-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KLO9s+JiqkorE3fLpb/CMIc3lxMdrbzaByt8F23gjk4q3gvMUJyk6buKoV3vTIHP
 lZKn7AC4BxJiWtCZT05XRQ==

<SEC-DOCUMENT>0001104659-06-028804.txt : 20060428
<SEC-HEADER>0001104659-06-028804.hdr.sgml : 20060428
<ACCEPTANCE-DATETIME>20060428121517
ACCESSION NUMBER:		0001104659-06-028804
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20060518
FILED AS OF DATE:		20060428
DATE AS OF CHANGE:		20060428
EFFECTIVENESS DATE:		20060428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALEXANDERS INC
		CENTRAL INDEX KEY:			0000003499
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				510100517
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06064
		FILM NUMBER:		06788180

	BUSINESS ADDRESS:	
		STREET 1:		888 SEVENTH AVENUE
		STREET 2:		*****
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-894-7000

	MAIL ADDRESS:	
		STREET 1:		888 SEVENTH AVENUE
		STREET 2:		*****
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a06-8829_1def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<html>

<head>







</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="UnitedStatesSecuritiesAndExchange_170856"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, DC 20549</font></b></p>

<p style="font-size:14.0pt;font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font style="font-weight:bold;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INFORMATION
REQUIRED IN PROXY STATEMENT</font></b></font><br>
SCHEDULE 14A INFORMATION</p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(RULE&nbsp;14a-1)</font></b></p>

<p align="center" style="margin:0pt 0pt 10.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxy Statement
Pursuant to Section&nbsp;14(a)&nbsp;of<br>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;">Filed by the Registrant&nbsp;&nbsp;<font face="Wingdings">x</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed by a Party other
  than the Registrant&nbsp;&nbsp;</font><font face="Wingdings">o</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate
  box:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:95.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preliminary Proxy Statement</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:95.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Confidential, for Use of the Commission Only (as
  permitted by Rule&nbsp;14a-6(e)(2))</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:95.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitive Proxy Statement</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:95.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitive Additional Materials</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:95.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting Material under Rule 14a-12</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="100%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ALEXANDER&#146;S,
  INC.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name of
  Registrant as Specified In Its Charter)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name of Person(s)&nbsp;Filing
  Proxy Statement, if other than the Registrant)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment of Filing Fee (Check the appropriate box):</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="95%" colspan="2" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:95.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No fee required.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="95%" colspan="2" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:95.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4)&nbsp;and&nbsp;0-11.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title of each class of securities to which
  transaction applies:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate number of securities to which transaction
  applies:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposed maximum aggregate value of transaction:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total fee paid:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="95%" colspan="2" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:95.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee paid previously with preliminary materials.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="95%" colspan="2" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:95.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check box if any part of the fee is offset as
  provided by Exchange Act Rule&nbsp;0-11(a)(2)&nbsp;and identify the filing
  for which the offsetting fee was paid previously. Identify the previous
  filing by registration statement number, or the Form&nbsp;or Schedule and the
  date of its filing.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amount Previously Paid:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form, Schedule or Registration Statement No.:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filing Party:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date Filed:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\1101093242_H10043_1040216\8829-1-ba.htm',USER='jmsproofassembler',CD='Apr 20 10:09 2006' -->



<br clear="all" style="page-break-before:always;">

<div>

<p style="margin:0pt 0pt 66.0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 114.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">ALEXANDER&#146;S,
INC.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notice of<br>
Annual Meeting<br>
of Stockholders</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">and</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Proxy Statement</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman"><img width="157" height="17" src="g88291bci001.gif" alt="GRAPHIC"></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">2 0 0 6</font></b></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\11620124783_D11240_1055652\8829-1-bc.htm',USER='jmsproofassembler',CD='Apr 26 20:12 2006' -->



<br clear="all" style="page-break-before:always;">

<div style="font-family:Times New Roman;">

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;">ALEXANDER&#146;S, INC.<a name="AlexandersInc__104839"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-align:center;"><a name="a210Route4East_102130"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">888 Seventh Avenue</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><a name="ParamusNewJersey07652_104849"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10019</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of Annual Meeting of Stockholders<a name="NoticeOfAnnualMeetingOfStockholde_104905"></a><br>
To Be Held May&nbsp;18, 2006<a name="ToBeHeldMay182006_134610"></a></font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To our Stockholders:</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Annual Meeting of Stockholders of Alexander&#146;s,&nbsp;Inc.,
a Delaware corporation (the &#147;Company&#148;), will be held at the Saddle Brook
Marriott, Interstate 80 and the Garden State Parkway, Saddle Brook, New Jersey
07663, on Thursday, May&nbsp;18, 2006, beginning at 10:00&nbsp;A.M., local
time, for the following purposes:</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; To elect
three persons to the Board of Directors of the Company. Each person elected
will serve for a term of three years and until his successor is duly elected
and qualified.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; To consider
and vote upon of the Company&#146;s 2006 Omnibus Stock Plan.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; The ratification
of the appointment of the accounting firm of Deloitte&nbsp;&amp; Touche LLP as
the Company&#146;s independent registered public accounting firm for the current
year.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; To transact
such other business as may properly come before the meeting or any adjournment
or postponement thereof.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Bylaws of the Company, the Board of
Directors of the Company has fixed the close of business on April&nbsp;14, 2006
as the record date for the determination of stockholders entitled to notice of
and to vote at the meeting.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please review
the attached Proxy Statement and proxy card. Whether or not you plan to attend
the meeting, your shares should be represented and voted. You are urged to
complete and sign the enclosed proxy card and return it in the accompanying
envelope. You will not need to attach postage to the envelope if it is mailed
in the United States. If you attend the meeting in person, you may revoke your
proxy at that time and vote your own shares. You may revoke your proxy by (1)&nbsp;executing
and submitting a later dated proxy card, (2)&nbsp;sending a written revocation
of proxy to our Secretary at our principal executive office, or (3)&nbsp;attending
the Annual Meeting and voting in person.</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;">By Order of the Board of
  Directors,</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:12.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:12.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alan J. Rice</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:6.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;28, 2006</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\11615173739_D11237_1055008\8829-1-ca.htm',USER='jmsproofassembler',CD='Apr 26 15:17 2006' -->



