third parties
with the ability to nominate directors, the Nominating and Governance
Committee shall be responsible for (i)&nbsp;identifying and evaluating
individuals qualified to become Board members and (ii)&nbsp;recommending to
the Board the persons to be nominated by the Board for election as
directors at the annual meeting of stockholders and the persons to be
elected by the Board to fill any vacancies on the Board.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Criteria for Selecting Directors. The Board&#146;s criteria for
selecting directors are as set forth in the Company&#146;s Corporate
Governance Guidelines. The Nominating and Governance Committee shall
use such criteria and the principles set forth in such Guidelines to
guide its director selection process. The Committee shall be
responsible for reviewing with the Board, on an annual basis, the
requisite skills and criteria for new Board members as well as the
composition of the Board as a whole.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Search Firms. The Nominating and Governance Committee shall have
the sole authority to retain and terminate any search firm to be used
to identify director nominees, including sole authority to approve the
search firm&#146;s fees and other retention terms. The Committee is
empowered, without further action by the Board, to cause the Company
to pay the compensation of any search firm engaged by the Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Selection of Committee Members. The Nominating and Governance
Committee shall be responsible for recommending to the Board the
directors to be appointed to each committee of the Board.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Report Regarding Nominating Committee Functions and
Communications Between Security Holders and Boards of Directors. The
Committee shall be responsible for the preparation of the disclosures
required by Paragraphs (d)(2) and (h)&nbsp;of Item&nbsp;7 of Schedule&nbsp;14A to be
included in the company&#146;s proxy statement relating to nominating
committee functions and communications between the Company&#146;s
stockholders and the Board. The Committee also shall be responsible
for reviewing periodically, and at least on an annual basis, the
Company&#146;s policies and procedures underlying such disclosures and,
where the Committee deems it appropriate, recommending to the Board
changes to such policies and procedures.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Corporate Governance</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Corporate Governance Guidelines. The Committee shall, from time
to time as it deems appropriate, review and reassess the adequacy of
the Company&#146;s Corporate Governance Guidelines and recommend any
proposed changes to the Board for approval.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Compliance Program. The Committee shall annually review and
reassess the adequacy of the Company&#146;s ethics and compliance program,
including the Company&#146;s Code of Ethics and Business Conduct, and
recommend any proposed changes to the Board for approval.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Evaluation and Compensation of the Board; Succession Planning</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Evaluation of the Board. The Nominating and Governance Committee
shall be responsible for overseeing an annual self-evaluation of the
Board to determine whether it and its committees are functioning
effectively. The Committee shall determine the nature of the</TD>
</TR>

</TABLE>


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

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

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

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>evaluation, supervise the conduct of the evaluation and be responsible
for preparation of an assessment of the Board&#146;s performance, to be
discussed with the Board.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">10.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Succession of Senior Executives. The Nominating and Governance
Committee of the Board shall be responsible for working with the Chief
Executive Officer, the Chairman, and the Compensation Committee to
plan for Chief Executive Officer succession, as well as to develop
plans for interim succession for the Chief Executive Officer in the
event of an unexpected occurrence and to ensure that adequate
succession plans are in place for other members of the Company&#146;s
executive management and other key personnel within the Company.
Succession planning may be reviewed more frequently by the Committee
as it deems warranted.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>D.</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Procedures and Administration</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Meetings. The Nominating and Governance Committee shall meet as
often as it deems necessary in order to perform its responsibilities.
The Committee shall keep such records of its meetings as it shall deem
appropriate.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Subcommittees. The Nominating and Governance Committee may form
and delegate authority to one or more subcommittees (including a
subcommittee consisting of a single member) as it deems appropriate
from time to time under the circumstances.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Reports to the Board. The Nominating and Governance Committee
shall report regularly to the Board.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Charter. The Nominating and Governance Committee shall
periodically review and reassess the adequacy of this Charter and
recommend any proposed changes to the Board for approval.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Independent Advisors. The Nominating and Governance Committee
shall have the authority to engage such independent legal and other
advisors as it deems necessary or appropriate to carry out its
responsibilities. Such independent advisors may be the regular
advisors to the Company. The Committee is empowered, without further
action by the Board, to cause the Company to pay the compensation of
such advisors as established by the Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Investigations. The Nominating and Governance Committee shall
have the authority to conduct or authorize investigations into any
matters within the scope of its responsibilities as it shall deem
appropriate, including the authority to request any officer, employee,
or advisor of the Company to meet with the Committee or any advisors
engaged by the Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Annual Self-Evaluation. At least annually, the Nominating and
Corporate Governance Committee shall evaluate its own performance.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Additional Powers. The Nominating and Governance Committee shall
take such other actions or have such other duties as may be required
by law, assigned by the Company&#146;s Bylaws or Corporate Governance
Guidelines, or delegated from time to time by the Board of Directors.</TD>
</TR>