<br clear="all" style="page-break-before:always;">

<div>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;">ALEXANDER&#146;S, INC.<a name="AlexandersInc__103428"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">888 Seventh
Avenue</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10019</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;">PROXY STATEMENT<a name="ProxyStatement_103437"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annual Meeting of
Stockholders<a name="AnnualMeetingOfStockholders_103437"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Be Held May&nbsp;18,
2006<a name="AnnualMeetingOfStockholdersToBeHe_134921"></a></font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The enclosed proxy is being solicited by the Board of
Directors (the &#147;Board&#148;) of Alexander&#146;s,&nbsp;Inc., a Delaware corporation (&#147;we,&#148;
&#147;us&#148; or the &#147;Company&#148;), for use at the 2006 Annual Meeting of Stockholders of
the Company (the &#147;Annual Meeting&#148;). The Annual Meeting will be held on
Thursday, May&nbsp;18, 2006, beginning at 10:00&nbsp;A.M., local time, at the
Saddle Brook Marriott, Interstate 80 and the Garden State Parkway, Saddle
Brook, New Jersey 07663. Our principal executive office is located at 888
Seventh Avenue, New York, NY 10019. The accompanying Notice of Annual Meeting
of Stockholders, this Proxy Statement and the enclosed proxy card will be
mailed on or about April&nbsp;28, 2006 to our stockholders of record as of the
close of business on the record date.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">How do you vote?</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A stockholder may authorize a proxy by executing and
returning the enclosed proxy card. Once you authorize a proxy, you may revoke
that proxy by (1)&nbsp;executing and submitting a later dated proxy card, (2)&nbsp;sending
a written revocation of proxy to our Secretary at our principal executive
office, or (3)&nbsp;attending the Annual Meeting and voting in person. Attending
the Annual Meeting without submitting a new proxy or voting in person will not
automatically revoke your prior authorization of your proxy. Only the last vote
of a stockholder will be counted.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will pay the cost of soliciting proxies. We have
hired Mackenzie Partners,&nbsp;Inc. to solicit proxies at a fee not to exceed
$5,000. In addition to solicitation by mail, arrangements may be made with
brokerage houses and other custodians, nominees and fiduciaries to send proxies
and proxy materials to their principals, and we may reimburse them for their
expenses in so doing. If you hold shares in &#147;street name&#148; (<i><font style="font-style:italic;">i.e.</font></i>, through a bank, broker or other
nominee), you will receive instructions from your nominee, which you must
follow in order to have your proxy authorized or you may contact your nominee
directly to request these instructions.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Who is entitled to vote?</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Only stockholders of record as of the close of
business on April&nbsp;14, 2006 are entitled to notice of and to vote at the
Annual Meeting. We refer to this date as the &#147;record date.&#148; On that date there
were 5,025,000 common shares, par value $1.00 per share (&#147;Shares&#148;) outstanding.
Holders of Shares as of the record date are entitled to one vote on each matter
properly submitted at the Annual Meeting.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">How do you attend the meeting in person?</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you would like to attend the Annual Meeting in
person, you will need to bring an account statement or other acceptable
evidence of ownership of your Shares as of the close of business on the record
date. If you hold Shares in street name and wish to vote at the Annual Meeting,
you will need to contact your nominee and obtain a proxy from your nominee and
bring it to the Annual Meeting.</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\11615104802_F25897_1054974\8829-1-cd.htm',USER='jmsproofassembler',CD='Apr 26 15:10 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-style:italic;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">How will your votes be counted?</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The holders of a majority of the outstanding Shares as
of the close of business on the record date, present in person or by proxy and
entitled to vote, will constitute a quorum for the transaction of business at
the Annual Meeting. A broker non-vote and any proxy marked &#147;withhold authority&#148;
or an abstention, as applicable, will count for the purposes of determining a
quorum, but will have no effect on the result of the vote on the election of
directors or the ratification of the appointment of our independent registered
public accounting firm. With respect to the proposal to approve our 2006
Omnibus Stock Plan, abstentions and broker non-votes will have the effect of a
vote against the approval, unless holders of a majority in interest of all
securities entitled to vote on the proposal cast votes, in which event broker
non-votes will have no effect on the result of the vote.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is the Company&#146;s understanding that Interstate
Properties (&#147;Interstate&#148;), a New Jersey general partnership (an owner of
shopping centers and an investor in securities and partnerships), Interstate&#146;s
general partners, and Vornado Realty Trust (&#147;Vornado&#148;), who, as of April&nbsp;14,
2006, own, in the aggregate, approximately 60% of the Shares, will vote (1)&nbsp;for
the approval of the election of the nominees listed in this proxy statement for
directors, (2)&nbsp;for the approval of the 2006 Omnibus Stock Plan, and (3)&nbsp;for
the ratification of the appointment of the Company&#146;s independent registered public
accounting firm and, therefore, it is likely that these matters will be
approved.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROPOSAL 1: ELECTION OF
DIRECTORS<a name="Proposal1ElectionOfDirectors_114012"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Board has nine members. The Bylaws of the Company
provide that our directors are divided into three classes, as nearly equal in
number as reasonably possible, as determined by the Board. One class of
directors is elected at each Annual Meeting to hold office for a term of three
years and until their successors have been duly elected and qualified.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise directed in the proxy, each of the
persons named in the enclosed proxy will vote such proxy for the election of
the three nominees listed below as Class&nbsp;III directors. If any nominee at
the time of election is unavailable to serve, it is intended that each of the
persons named in the proxy will vote for an alternative nominee who will be
designated by the Board. Proxies may be voted only for the nominees named or
such alternates. We do not currently anticipate that any nominee for directors
will be unable to serve as a director.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Bylaws, the affirmative vote of a plurality
of votes present in person or represented by proxy at the Annual Meeting and
entitled to vote for the election of directors, if a quorum is present, is
sufficient to elect a director. Proxies marked &#147;withhold authority&#148; will be
counted for the purpose of determining the presence of a quorum but will have
no effect on the result of the vote. A broker non-vote will have no effect on
the result of the vote.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors
recommends that stockholders vote &#147;FOR&#148; approval of the election of the
nominees listed below to serve as Class&nbsp;III directors until 2009 and until
their respective successors have been duly elected and qualified.</font></b></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='2',FILE='C:\fc\11615104802_F25897_1054974\8829-1-cd.htm',USER='jmsproofassembler',CD='Apr 26 15:10 2006' -->