</TABLE>

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

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

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


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>


<P align="center" style="font-size: 10pt"><B>APPENDIX E</B>



<P align="center" style="font-size: 10pt"><B>CORRECTIONS CORPORATION OF AMERICA<BR>
(THE &#147;COMPANY&#148;)<BR>
EXECUTIVE COMMITTEE CHARTER</B>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Purpose</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The purpose of the Executive Committee is to discharge the responsibilities
of the Company&#146;s Board of Directors relating to the transaction of routine,
administrative matters that occur between regularly scheduled meetings of
the Board of Directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>B.</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Structure and Membership</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Number. The Executive Committee shall consist of at least three
members of the Board of Directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Chair. Unless the Board of Directors elects a Chair of the
Executive Committee, the Executive Committee shall elect a Chair by
majority vote.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Compensation. Members of the Committee who also are employees of
the Company shall not receive compensation for their services on the
Executive Committee, except as expressly approved by the Board of
Directors. The compensation of non-employee members of the Committee
shall be as determined by the Board of Directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Selection and Removal. Members of the Executive Committee shall
be appointed by the Board of Directors, upon the recommendation of the
Nominating and Governance Committee. The Board of Directors may remove
members of the Executive Committee from such committee, with or
without cause.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>C.</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Authority and Responsibilities</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Executive Committee&#146;s primary function is to exercise and have all the
powers of the Board of Directors in the management of the business and the
affairs of the Company during the intervals between meetings of the Board
of Directors. The Committee shall, between regularly scheduled meetings of
the Board, transact routine administrative matters that require Board
approval as such issues arise. Notwithstanding the foregoing, the
Executive Committee shall not have the power or authority to: (i)&nbsp;amend the
Company&#146;s Charter or the Bylaws; (ii)&nbsp;adopt an agreement or plan of merger,
share exchange, or consolidation to which the Company is a party; (iii)
recommend to the stockholders of the Company any action which requires
stockholder approval including, but not limited to, (a)&nbsp;the sale, lease, or
exchange of all or substantially all of the Company&#146;s property or assets or
(b)&nbsp;a dissolution of the Company or a revocation of a dissolution of the
Company; (iv)&nbsp;declare a dividend or authorize the issuance of capital stock
of the Company; or (v)&nbsp;take any other action or exercise any authority
prohibited by law or the Company&#146;s Charter or Bylaws.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>D.</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Procedures and Administration</B></TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Meetings. The Executive Committee shall meet as often as it
deems necessary in order to perform its responsibilities. The
Committee shall keep such records of its meetings as it shall deem
appropriate.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">E-1
</DIV>

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

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

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Meetings with Management. The Executive Committee may meet
with management in separate executive sessions to discuss any matters
that the Executive Committee or the parties believe should be
discussed privately with the Executive Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Reports to the Board. The Executive Committee shall report
regularly to the Board of Directors. A summary of the actions taken
at each Executive Committee meeting shall be presented to the Board
of Directors at the next Board meeting.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Charter. The Executive Committee shall periodically review and
reassess the adequacy of this Charter and recommend any proposed
changes to the Board for approval.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Consulting Arrangements. The Executive Committee may engage
and employ consultants and other experts to assist it in performing
its functions.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Investigations. The Executive Committee shall have the
authority to conduct or authorize investigations into any matters
within the scope of its responsibilities as it shall deem
appropriate, including the authority to request any officer,
employee, or advisor of the Company to meet with the Company or any
advisors engaged by the Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Annual Self-Evaluation. At least annually, the Executive
Committee shall evaluate its own performance.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Additional Powers. The Executive Committee shall take such
other actions and have such other duties as may be required by law,
assigned by the Company&#146;s Bylaws or Corporate Governance Guidelines,
or delegated from time to time by the Board of Directors.</TD>
</TR>

</TABLE>



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


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

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

<P align="center" style="font-size: 10pt"><B>PROXY</B>



<P align="center" style="font-size: 10pt"><B>CORRECTIONS CORPORATION OF AMERICA</B>



<P align="center" style="font-size: 10pt"><B>ANNUAL MEETING OF STOCKHOLDERS</B>



<P align="center" style="font-size: 10pt"><B>To Be Held May&nbsp;13, 2004</B>



<P align="center" style="font-size: 10pt"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoint(s) John D. Ferguson and Irving E. Lingo,
Jr., and each of them with full power of substitution and revocation, as
proxies of the undersigned, and hereby authorize(s) them to represent and to
vote, as designated, all of the voting common stock of Corrections Corporation
of America, a Maryland corporation (the &#147;Company&#148;), held by the undersigned on
Wednesday, March&nbsp;31, 2004, at the Annual Meeting of Stockholders of the Company
to be held on Thursday, May&nbsp;13, 2004, at 10:00&nbsp;a.m., local time, at the Hilton
Suites, 121 4th Avenue South, Nashville, Tennessee, and at any adjournments or
postponements thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION OF EACH OF THE
NOMINEES FOR DIRECTOR LISTED BELOW AND &#147;FOR&#148; PROPOSAL 2. PLEASE SIGN,
DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR
BLACK INK AS SHOWN HERE <FONT face="wingdings">&#120;</FONT>

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">1.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Election of Directors.</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR all nominees</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WITHHOLD AUTHORITY to vote for all nominees</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Nominees: Donna M. Alvarado, William F. Andrews, John D. Ferguson, Lucius
E. Burch, III, John D. Correnti, John R. Horne, C. Michael Jacobi,
Thurgood Marshall, Jr., Charles L. Overby, John R. Prann, Jr., Joseph V.
Russell and Henri L. Wedell.</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For all nominees except for the following:</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top">2.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Ratification of the appointment by our Audit Committee of Ernst &#038; Young
LLP as our independent auditor for the fiscal year ending December&nbsp;31,
2004.</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;FOR
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;ABSTAIN</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In their discretion, the proxies are authorized to vote upon any other
business as may properly come before the meeting or any adjournments or
postponements thereof.</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">PLEASE FULLY COMPLETE, DATE, PROPERLY SIGN AND RETURN THIS PROXY PROMPTLY.


<P align="left" style="font-size: 10pt">This proxy, when properly executed, will be voted in the manner directed herein
by the undersigned stockholder(s). If no direction is made, this proxy will be
voted in accordance with the recommendations of the Board of Directors.



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

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

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



<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">To change the address on your account, please check the box at right
and indicate your new address in the address space above. Please
note that changes to the registered name(s) on the account may not be
submitted via this method.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Please check here if you plan to attend the meeting.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>

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

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Signature of Stockholder:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Signature of Stockholder:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Note: Please sign exactly as your name or names appear on this Proxy. When
shares are held jointly, each holder should sign. When signing as executor,
administrator, attorney, trustee or guardian, please give full title as such.
If the signer is a corporation, please sign full corporate name by duly
authorized officer, giving full title as such. If a signer is a partnership,
please sign in partnership name by authorized person.