<br clear="all" style="page-break-before:always;">

<div>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following
table sets forth the nominees (all of whom are presently members of the Board)
and other present members of the Board, together with a brief biography for
each such person and the year in which the person became a director of the
Company.</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"></p>
  </td>
  <td width="31" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Age</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="91" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:68.2pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="109" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:81.65pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Principal Occupation<br>
  and, if applicable,<br>
  Present Position<br>
  with the Company</font></b></p>
  </td>
  <td width="91" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:68.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="38" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:28.5pt;">
  <p align="center" style="line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year<br>
  Term<br>
  Will<br>
  Expire</font></b></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p align="center" style="line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="60" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p align="center" style="line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year<br>
  First<br>
  Appointed<br>
  as<br>
  Director</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="562" colspan="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:421.15pt;">
  <p style="font-size:10.0pt;margin:10.0pt 0pt .0001pt;page-break-after:avoid;"><b><u><font size="1" style="font-size:9.0pt;font-weight:bold;">Nominees for Election to Serve as Directors
  Until the Annual Meeting in 2009 (CLASS&nbsp;III)</font></u></b></p>
  </td>
  <td width="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:10.0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="42" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.4pt;">
  <p style="margin:10.0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="151" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:113.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">David Mandelbaum</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">70</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="291" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:218.05pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">A member of the law firm
  of Mandelbaum&nbsp;&amp; Mandelbaum, P.C. since 1967; a general partner of
  Interstate since 1968; a trustee of Vornado since 1979</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.5pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2009</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1995</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="151" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:113.0pt;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" style="font-size:9.0pt;">Arthur I. Sonnenblick</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">74</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="291" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:218.05pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Senior Managing Director
  of Sonnenblick-Goldman Company (a real estate investment banking firm) since
  January&nbsp;1996 and Vice Chairman and Chief Executive Officer prior thereto</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.5pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2009</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1984</font></p>
  </td>
 </tr>
 <tr>
  <td width="151" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:113.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Dr.&nbsp;Richard R. West</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">68</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="291" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:218.05pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Dean Emeritus, Leonard N.
  Stern School of Business, New York University; Professor from
  September&nbsp;1984 until September&nbsp;1995 and Dean from
  September&nbsp;1984 until August&nbsp;1993; prior thereto, Dean of the Amos
  Tuck School of Business Administration at Dartmouth College; a trustee of Vornado
  since 1982; a director of Bowne&nbsp;&amp; Co.,&nbsp;Inc. (a commercial
  printing company) and 20 investment companies managed by Merrill Lynch
  Investment Managers</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.5pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2009</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1984</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="579" colspan="17" valign="top" style="padding:0pt .7pt 0pt 0pt;width:434.5pt;">
  <p style="font-size:10.0pt;margin:10.0pt 0pt .0001pt;page-break-after:avoid;"><b><u><font size="1" style="font-size:9.0pt;font-weight:bold;">Present Directors Elected to Serve as Directors
  Until the Annual Meeting in 2008 (CLASS&nbsp;II)</font></u></b></p>
  </td>
  <td width="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:10.0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="24" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.05pt;">
  <p style="margin:10.0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="151" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:113.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Steven Roth</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">64</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="291" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:218.05pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Chief Executive Officer
  of the Company since March&nbsp;1995; Chairman of the Board of Directors of
  the Company since March&nbsp;2004; Chairman of the Board and Chief Executive
  Officer of Vornado since 1989 and a Trustee of Vornado since 1979; Managing
  General Partner of Interstate; a director of Toys &#147;R&#148; Us,&nbsp;Inc. (a
  retailer)</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.5pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2008</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1989</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="151" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:113.0pt;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" style="font-size:9.0pt;">Neil Underberg</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">77</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="291" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:218.05pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Counsel to the law firm
  of Winston&nbsp;&amp; Strawn LLP since September&nbsp;2000; a member of the
  law firm of Whitman Breed Abbott&nbsp;&amp; Morgan from December&nbsp;1987 to
  September&nbsp;2000</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.5pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2008</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1980</font></p>
  </td>
 </tr>
 <tr>
  <td width="151" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:113.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Russell B. Wight,&nbsp;Jr.</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">66</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="291" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:218.05pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">A general partner of
  Interstate since 1968; a trustee of Vornado since 1979</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.5pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2008</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1995</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="60" style="border:none;"></td>
  <td width="31" style="border:none;"></td>
  <td width="60" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="91" style="border:none;"></td>
  <td width="109" style="border:none;"></td>
  <td width="91" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="38" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<p style="line-height:1.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='3',FILE='C:\fc\116123842526_H10036_1054269\8829-1-ce.htm',USER='jmsproofassembler',CD='Apr 26 12:39 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"></p>
  </td>
  <td width="31" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Age</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="91" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:68.2pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="109" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:81.65pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Principal Occupation<br>
  and, if applicable,<br>
  Present Position<br>
  with the Company</font></b></p>
  </td>
  <td width="91" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:68.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="38" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:28.5pt;">
  <p align="center" style="line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year<br>
  Term<br>
  Will<br>
  Expire</font></b></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p align="center" style="line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="60" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p align="center" style="line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year<br>
  First<br>
  Appointed<br>
  as<br>
  Director</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="576" colspan="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:431.75pt;">
  <p style="font-size:10.0pt;margin:10.0pt 0pt .0001pt;page-break-after:avoid;"><b><u><font size="1" style="font-size:9.0pt;font-weight:bold;">Present Directors Elected to Serve as Directors
  Until the Annual Meeting in 2007 (CLASS&nbsp;I)</font></u></b></p>
  </td>
  <td width="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:10.0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.8pt;">
  <p style="margin:10.0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="151" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:113.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Michael D. Fascitelli</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">49</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="291" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:218.05pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">President of the Company
  since August&nbsp;2000; President and a Trustee of Vornado since
  December&nbsp;1996; Partner at Goldman, Sachs&nbsp;&amp; Co. (an investment
  banking firm) in charge of its real estate practice from December&nbsp;1992
  to December&nbsp;1996 and a vice president prior thereto; a director of Toys
  &#147;R&#148; Us,&nbsp;Inc. and a trustee of GMH Communities Trust (a real estate
  investment trust)</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.5pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2007</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1996</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="151" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:113.0pt;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" style="font-size:9.0pt;">Thomas R. DiBenedetto</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">56</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="291" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:218.05pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">President of Boston
  International Group,&nbsp;Inc. (an investment management firm) since 1983;
  President of Junction Investors Ltd. (an investment management firm) since
  1992; a director of NWH,&nbsp;Inc. (a software company); Managing Director of
  Olympic Partners (a real estate investment firm); a director of Detwiler,
  Mitchell&nbsp;&amp; Co. (a securities firm)</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.5pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2007</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1984</font></p>
  </td>
 </tr>
 <tr>
  <td width="151" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:113.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Stephen Mann</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">70</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="291" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:218.05pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Chief Operating Officer
  of the Company since March&nbsp;2004, Chairman of the Board of Directors of
  the Company from March&nbsp;1995 to March&nbsp;2004; Interim Chairman of the
  Board of Directors of the Company from August&nbsp;1994 to March&nbsp;1995; Chief
  Executive Officer of Prescott Capital LLC (a mortgage banking firm) since
  2005; Chief Executive Officer of Prescott Funding Company (a mortgage banking
  firm) from 2001 to 2004; Chairman of the Clifford Companies (a real estate
  investment firm) from 1990 to January&nbsp;2003.</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.5pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2007</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1980</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="60" style="border:none;"></td>
  <td width="31" style="border:none;"></td>
  <td width="60" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="91" style="border:none;"></td>
  <td width="109" style="border:none;"></td>
  <td width="91" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="38" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are not aware of any family
relationships among any directors or executive officers of the Company or
persons nominated or chosen by the Company to become directors or executive
officers.</font></p>

<p style="margin:0pt 0pt 11.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For information about other
relationships among directors or our executive officers, please see &#147;Certain
Relationships and Related Transactions&#148; below.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Governance<a name="CorporateGovernance_104545"></a></font></b></p>