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


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g88342g8834200.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88342g8834200.gif
M1TE&.#EAI``O`/<``````(````"``("`````@(``@`"`@,#`P,#<P*;*\`0$
M!`@("`P,#!$1$186%AP<'"(B(BDI*55554U-34)"0CDY.?]\@/]04-8`D\SL
M_^_6QN?GUJVID#,``&8``)D``,P````S`#,S`&8S`)DS`,PS`/\S``!F`#-F
M`&9F`)EF`,QF`/]F``"9`#.9`&:9`)F9`,R9`/^9``#,`#/,`&;,`)G,`,S,
M`/_,`&;_`)G_`,S_````,S,`,V8`,YD`,\P`,_\`,P`S,S,S,V8S,YDS,\PS
M,_\S,P!F,S-F,V9F,YEF,\QF,_]F,P"9,S.9,V:9,YF9,\R9,_^9,P#,,S/,
M,V;,,YG,,\S,,__,,S/_,V;_,YG_,\S_,___,P``9C,`9F8`9ID`9LP`9O\`
M9@`S9C,S9F8S9IDS9LPS9O\S9@!F9C-F9F9F9IEF9LQF9@"99C.99F:99IF9
M9LR99O^99@#,9C/,9IG,9LS,9O_,9@#_9C/_9IG_9LS_9O\`S,P`_P"9F9DS
MF9D`F<P`F0``F3,SF68`F<PSF?\`F0!FF3-FF68SF9EFF<QFF?\SF3.9F6:9
MF9F9F<R9F?^9F0#,F3/,F6;,9IG,F<S,F?_,F0#_F3/_F6;,F9G_F<S_F?__
MF0``S#,`F68`S)D`S,P`S``SF3,SS&8SS)DSS,PSS/\SS`!FS#-FS&9FF9EF
MS,QFS/]FF0"9S#.9S&:9S)F9S,R9S/^9S`#,S#/,S&;,S)G,S,S,S/_,S`#_
MS#/_S&;_F9G_S,S_S/__S#,`S&8`_YD`_P`SS#,S_V8S_YDS_\PS__\S_P!F
M_S-F_V9FS)EF_\QF__]FS`"9_S.9_V:9_YF9_\R9__^9_P#,_S/,_V;,_YG,
M_\S,___,_S/__V;_S)G__\S___]F9F;_9O__9F9F__]F_V;__Z4`(5]?7W=W
M=X:&AI:6ELO+R[*RLM?7U]W=W>/CX^KJZO'Q\?CX^/_[\*"@I("`@/\```#_
M`/__````__\`_P#______RP`````I``O```(_@#_37J3QHC!@P@3*EQX,$T:
M1[W^2?RGP9%#AA@S(DSS9M+$CQ(G`1E)LJ1)(&E`JES)LJ7+E[U`G)Q)L^;)
M=!]EVMS)<R0(6RQ[EDPW[Z71HTA!]A+*M.;'=$VCEKRU<FG4E$FS:E5I56BZ
MKV";/FT*]FM3JBK32$U7;ZM;K5UWVNHUKZ[=7B)[CN7I2`-=N_-ZW5++$RU(
MJ%(=O5U\-&[--RX=T]QK$Z?+GH8G.I(ZTC+CSU5[0FZI0>]$Q)5?8E;)F:1B
MT+`G2IXYFN7LDY1K>@Y:6"EJSK&#WS99>Z4&G35!Y*:Y>R7/=$`_$FX-Q&-P
MT,-+%E<YSY'W[^"__B^?V5QE^//>(XZ7>AV[Z.N_F;?/2WUDYO9;LY/<_CD^
M^?;UF83?8OJ-Q!]C_MUTW5(.->B@@\]I,*!;!0)QX&()FE1>2_1T2(\\\_!R
M`"\DEAA///*D"%B'1?VSV4Y&3)C?>\%E.!1L\\@3CXCOW-,..^NH0P$$"A0I
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M9>'!]78L\LA@&5'4)"`TW%HZ"_/IX<LPQRRSS"[-;//-,'_D*:H\]^QSSV-&
M*O301!=M]-%()ZWTTDPW330[[4RTCB3_T'/`U1)=?4`\_\RC]0%9KP./U5J+
MN/4_![3!M8A=8PUUBQ*]@P_7_[S3!J1:R],V_M83M7'/WF!/%/C7\&@M41M4
M>ZWW.^]\M$[47AL^4>/_B$CWU85K37;@/$)Z#SYZ_P-/Z`I0H$`;_R@P@>K_
M/%"D`EXKP(`"$J2N0`0*_-,.[0J\\[H"[!CI^SH*H$A[Z@<,.40%$^%3>N[.
MMY'[`;(KH,X_#BB0/=B\H_X[I/0H\+?VVC,0/#NIKUZ[D1(,,9$"%<!O.^XM
M4@\/VD92'\'\N6=?Y#SQ4,`#_B$!!0PA=^G[A_/^$8\V!`]_]%C@\<3W0.FA
M;1X*H-H0_E8!"-1M`@Y('>J&$$(C,4]\HGM?XP:8P03V;H'$2QT$%NB[?UCP