<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Shares are listed for trading
with The New York Stock Exchange,&nbsp;Inc. (the &#147;NYSE&#148;) and we are subject to
the NYSE&#146;s Corporate Governance Rules. However, because more than 51% of our
Shares are owned by a &#147;group&#148; consisting of Interstate and Vornado, the Company
is a &#147;controlled&#148; company and therefore, is exempt from some of the NYSE
Corporate Governance Rules. In the Company&#146;s case, this means that we are not
required to have a nominating committee or a fully independent compensation
committee, nor, even though our board meets this requirement, are we required
to have a majority of directors be independent under the NYSE rules.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='4',FILE='C:\fc\116123842526_H10036_1054269\8829-1-ce.htm',USER='jmsproofassembler',CD='Apr 26 12:39 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board has determined that Messrs.&nbsp;DiBenedetto,
Mandelbaum, Sonnenblick, Underberg, Wight and Dr.&nbsp;West are independent for
the purposes of the NYSE Corporate Governance Rules. Accordingly, six out of
our nine directors are independent. The Board reached this conclusion after
considering all applicable relationships between or among such directors and
the Company or management of the Company. These relationships are described in
the section of this proxy statement entitled &#147;Certain Relationships and Related
Transactions.&#148; The Board further determined that such directors meet all of the
&#147;bright-line&#148; requirements of the NYSE Corporate Governance Rules&nbsp;as well
as the categorical standards adopted by the Board in our Corporate Governance
Guidelines. A copy of these Corporate Governance Guidelines is included as <i><font style="font-style:italic;">Annex A</font></i> to this proxy statement.</font></p>

<p style="margin:0pt 0pt 5.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As part of
its commitment to good corporate governance, the Board of Directors has adopted
the following committee charters and policies:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Audit
Committee Charter</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Compensation
Committee Charter</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Corporate
Governance Guidelines</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Code
of Business Conduct and Ethics</p>

<p style="margin:0pt 0pt 11.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has made available on
its website, www.alx-inc.com, copies of these charters, guidelines and policies
and included copies of each as an attachment to our proxy statement for our
2004 annual meeting of stockholders. We will post any future changes to these
charters, guidelines or policies to the Company&#146;s website and may not otherwise
publicly file such changes. Our regular filings with the Securities and
Exchange Commission (&#147;SEC&#148;) and our directors&#146; and executive officers&#146; filings
under Section&nbsp;16(a)&nbsp;of the Securities Exchange Act of 1934 are also
available on the website.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Committees of the Board of Directors<a name="CommitteesOfTheBoardOfDirectors_104558"></a></font></b></p>

<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board has an Executive Committee,
an Audit Committee, a Compensation Committee and an Omnibus Stock Plan
Committee. The Board does not have a Nominating Committee.</font></p>

<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board held five meetings
during 2005. Each director attended all of the meetings of the Board and all
committees on which he served during 2005.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to full meetings of
the Board, non-management, independent directors met once in a session without
members of management present. During this meeting, the independent directors
selected their own presiding member.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Committee</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Executive Committee possesses
and may exercise all the authority and powers of the Board in the management of
the business and affairs of the Company, except those reserved to the Board by
the Delaware General Corporation Law. The Executive Committee consists of four
members, Messrs.&nbsp;Roth, Fascitelli, Wight and Dr.&nbsp;West. Mr.&nbsp;Roth
is the Chairman of the Executive Committee. The Executive Committee did not
meet in 2005.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit Committee</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Audit Committee, which held four meetings during
2005, consists of three members, Messrs.&nbsp;DiBenedetto, Sonnenblick and Dr.&nbsp;West.
The Board has determined that these three directors </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='5',FILE='C:\fc\116123842526_H10036_1054269\8829-1-ce.htm',USER='jmsproofassembler',CD='Apr 26 12:39 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">are independent for the purposes
of the NYSE Corporate Governance Rules, that they meet the additional requirements
of independence for serving on the Audit Committee in accordance with the rules&nbsp;and
regulations promulgated by the SEC and that they meet the financial literacy
standards of the NYSE. Dr.&nbsp;West is the Chairman of the Audit Committee.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, at all times at least one member of the
Audit Committee has met the NYSE standards for financial management expertise. The
Board has determined that Dr.&nbsp;West is qualified to serve as an &#147;audit
committee financial expert,&#148; as defined by SEC Regulation S-K, and thus has at
least one such individual serving on its Audit Committee. The Board reached
this conclusion based on his relevant experience, as described above under &#147;Proposal
1: Election of Directors.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Audit Committee&#146;s purposes are to: (i)&nbsp;assist
the Board in its oversight of (a)&nbsp;the integrity of the Company&#146;s financial
statements, (b)&nbsp;the Company&#146;s compliance with legal and regulatory
requirements, (c)&nbsp;the independent registered public accounting firm&#146;s
qualifications and independence, and (d)&nbsp;the performance of the
independent registered public accounting firm and the Company&#146;s internal audit
function; and (ii)&nbsp;prepare an Audit Committee report as required by the
SEC for inclusion in the Company&#146;s annual Proxy Statement. The function of the
Audit Committee is oversight. The management of the Company is responsible for
the preparation, presentation and integrity of our financial statements and for
the effectiveness of internal control over financial reporting. Management is
responsible for maintaining appropriate accounting and financial reporting
principles and policies and internal controls and procedures that provide for
compliance with accounting standards and applicable laws and regulations. The
independent registered public accounting firm is responsible for planning and
carrying out a proper audit of our annual financial statements, reviews of our
quarterly financial statements prior to the filing of each Quarterly Report on Form&nbsp;10-Q,
annually auditing management&#146;s assessment of the effectiveness of internal
control over financial reporting and other procedures. The Board has adopted a
written Audit Committee Charter.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Persons interested in contacting
our Audit Committee members with regard to accounting, auditing or financial
concerns will find information on how to do so on our website (www.alx-inc.com).
This means of contact should not be used for solicitations or communications
with the Company of a general nature.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation Committee</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Compensation Committee is
responsible for establishing the terms of the compensation of executive
officers except for awards granted under the Company&#146;s existing Omnibus Stock
Plan and the 2006 Omnibus Stock Plan, if approved. The Committee consists of
two members, Mr.&nbsp;Mann and Mr.&nbsp;DiBenedetto. Mr.&nbsp;Mann is the
Chairman of the Compensation Committee, which met once in 2005.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Omnibus Stock Plan Committee</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Omnibus Stock Plan Committee is responsible for
administering the Company&#146;s Omnibus Stock Plan and the 2006 Omnibus Stock Plan,
if approved. The Committee consists of two members, Dr.&nbsp;West and Mr.&nbsp;DiBenedetto.
Dr.&nbsp;West is the Chairman of the Omnibus Stock Plan Committee, which met
once during 2005.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">6</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='6',FILE='C:\fc\116123842526_H10036_1054269\8829-1-ce.htm',USER='jmsproofassembler',CD='Apr 26 12:39 2006' -->



<br clear="all" style="page-break-before:always;">

<div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Selection of Directors<a name="SelectionOfDirectors_102617"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board is responsible
for selecting the nominees for election to our Board. The members of the Board
may, in their discretion, work or otherwise consult with members of management
of the Company in selecting nominees. The Board evaluates nominees, including
stockholder nominees (see &#147;Advance Notice for Stockholder Nominations and
Stockholder Proposals&#148;), by considering the following criteria among others:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Personal
qualities and characteristics, accomplishments and reputation in the business
community;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Current
knowledge and contacts in the communities in which the Company does business
and in our industry or other industries relevant to our business;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Ability
and willingness to commit adequate time to Board and committee matters;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
fit of the individual&#146;s skills and personality with those of other directors
and potential directors in building a Board that is effective, collegial and
responsive to the needs of the Company; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Diversity
of viewpoints, experience and other demographics.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There is no written charter in
place regarding the director nomination process.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attendance at Annual
Meetings of Stockholders<a name="AttendanceAtAnnualMeetingsOfStock_102625"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All of the Company&#146;s directors were present at the
2005 Annual Meeting of Stockholders. We do not have a policy with regard to
directors&#146; attendance at Annual Meetings of Stockholders.</font></p>

<p align="center" style="margin:0pt 0pt 6.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*********************************************************************************************************************</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Persons wishing to contact the
independent members of the Board should call (866) 233-4238. A recording
of each phone call will be forwarded to one independent member of the Board who
sits on the Audit Committee as well as to two members of management who may
respond to any such call if a return number is provided. This means of contact
should not be used for solicitations or communications with the Company of a
general nature. Information on how to contact the Company generally is
available on our website (www.alx-inc.com).</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='7',FILE='C:\JMS\udhaykum\06-8829-1\task1045429\8829-1-cf.htm',USER='uramamurthy',CD='Apr 22 14:22 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PERFORMANCE GRAPH<a name="PerformanceGraph_102631"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following graph compares the
performance of the Shares with the performance of the Standard &amp; Poor&#146;s 500
Index (the &#147;S&amp;P 500 Index&#148;) and the National Association of Real Estate
Investment Trusts (&#147;NAREIT&#148;) All Equity Index, a peer group index. The graph
assumes that $100 was invested on December 31, 2000 in each of the Company&#146;s
Shares, the S&amp;P 500 Index and the NAREIT All Equity Index and that all
dividends were reinvested without the payment of any commissions. THERE CAN BE
NO ASSURANCE THAT THE PERFORMANCE OF THE COMPANY&#146;S SHARES WILL CONTINUE IN LINE
WITH THE SAME OR SIMILAR TRENDS DEPICTED IN THE GRAPH BELOW.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comparison of Five-Year
Cumulative Return<a name="ComparisonOfFiveyearCumulativeRet_102633"></a></font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><img width="592" height="341" src="g88291cfi001.gif" alt="GRAPHIC"></font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="322" valign="bottom" style="border:solid windowtext 1.0pt;border-right:none;padding:0pt .7pt 0pt 0pt;width:241.4pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.05pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="31" colspan="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.1pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2000</font></b></p>
  </td>
  <td width="8" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="31" colspan="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.05pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2001</font></b></p>
  </td>
  <td width="8" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="31" colspan="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.05pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2002</font></b></p>
  </td>
  <td width="8" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="31" colspan="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.05pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="8" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="31" colspan="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.05pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="8" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="31" colspan="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.25pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="7" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt 0pt;width:5.1pt;">
  <p style="font-weight:bold;line-height:11.0pt;margin:1.0pt 0pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="322" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0pt .7pt 0pt 0pt;width:241.4pt;">
  <p style="line-height:11.0pt;margin:1.0pt 2.0pt 1.0pt 12.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Alexander&#146;s</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.05pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">100</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">84</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">95</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">184</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">318</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">363</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.1pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="322" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0pt .7pt 0pt 0pt;width:241.4pt;">
  <p style="line-height:11.0pt;margin:1.0pt 2.0pt 1.0pt 12.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">S&amp;P 500 Index</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.05pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">100</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">88</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">69</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">88</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">98</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">103</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.1pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="322" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0pt .7pt 0pt 0pt;width:241.4pt;">
  <p style="line-height:11.0pt;margin:1.0pt 2.0pt 1.0pt 12.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The NAREIT All Equity Index</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.05pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">100</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">114</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">118</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">162</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">213</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">239</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.1pt;">
  <p style="line-height:11.0pt;margin:1.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">8</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='8',FILE='C:\JMS\udhaykum\06-8829-1\task1045429\8829-1-cf.htm',USER='uramamurthy',CD='Apr 22 14:22 2006' -->