M='4[GB3@H0!Z[%`!_O)8(/7^H0[QO2-J_W@@#^=AP0.$SGGHLYT\3(>^#OZ#
M:C>\G@+P$;[[#3!\N7N`^R3B@`%BL!T27-\]'EC$*U*/%U63R!`&^(\*.`"#
M?XMAD=HP`=O=3R*2*%[<%`"VU:7N'3&T(`0>X(#]!=!NN<.A!&8W2*Y13QYE
M[%H&B]B[*!))(L"S(-4D@KO]M:YTKL/'/X:PO[]E,77X>&#7_G&/(H6/`N_S
M8.K6$;S9%46`..0D.P+Y1SG2L0(/H%[CG#>/!TAO@`4DI$28*9'@P;&`X7,=
MZJ1WOM+]0Q[`(][L(`6!0!;%=Y:$G0(\&+YU2,!W$$"B]D#9!N(I8!T3_JF`
M!5<I/=^I,GXME)XO4\>.?4ID`KZK)?-`R<XM!B]^H%Q=X]K8CEH6<Y7'?``/
ME]E#!MBN*`"M)A`ELKMK1K*`8).>.AHG/W"V0WISK-H#`DDU=.(/@PUE!RY=
M-\IYBM""43S`!(@'1PB`$Y:KW!\6X8?`<"(0E#R4`#+C!E%PRHV0"H"C^#+9
MQLI)\QV0BFD=2QBU-N:N@"TR)/[N]PY>2/.`A[R=#9_Z@`&ZE1?]A-T[&'#`
M/MKTDA`-X`$J8+46_L-T5>N=0?^QC@?@3I701.H0=#G7-\+2=YX+WP&QRM@V
MN#6)N=,C+C/(QMSUD0%:)&4(Z^A1".P/A[D+M%\=%;A:$:8N=5J,V@MS9]!:
M,C9W9FV#!"#E.ORE,QY#?.`0(&58M_H0N$_]AT=EB+WWH2^F^[MA'^^9NG:$
MKT>_56"1&B>]K-KN'04L(`,PN%DCV<ZC`<PJ.*59)`_N#FP5P&"1BJG?`<X7
ME])S`#@I,+M1$K!(7"O28(N$#_VVXX"U.R"`]QL^U*VQ>0JVW=]R^`[JJ<Z\
>P5,`#U]WW@*6EX%%HH`#W$?)HNG(:2"A7-$"`@`[
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g88342g8834201.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88342g8834201.gif
M1TE&.#EA@P`D`/<``````(````"``("`````@(``@`"`@,#`P,#<P*;*\`0$
M!`@("`P,#!$1$186%AP<'"(B(BDI*55554U-34)"0CDY.?]\@/]04-8`D\SL
M_^_6QN?GUJVID#,``&8``)D``,P````S`#,S`&8S`)DS`,PS`/\S``!F`#-F
M`&9F`)EF`,QF`/]F``"9`#.9`&:9`)F9`,R9`/^9``#,`#/,`&;,`)G,`,S,
M`/_,`&;_`)G_`,S_````,S,`,V8`,YD`,\P`,_\`,P`S,S,S,V8S,YDS,\PS
M,_\S,P!F,S-F,V9F,YEF,\QF,_]F,P"9,S.9,V:9,YF9,\R9,_^9,P#,,S/,
M,V;,,YG,,\S,,__,,S/_,V;_,YG_,\S_,___,P``9C,`9F8`9ID`9LP`9O\`
M9@`S9C,S9F8S9IDS9LPS9O\S9@!F9C-F9F9F9IEF9LQF9@"99C.99F:99IF9
M9LR99O^99@#,9C/,9IG,9LS,9O_,9@#_9C/_9IG_9LS_9O\`S,P`_P"9F9DS
MF9D`F<P`F0``F3,SF68`F<PSF?\`F0!FF3-FF68SF9EFF<QFF?\SF3.9F6:9
MF9F9F<R9F?^9F0#,F3/,F6;,9IG,F<S,F?_,F0#_F3/_F6;,F9G_F<S_F?__
MF0``S#,`F68`S)D`S,P`S``SF3,SS&8SS)DSS,PSS/\SS`!FS#-FS&9FF9EF
MS,QFS/]FF0"9S#.9S&:9S)F9S,R9S/^9S`#,S#/,S&;,S)G,S,S,S/_,S`#_
MS#/_S&;_F9G_S,S_S/__S#,`S&8`_YD`_P`SS#,S_V8S_YDS_\PS__\S_P!F
M_S-F_V9FS)EF_\QF__]FS`"9_S.9_V:9_YF9_\R9__^9_P#,_S/,_V;,_YG,
M_\S,___,_S/__V;_S)G__\S___]F9F;_9O__9F9F__]F_V;__Z4`(5]?7W=W
M=X:&AI:6ELO+R[*RLM?7U]W=W>/CX^KJZO'Q\?CX^/_[\*"@I("`@/\```#_
M`/__````__\`_P#______RP`````@P`D```(_@#_"?Q!L*#!@P@3*OPAL&'#
MA1`C*G1(<:!$A!4S/KS(\:+#CB`C:OP7DN#(BB538K2H4J7&EB<_MH3)<F;(
MERYCUK0)<B//GBAGZB3Y\^;.HB*#THR)%"C1IA(S\M1I%"='GQY/=E0JE*E3