<br clear="all" style="page-break-before:always;">

<div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PRINCIPAL SECURITY HOLDERS<a name="PrincipalSecurityHolders_103340"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following
table sets forth the number of Shares as of April&nbsp;14, 2006, beneficially
owned by (i)&nbsp;each person who holds more than a 5% interest in the Company,
(ii)&nbsp;directors of the Company, (iii)&nbsp;named executive officers of the
Company and (iv)&nbsp;the directors and executive officers of the Company as a
group.</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="134" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:100.3pt;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;">Name&nbsp;of&nbsp;Beneficial&nbsp;Owner</p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="81" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:60.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="180" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Address&nbsp;of&nbsp;Beneficial&nbsp;Owner</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="100" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:74.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;Shares<br>
  Beneficially&nbsp;Owned</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="54" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percent&nbsp;of<br>
  All&nbsp;Shares<br>
  (1)(2)</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font style="font-weight:bold;">Named Executive Officers and Directors</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Steven Roth(3)</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,364,268</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27.18</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="font-size:10.0pt;margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;">Russell B.
  Wight,&nbsp;Jr.(3)(5)(6)</p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,374,568</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27.33</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David Mandelbaum(3)(6)</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,364,568</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27.13</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="font-size:10.0pt;margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;">Michael D. Fascitelli</p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neil Underberg(6)</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,900</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="font-size:10.0pt;margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;">Dr.&nbsp;Richard R. West(6)</p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,200</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas R. DiBenedetto(6)</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,000</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="font-size:10.0pt;margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;">Arthur I. Sonnenblick(6)</p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,950</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen Mann(6)(7)</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">600</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="font-size:10.0pt;margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;">Joseph Macnow(6)</p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35,000</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All executive officers and directors as&nbsp;a group (10 persons)(6)</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,457,918</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28.58</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="font-size:10.0pt;margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font style="font-weight:bold;">Other Beneficial Owners</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vornado Realty Trust(8)</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,654,068</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32.95</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="font-size:10.0pt;margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;">Interstate Properties(3)(8)</p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,354,568</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26.98</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Franklin Mutual Advisers, LLC(9)</font></p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51&nbsp;John&nbsp;F.&nbsp;Kennedy&nbsp;Parkway<br>
  Short&nbsp;Hills,&nbsp;NJ&nbsp;07078</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">481,865</font></p>
  </td>
  <td width="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.60</font></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="font-size:10.0pt;margin:3.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;">Ronald Baron, Baron Capital<br>
  Group,&nbsp;Inc., BAMCO,&nbsp;Inc., Baron</p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:3.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:3.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;">Capital
  Management,&nbsp;Inc.(10)</p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">767&nbsp;Fifth&nbsp;Avenue</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">431,512</font></p>
  </td>
  <td width="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.60</font></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">% </font></p>
  </td>
  <td width="14" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="221" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"></p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0pt .7pt 0pt 0pt;width:134.9pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New&nbsp;York,&nbsp;NY&nbsp;10153</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.45pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.55pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="80" noshade color="black" align="left" style="width:60.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-11.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Less
than 1%.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>Unless
otherwise indicated, each person is the direct owner of, and has sole voting
power and sole investment power with respect to, such Shares. Numbers and
percentages in the table are based on 5,025,000 Shares outstanding as of April&nbsp;14,
2006.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>The
total number of Shares outstanding used in calculating this percentage assumes
that all Shares that each person has the right to acquire within 60 days,
pursuant to the exercise of options, are deemed to be outstanding, but are not
deemed to be outstanding for the purpose of computing the ownership percentage
of any other person.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">9</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='9',FILE='C:\fc\116161948282_F25897_1055026\8829-1-cg.htm',USER='jmsproofassembler',CD='Apr 26 16:20 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>Interstate,
a partnership of which Messrs.&nbsp;Roth, Wight and Mandelbaum are the general
partners, owns 1,354,568 Shares. These Shares are included in the number of
Shares and the percentage of all Shares of Interstate, Messrs.&nbsp;Roth, Wight
and Mandelbaum. These gentlemen share investment power and voting power with
respect to these Shares.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>The
address of such person(s)&nbsp;is c/o Alexander&#146;s,&nbsp;Inc., 888 Seventh Avenue,
New York, NY 10019.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>Includes
11,000 Shares owned by the Wight Foundation, over which Mr.&nbsp;Wight holds
sole voting power and sole investment power. Does not include 1,800 Shares
owned by Mr.&nbsp;Wight&#146;s children. Mr.&nbsp;Wight disclaims any beneficial
interest in these Shares.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>The
number of Shares beneficially owned by the following persons includes the
number of Shares indicated due to vesting of options: Russell B. Wight,&nbsp;Jr.,
David Mandelbaum, Dr.&nbsp;Richard R. West &#151; 10,000 each; Thomas R. DiBenedetto
&#151; 7,000; Arthur I. Sonnenblick &#151; 5,950; Neil Underberg &#151; 2,400; Stephen Mann &#151; 500;
Joseph Macnow &#151; 35,000; and all directors and executive officers as a group &#151; 80,850.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>Does
not include 10 Shares owned by Mr.&nbsp;Mann&#146;s son. Mr.&nbsp;Mann disclaims any
beneficial interest in these Shares.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>Interstate
owns 5.61% of the common shares of beneficial interest of Vornado. Interstate
and its three general partners (Messrs.&nbsp;Roth, Mandelbaum and Wight, who
are all directors of the Company and trustees of Vornado) own, in the
aggregate, 12.1% of the common shares of beneficial interest of Vornado. Interstate,
its three general partners and Vornado own, in the aggregate, approximately 60%
of the outstanding Shares of the Company. See &#147;Certain Relationships and
Related Transactions.&#148;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>Based
on Amendment No.&nbsp;4 to a Schedule 13G filed on February&nbsp;9, 2004,
Franklin Mutual Advisers, LLC has the sole power to vote or to direct the vote
of, and the sole power to dispose or to direct the disposition of, 481,865
Shares.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font>Based
on Amendment No.&nbsp;4 to a Schedule 13G filed on February&nbsp;9, 2006,
Ronald Baron owns 431,512 Shares in his capacity as a controlling person of
Baron Capital Group,&nbsp;Inc., BAMCO,&nbsp;Inc. and Baron Capital Management,&nbsp;Inc.
Mr.&nbsp;Baron disclaims beneficial ownership of these Shares to the extent
such Shares are held by persons other than Baron Capital Group,&nbsp;Inc.
(429,392 Shares). He also owns 7,120 Shares personally. Mr.&nbsp;Baron has the
sole power to vote or direct the vote of, and to dispose or direct the
disposition of, 7,120 Shares and shared power to vote or direct the vote of
416,892 Shares, and to dispose or direct the disposition of, 424,392 Shares,
including 395,500 and 403,000 Shares, respectively, purchased by BAMCO,&nbsp;Inc.
for its investment advisory clients and 21,392 Shares purchased by Baron
Capital Management,&nbsp;Inc. for its investment advisory clients. Mr.&nbsp;Baron
is the Chairman and Chief Executive Officer of Baron Capital Group,&nbsp;Inc.,
BAMCO,&nbsp;Inc. and Baron Capital Management,&nbsp;Inc.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">10</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='10',FILE='C:\fc\116161948282_F25897_1055026\8829-1-cg.htm',USER='jmsproofassembler',CD='Apr 26 16:20 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;16(a)&nbsp;BENEFICIAL
OWNERSHIP REPORTING COMPLIANCE<a name="Section16abeneficialOwnershipRepo_103318"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16(a)&nbsp;of the Securities Exchange Act
of 1934 requires our directors and executive officers, and persons who own more
than 10% of a registered class of our equity securities, to file with the SEC
reports of ownership of, and transactions in, our equity securities. Such
directors, executive officers and 10% stockholders are also required to furnish
us with copies of all Section&nbsp;16(a)&nbsp;reports they file.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based solely on a review of the Forms 3, 4 and 5, and
any amendments thereto, furnished to us, and on written representations from
certain reporting persons, we believe that there are no filing deficiencies
under Section&nbsp;16(a)&nbsp;by our directors, executive officers and 10%
stockholders.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">11</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='11',FILE='C:\fc\116161948282_F25897_1055026\8829-1-cg.htm',USER='jmsproofassembler',CD='Apr 26 16:20 2006' -->