MJ5N/0O2:5>94K5^Y1A6[D.Q:K#;=E@5[E>U$M'.?_L1;UVK9M&K'FMT[LNK0
MH8`/\RU:.+%BNGD?-VXZN:_DRF\O^Z4,.;+FP9ECTIL7#QZO`P?>W9/4#B[2
MS:$_@TXJNR$[?.O:M%$G@4*%(1$@.&"@8#9MXX)K4W2L_+!AU\>;ZXTMO3K+
MSM1K,[?^./KT[+*W?W.G&OMY<_'C82>W>]<Z^O3(UW_WKOP]_/ESS=</>Q^S
M8?W0M<7>2NH)B-A9^!F(77+;O??:@`0N:&"#_/D75X+M2=@>A98%1AB`$!H4
M8(8>*AC?7B45."%SB4&%D8M_P2B?C#0Z5>.&-^9(FXX'A<@CC2,"^6-!&,H8
'Y)`W!@0`.S\_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g88342g8834203.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88342g8834203.gif
M1TE&.#EA;P)W`?<``````(````"``("`````@(``@`"`@,#`P,#<P*;*\`0$
M!`@("`P,#!$1$186%AP<'"(B(BDI*55554U-34)"0CDY.?]\@/]04-8`D\SL
M_^_6QN?GUJVID#,``&8``)D``,P````S`#,S`&8S`)DS`,PS`/\S``!F`#-F
M`&9F`)EF`,QF`/]F``"9`#.9`&:9`)F9`,R9`/^9``#,`#/,`&;,`)G,`,S,
M`/_,`&;_`)G_`,S_````,S,`,V8`,YD`,\P`,_\`,P`S,S,S,V8S,YDS,\PS
M,_\S,P!F,S-F,V9F,YEF,\QF,_]F,P"9,S.9,V:9,YF9,\R9,_^9,P#,,S/,
M,V;,,YG,,\S,,__,,S/_,V;_,YG_,\S_,___,P``9C,`9F8`9ID`9LP`9O\`
M9@`S9C,S9F8S9IDS9LPS9O\S9@!F9C-F9F9F9IEF9LQF9@"99C.99F:99IF9
M9LR99O^99@#,9C/,9IG,9LS,9O_,9@#_9C/_9IG_9LS_9O\`S,P`_P"9F9DS
MF9D`F<P`F0``F3,SF68`F<PSF?\`F0!FF3-FF68SF9EFF<QFF?\SF3.9F6:9
MF9F9F<R9F?^9F0#,F3/,F6;,9IG,F<S,F?_,F0#_F3/_F6;,F9G_F<S_F?__
MF0``S#,`F68`S)D`S,P`S``SF3,SS&8SS)DSS,PSS/\SS`!FS#-FS&9FF9EF
MS,QFS/]FF0"9S#.9S&:9S)F9S,R9S/^9S`#,S#/,S&;,S)G,S,S,S/_,S`#_
MS#/_S&;_F9G_S,S_S/__S#,`S&8`_YD`_P`SS#,S_V8S_YDS_\PS__\S_P!F
M_S-F_V9FS)EF_\QF__]FS`"9_S.9_V:9_YF9_\R9__^9_P#,_S/,_V;,_YG,
M_\S,___,_S/__V;_S)G__\S___]F9F;_9O__9F9F__]F_V;__Z4`(5]?7W=W
M=X:&AI:6ELO+R[*RLM?7U]W=W>/CX^KJZO'Q\?CX^/_[\*"@I("`@/\```#_
M`/__````__\`_P#______RP`````;P)W`0`(_@#_"1Q(L*#!@P@3*ES(L*'#
MAQ`C2IQ(L:+%BQ@S:MS(L:/'CR!#BAQ)LJ3)DRA3JES)LJ7+ES!CRIQ)LZ;-
MFSASZMS)LZ?/GT"#"AU*M*C1HTB3*EW*M*G3IU"C2IU*M:K5JUBS:MW*M:O7
MKV##BAU+MJS9LVC3JEW+MJW;MW#CRIU+=ZP"@W<%*MA;MZ_?OX`;\B4X..\_
MPX$3*U[<]BYBQWH'(F9,N;)EKX\/1]Y\N;/GSU`-YQTM&>]>!>Q2JU[-NK7K
MU[!CRYY-N[;MV[ASZ][-N[?OW\"#"Q].O+CQU6)%GX;,&2_HY]"]LDON7'/S
M@I.C:]\.=7K8[,JS_A/F3KX\4^]_Q9M?SYXG>K_JV\N?+_-]W_CT\^M':;\N
M_OT`!NA1?W3])^"!"%)$X%P&)NC@@PHM*%>#$%9HH81Q46CAA@EB")>&'(8(
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M+-7(!?X,M*R`$7WTT@L)'9725_V[4<Q,I^5T:)1)#1*_50OZIV):=XWLURYR
M+;965S\%=5-&JV3VV56E[=3:2KT--WERL^U?_MAWXTWVAWSG1'7?Y_T->%%V
M$XZHX8HWGE'>3-%-7^*.YP3Y4I(#%7CDF[-<N4N7UVUCVUB1_GE(H2>5^<VF
ME][ZZ1VECM3J!\9,.>PCR7X4[0Z6C+M*NAO%^X/[_LX?XYB]?BK,QI,4/.+)
M*;^\OLV;]#Q1P[?4N9F^5Y\[\K$.[KU%UP^5/4K29[C]^$V#/_3Z[+-7OE#G
MDW1[_/+-'U3](=W?F?_XTY_F7-<>`'I/@!71%S[@(1+^X4]."*1(R>[1OP>R
M+X(3N=4!]B*/K3TM?=L1WP%#,YD-2L*#<P/A>@RH.`Q*9%?T4,`$4(@Y%5I0
M?B0T#0UO:#P71F1;_C-[3,%P1;_N_8B%5?,A1&`H0UQ92S-/)-:OC%@D)`)-
MB0_9%3P4<$)F/7%9SBHB]7C8(BPZY%;PF(`".DC$D$419)HK'AE19$;![(N"
MU_(<&$W#+X5)S(\7`Z2ZQL@QA@72D!H39"'_B,A%'I*1.*.:(B?92$I"\I&8
M3&0E-WE)37;25G5DB`(9*#(]-JN4^Y-CFZS8J5!VY(NGS&,J"7DI!UK%E@UQ
M)4>$N*XVQI&6>`J;#>^#2X;H<B;%=*(J^R0U^&5MF"TYIDR2*<IA`<I=K$R:
M,V\BS9A0LYJUS"9\Q`F3;L+DFPM!)WN`Z1EV^L2<+U&G0N19GF5>AGE"_H&G
M2^@I2T;A\Y[_!(H^M8<Y:_(IH(R!&3FCZ3[ZS;%5_$S(0`<2#TF<1A+Q:&#D
M>`7-(DWT'^_8USLJ6%!5+71)$Y7'7@XPD`VN<8>JX^@VM=11;C[E'@I@*4$V
MB$>/1+24/RW@3*,7U%P^I0T*H`=>V@#3F!ZKIE49ZN)2Z,2FSNZA%U*;>*#J
M,KUA]4$35:-2L</4CQ2UG]R2JH\F:E&=MI2+5G4JS=2JU;-.)*4K?>M+S8HU
M@\K4K@GDJD"A$E)]C32N<OVJX`0;E(_^HZ(7S2A)U08WQ@;(L2D!+%J7=E+6
M>2UI0ZLL7772V<*!]FF>X^QH;U):TZ9G*II%_I!EW;;:J&`6?;!5K#=CRY';
MGH2WOE3<;%?54-$UKK7V`RY(?&L2Y1++N0!"KEEK>Q7FE@2Z73TN=;>V7:M8
MUWZW/-UP)=C=ZG[PM^'5;0.QN]SS-C=JQAMO9QPKW]3FUKY]DVYTZ(LM]L(1
M=OH597VEPE_R]E**5/$O\<J;S@%/I<`O+,T;LQO5ZLF7P5^!\`\EC-\.AU:]
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M$\Q:%*==%(R34;SM!(I\Y.!VWM!FJ,8LPC&,-GIY1JCHJ*ALD8(X):6`20SE
MEKM<YQ?A^3MMJX",JC3EZ5RYN(:LY*K[V.J#!#*2MX[U(E_]ZUKO>I+![O6P
MHPO&7"=[QZ`2PQD*!*EGE#HJ<XYTBV"ZY%!QJ;;<.D^Y6[SB=<]@S$OR47SL
M"Q\>/_"X!Q[XKDRT[041ZZ-#WGBT/86G!0DIWW?YH;^_?,^E>HKA.RZ0>2@`
M\><N4>4M[W"ZKW[,30DXYS/T^GL]1?93FU#MO:MP4(-\]U-]K>Z!3^#>^WY#
M*I;XMG&O$:/G'ODD!Q3S=^X?Z`_^1]/7=O4K_J3TQB1_)ME/^GWF/KE.,^JC
MA]_\[`MDH;M+GX3[4G_SQ\_]Z/<)_9/!:5GQ3?_ZR^Q5SG<0^*=#J<=^O2,M
M`S@0](!3J,=__==FY/%]:P5_^D)ZZ[=],@)ZWR*!.X%_RS$![S!6!8B!Q)<4
M"9A&IZ=L))@C'+@?"?A8>P%U`M=Z*]2"V&.#/?&"_^!2%OA\PD=^)8AW6E40
MAN=V#OB#582#+S)MI@=71P@?08@4X6=W8&,>&IA"`5@14WATQM=^2KA?70AO
M0%B%=[.%$K0861A/O'.%2?>%P0>%:!B%;_B`87@T;$@59IA!6?,_;CA/7WB'
M>%B'8MA@<@A^@CB(_LH$B#68ADN1A\W2,XRH@MAA?X7X/5`1#^RP%Q,@"?.P
M1*11=#SC,^[G*8IH7D^Q<1_8B2KWB2P7BHEX?:K3ASLGBT$#%4@5@O]`#YDH
M@T`5,IY'@^Q2B@$2B3VG5:J8BVWSB2\F26EG=LY8=F5'=6@G=LT(C4(V=L^(
MC=:(2%2G=M6HC>"X21]E40IP#SW88-A48L0HB?]'+MRSCOGA6(:GB?<@@G$7
M2Q!(AI4HA%`!#^3(<=S6+_F8&/`X(4%4D"O!7)BH`/OWA'N(<0BY:J(V7U`A
M>>XX><`(+1$YB;#8<$[!@&,54@TY@_^C;1LY/92X&!]%#VJD+><X?^TD_BW=
M-VM/L8`MR0XO"9,QZ22TN%@=>1:.V&([V7P]^3(IJ9*'R"-I=9(G$90!.92V