<br clear="all" style="page-break-before:always;">

<div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMPENSATION COMMITTEE
REPORT ON EXECUTIVE COMPENSATION<a name="CompensationCommitteeReportOnExec_103221"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Compensation Committee of the Board is responsible
for establishing the terms of compensation of executive officers except for
awards granted under the Company&#146;s Omnibus Stock Plan. The Omnibus Stock Plan
Committee is responsible for the granting of awards under the Company&#146;s Omnibus
Stock Plan and for the 2006 Omnibus Stock Plan, if approved.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The only executive officer of the Company that
received cash compensation from the Company in 2005 is Stephen Mann, the
Company&#146;s Chief Operating Officer. Mr.&nbsp;Mann&#146;s total cash compensation was
$250,000. None of the Company&#146;s other executive officers received compensation
from, or on behalf of, the Company in 2005 other than in connection with the
exercise of stock appreciation rights. See &#147;Executive Compensation.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The factors and criteria which the Compensation
Committee utilizes in establishing the compensation of the Company&#146;s executive
officers include an evaluation of the Company&#146;s overall financial and business
performance and the officer&#146;s overall leadership, management, and contributions
to the Company&#146;s acquisitions or investments. The Compensation Committee also
considers the compensation provided in the prior year and estimates of
compensation to be provided by similar companies in the current year.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;162(m)&nbsp;of
the Internal Revenue Code, as amended (&#147;Section&nbsp;162(m)&#148;), provides that,
in general, publicly traded companies may not deduct, in any taxable year,
compensation in excess of $1,000,000 paid to the company&#146;s chief executive
officer and four other most highly compensated executive officers as of the end
of any fiscal year which is not &#147;performance based,&#148; as defined in Section&nbsp;162(m).
Options granted under the Omnibus Stock Plan to date satisfy the
performance-based requirements under the final regulations issued with respect
to Section&nbsp;162(m).</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr>
  <td width="300" valign="top" style="padding:0pt .7pt 0pt 0pt;width:225.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"></p>
  </td>
  <td width="17" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="292" valign="top" style="padding:0pt .7pt 0pt 0pt;width:218.7pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;">STEPHEN MANN</p>
  </td>
 </tr>
 <tr>
  <td width="300" valign="top" style="padding:0pt .7pt 0pt 0pt;width:225.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="292" valign="top" style="padding:0pt .7pt 0pt 0pt;width:218.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THOMAS R. DIBENEDETTO</font></p>
  </td>
 </tr>
</table>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">12</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='12',FILE='C:\fc\115162125500_F25897_1051148\8829-1-ch.htm',USER='jmsproofassembler',CD='Apr 25 16:21 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXECUTIVE COMPENSATION<a name="ExecutiveCompensation_103739"></a></font></b></p>

<p style="margin:0pt 0pt 7.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as described below with
regard to the exercise of stock appreciation rights, the Company&#146;s Chief
Executive Officer and each of its three other executive officers who were
executive officers in 2005 (the &#147;Covered Executives&#148;) have not received
compensation from, or on behalf of, the Company in each of the past three
fiscal years except for Stephen Mann, the Company&#146;s Chief Operating Officer.
Mr.&nbsp;Mann received $250,000 of total compensation in each of the past three
fiscal years for services rendered in all capacities to the Company. The
Company&#146;s Chief Executive Officer is Steven Roth, its President is Michael D.
Fascitelli, and its Executive Vice President and Chief Financial Officer is
Joseph Macnow.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Appreciation Rights<a name="StockAppreciationRights_103747"></a></font></b></p>

<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2000, the Company, with the
agreement of Messrs.&nbsp;Roth and Fascitelli, converted the then-existing
options held by Messrs.&nbsp;Roth and Fascitelli into stock appreciation rights
(&#147;SARs&#148;). Following the conversion, Mr.&nbsp;Roth held 350,000 SARs with an
exercise price of $70.375 and an expiration date of March&nbsp;4, 2009 and Mr.&nbsp;Fascitelli
held 350,000 and 150,000 SARs with exercise prices of $73.88 and $70.375 and
expiration dates of December&nbsp;5, 2006 and March&nbsp;4, 2009, respectively.
On December&nbsp;29, 2005, Mr.&nbsp;Fascitelli exercised 350,000 of his existing
SARs, which were scheduled to expire in December&nbsp;2006 and received $173.82
for each SAR exercised, representing the difference between the Company&#146;s stock
price of $247.70 (the average of the high and low market price on the date of
exercise) and the exercise price of $73.88. This exercise was consistent with
the Company&#146;s tax planning. On January&nbsp;10, 2006, the Omnibus Stock Plan
Committee of our Board granted Mr.&nbsp;Fascitelli a SAR covering 350,000
shares of the Company&#146;s common stock. The exercise price of the SAR is $243.83
per share of common stock, which is the average high and low trading price of
the Company&#146;s common stock on the date of grant. The SAR will become
exercisable on July&nbsp;10, 2006, provided Mr.&nbsp;Fascitelli is employed
with the Company on such date and will expire on March&nbsp;14, 2007. Mr.&nbsp;Fascitelli&#146;s
early exercise and the related tax consequences for the Company were factors in
the Company&#146;s decision to make a new grant to him.</font></p>