M-D=.:7//82G"V(:Z-97W"!I,B55:J7+0`2M7&6]?"4Y5N8\U4991%QT!.)97
ME)2ITEQ%J5YJV7?%@I;U`9=Q25M=&2EU.89<F6!S&2M_^8N5,9-X:8E(R)7F
M=UV"U9=TI)<`>)041U[=5I@#R3.-F9@B@9F_!U"CR)F])9E"LIG*,IA'XYF+
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M97.B?#B1[K&CN^DXS$B=>;FB(GHW84:C.`&D.-*B7NB6H<>D+2*D/&FEY62D
M]30JE%E\6%HVD1*FO#>F0:HH/DJ!V2FE2L*(4&IE0NJF;UHI:[I/+ZJD7^:E
M\D&EKW2GKCEI9AIQ_FCJ(\ZG4(A*.U0TJ`57J(8:-43*1XDZJ7&:J,]!IU:"
M7=$2IXY)J8S:%YB:J;'U-IRZ6WKZ%Z%Z)475FWSYJ>ZVF&E"3ZP:J*XJ;XZZ
M)!TZJW.2JF+"/[K*)[S:J]/$I7@2K+VZ-K_:*,8Z)OU%K.?'I]RW7G[J)LN*
M)H62K+Q2K=;Z)-A*HM#*H</9K6]YJR[*3N**F]\*KF-TKO&9KM8'J%GI??BA
MI<ESJG3I>C@G*:5:G?@*F+^R.V)4J\TI/``+/4H)B@:;L%-DK[6IL.9#L`=K
M4)XZL11;L19[L1B;L1J[L1S;L1[[L2`;LB([LB1;LI3:KQ>Z>_F9LH'G_JPL
M^[(P&[,R.[,T6[,V>[,XF[,ZN[,\V[,^2Q.\5"T?-[!CYAA#ZS8RDQF*M$])
M*[0:RK1%NS%0:WM&JWC:94IUYF+ZF5Q8:RM^UYP4ZK5:"YQK%K;`DK5XVK5G
MN[*_9;;!PK:5Y5>D\;9;JU%;-;905+<>=+=YB[>2LRPNLT>`NQ*#NQGS:9S@
MQ;>'2Z]Q6!U9YJR*>TIP6VN.*[EZRXYSV[53&[C_B;B4"S+M.:U$`BZ&FXYD
M6YFQM*E<2KI]V[JKP[JAZTW/]9^*.KMOQ+CZV!R3<;B$^U^[BY[HE5V">[F_
MIK2:2U#"BX]KZ+N=B[L$F;R6>[K*MC)T*[T[_D2]7XN\NNN+GONYP\**K'A.
MT%N]W2LVD?2(5HNT@P1&1YM9`(J^Y]F[ZPN_Q#M9XY(N`BM^\RLQ/]N__ON_
M`!S``CS`!#RE)GO`")S`"KS`#-S`#OS`$!S!$CS!&'N&!1QJ%GS!=*:'&KS!
M$=;!,YK!(,P^/>*\(UR2''S"4B;"*MP\)=S"*YS",!Q?+#S#`%;#-IQB.&P3
MPG0KTZAG/FPNQA*T]H4SHLA'20O$')G$NQ))?$'$U[%50<PW3VL=ZRI)30N\
M-_B:DBK%0^2RLPC$!ZJZB=-,XM-,H`M`+_RG#!M%86NXH-M/OZNV%PG'^.7&
MQQN^9GMSUJ2A7U3%_LK;=\IQD7S+,F]<N$1+A7?<,H`\QU9<O].E?88,@8Y,
MQUWUQH^\M6L,<XPZQYX<QYR+8$\;OH]L+57\R:$\R:J\RF[$O'WLM^-&REY4
MQT07RW9L2HI:)8W,R!0&N]Q+N)^*O2!7R:]<S*C,R@:RR5,#KR9VS+?\S+HI
MS)-LRG8IRE&\O<;,QY5,RIE[S:E,1'3+'(5LQV&4R]P:=>.\NPFSRG\;S-_<
M8<2L'LZ<R<ALED*YS/8JSVDLC4)<R\'%S>1\=K_GR4EZMH&+Q=@,S<KHS88L
M3-/<MU?<1T\VN<DU3'9SD`Y]R^!+JU/&SV-<+^8*+S`&R@T-/\KLAPKL_F_'
M[,?&-J_OO-'CW,PD#<C9K+M<(\T:7<RLS)$D!AFR3+L3K5_+5+%,'**<2\RH
M1,W6:T?MF+4*U=1BNYHQ_<M%_,OS_-/5?,]$F<\D_<QXO#/;_-*M_+VV7--4
M[<TLG=#TG-/QC+"E#-'_O-,;S=%)<LJ+#)9*7;[<M5!3+;=SYLRWB]9:396<
MS->I=<B'[6&!;<G?J\>SR]B="]D`G="'[,L3/<N9G,Z6C-1MV\F]7,>1EM=S
M#;:&/<QQ_=ADK;F8;,]/N=6NVL-V;<R#D]$V'=O!>,1+7-4LY\.8K=I9S-"_
M+=/50LZVT]7K+)MEV\94[,__8<90G+;ZR],Y<;.I4LW;P@M$UDW8@PW"D=HU
M)YW#.BS#X!W>'SS>XK7#YIU?Z)W><2O>[$TXW_W>3KK>\ETU\5W?YDO?^&V'
M^KW?<]7?_IU6`![@3S7@!!X^!D;!"K[@#-[@#O[@$![A$C[A#'O@%G[A&)[A
(&OXY`0$``#L_
`
end

</TEXT>
</DOCUMENT>
</SUBMISSION>