<p style="margin:0pt 0pt 11.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table summarizes
all exercises of all SARs and options during 2005 and the number and value of
SARs and options held at December&nbsp;31, 2005 (determined at the market
closing price) by the Covered Executives.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 11.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregated
Option/SAR Exercises in 2005 and Fiscal Year End SAR/Option Values<a name="AggregatedOptionsarExercisesIn200_103755"></a></font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="31" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.4pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="123" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:92.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="84" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:62.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Shares&nbsp;or&nbsp;Share<br>
  Equivalents<br>
  Acquired&nbsp;on<br>
  Exercise<br>
  (#)</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.55pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Value<br>
  Realized<br>
  ($)</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="137" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:102.45pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;Securities<br>
  Underlying&nbsp;Unexercised<br>
  Options/SARs&nbsp;at<br>
  12/31/05&nbsp;(#)<br>
  Exercisable/Unexercisable</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="137" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:102.45pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Value&nbsp;of&nbsp;Unexercised<br>
  In-The-Money<br>
  Options/SARs&nbsp;at<br>
  12/31/05&nbsp;($)<br>
  Exercisable/Unexercisable</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="161" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:120.55pt;">
  <p style="margin:4.0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Steven Roth</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:30.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.55pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:32.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">350,000/0</font></p>
  </td>
  <td width="44" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:32.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:27.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="64" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:48.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">61,293,750/0</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:27.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="161" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:120.55pt;">
  <p style="margin:4.0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Michael D. Fascitelli(1)</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:30.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">350,000</font></p>
  </td>
  <td width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.55pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">60,837,000</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:32.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">150,000/0</font></p>
  </td>
  <td width="44" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:32.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:27.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="64" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:48.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">26,268,750/0</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:27.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="161" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:120.55pt;">
  <p style="margin:4.0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Joseph Macnow</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:30.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.55pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:32.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">35,000/0</font></p>
  </td>
  <td width="44" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:32.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:27.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="64" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:48.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">6,129,375/0</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:27.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="161" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:120.55pt;">
  <p style="margin:4.0pt 0pt .0001pt 8.0pt;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Stephen Mann</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:30.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4,500</font></p>
  </td>
  <td width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.55pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">696,325</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:32.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">500/0</font></p>
  </td>
  <td width="44" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:32.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:27.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="64" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:48.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">87,563/0</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:27.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<div style="margin:0pt 0pt .0001pt;page-break-after:auto;"><hr size="1" width="80" noshade color="black" align="left" style="width:60.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.0pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;position:relative;top:-3.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As
noted above, Mr.&nbsp;Fasctelli was granted an additional 350,000 SARs in January&nbsp;of
2006.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.0pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;position:relative;top:-3.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Represents
number of shares with respect to which options were exercised. No shares were
acquired upon exercise.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">13</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='13',FILE='C:\fc\115162125500_F25897_1051148\8829-1-ch.htm',USER='jmsproofassembler',CD='Apr 25 16:21 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table summarizes
the status of the Company&#146;s equity compensation plan at January&nbsp;31, 2006.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity
Compensation Plan Information<a name="EquityCompensationPlanInformation_104704"></a></font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="74" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.4pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Plan&nbsp;Category</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:38.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="139" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:104.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(a)<br>
  Number&nbsp;of&nbsp;securities&nbsp;to<br>
  be&nbsp;issued&nbsp;upon&nbsp;exercise&nbsp;of<br>
  outstanding&nbsp;options,<br>
  warrants&nbsp;and&nbsp;rights</font></b></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="145" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:109.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Weighted-average&nbsp;exercise<br>
  price&nbsp;of&nbsp;outstanding<br>
  options,&nbsp;warrants&nbsp;and&nbsp;rights</font></b></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="162" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:121.55pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;securities&nbsp;remaining<br>
  available&nbsp;for&nbsp;future&nbsp;issuance<br>
  under&nbsp;equity&nbsp;compensation<br>
  plans&nbsp;(excluding&nbsp;securities<br>
  reflected&nbsp;in&nbsp;column&nbsp;(a))</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="132" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:99.35pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity compensation plans approved by security holders</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:32.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80,850</font></p>
  </td>
  <td width="48" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:38.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:27.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70.38</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:38.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">895,000</font></p>
  </td>
  <td width="56" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="132" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:99.35pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity compensation plans not approved by security<br>
  holders</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="48" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:38.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:38.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="56" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="132" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:99.35pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:32.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80,850</font></p>
  </td>
  <td width="48" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:38.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:27.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70.38</font></p>
  </td>
  <td width="51" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:38.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">895,000</font></p>
  </td>
  <td width="56" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="80" noshade color="black" align="left" style="width:60.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;position:relative;top:-3.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Excludes 850,000
stock appreciation rights outstanding as of January<font face="Times New Roman">&nbsp;</font>31, 2006, which, upon
exercise, would have increased the number of securities available for future
grant under the equity compensation plan. The Company<font face="Times New Roman">&#146;</font>s
previous Omnibus Stock plan expired on April<font face="Times New Roman">&nbsp;</font>3, 2006.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation of Directors<a name="CompensationOfDirectors_105857"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration for his services as our Chief
Operating Officer, Mr.&nbsp;Mann receives $250,000 per annum.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2005, the other directors
of the Company received annual retainers and an additional $500 for each Board
or committee meeting attended. Directors receive annual retainers in the
following amounts: Messrs.&nbsp;DiBenedetto, Sonnenblick and Dr.&nbsp;West &#151; $50,000
each and Messrs.&nbsp;Roth, Fascitelli, Mandelbaum, Underberg and Wight &#151; $30,000
each. Messrs.&nbsp;DiBenedetto&#146;s, Sonnenblick&#146;s and Dr.&nbsp;West&#146;s annual
retainers are reflective of their membership on the Audit Committee during
2005.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation Committee
Interlocks and Insider Participation<a name="CompensationCommitteeInterlocksAn_105902"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has a Compensation Committee consisting of
Mr.&nbsp;Mann and Mr.&nbsp;DiBenedetto. There are no interlocking relationships
involving the Company&#146;s Board, which require disclosure under the executive
compensation rules&nbsp;of the SEC. Mr.&nbsp;Mann also serves as Chief
Operating Officer for which services he receives a salary of $250,000 per year.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">14</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='14',FILE='C:\fc\115162125500_F25897_1051148\8829-1-ch.htm',USER='jmsproofassembler',CD='Apr 25 16:21 2006' -->



<br clear="all" style="page-break-before:always;">

<div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTAIN RELATIONSHIPS AND
RELATED TRANSACTIONS<a name="CertainRelationshipsAndRelatedTra_102227"></a></font></b></p>

<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vornado owned approximately 33%
of the outstanding Shares of the Company at April&nbsp;14, 2006. Steven Roth is
the Chairman of the Board, Chief Executive Officer and a director of the
Company, the Managing General Partner of Interstate and the Chairman of the
Board and Chief Executive Officer of Vornado. At April&nbsp;14, 2006, Mr.&nbsp;Roth,
Interstate and its two other general partners, David Mandelbaum and Russell B.
Wight,&nbsp;Jr. (who are also directors of the Company and trustees of Vornado)
owned, in the aggregate, 27.7% of the outstanding Shares of the Company, and 12.1%
of the outstanding common shares of beneficial interest of Vornado.</font></p>

<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is managed, and its
properties are leased and developed, by Vornado, pursuant to agreements with
one-year terms, expiring in March&nbsp;of each year, which are automatically
renewable.</font></p>

<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The annual fee payable to Vornado
for management of the Company is equal to the sum of (i)&nbsp;$3,000,000,
(ii)&nbsp;3% of gross income from the Kings Plaza Regional Shopping Center,
(iii)&nbsp;$0.50 per square foot of the tenant occupied office and retail space
at 731 Lexington Avenue and (iv)&nbsp;$214,000, escalating at 3% per annum, for
managing the common area of 731 Lexington Avenue. In addition, Vornado is entitled
to a development fee equal to 6% of development costs, as defined, with a
minimum guaranteed fee of $750,000 per annum.</font></p>

<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vornado also provides all leasing
services for the Company for a fee of 3% of rent for the first ten years of a
lease term, 2% of rent for the eleventh through the twentieth year of a lease
term, and 1% of rent for the twenty-first through the thirtieth year of a lease
term, subject to the payments of rents by tenants. In the event of the sale of
an asset, the fee is 3% of the gross proceeds as defined. Such amounts are
payable annually in an amount not to exceed $2,500,000 until the present value
of such installments, calculated at a discount rate of 9% per annum, equals the
amount that would have been paid had they been paid at the time the
transactions which gave rise to the commissions occurred. Pursuant to the
leasing agreement, in the event third party real estate brokers are used, the
fees to Vornado increase by 1% and Vornado is responsible for the fees to the
third party real estate brokers.</font></p>

<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have also entered into
agreements with Building Maintenance Services, a wholly owned subsidiary of Vornado,
to supervise cleaning, engineering and security services at our Lexington Avenue
and Kings Plaza properties for an annual fee of the cost for such services plus
6%.</font></p>

<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;6, 2005, the Company
completed a $320,000,000 mortgage financing of the retail space at its 731&nbsp;Lexington
Avenue Property. In connection therewith, the Company repaid the remaining
balance of the construction loan and the $124,000,000 loan to the Company from
Vornado. In addition, the Company paid Vornado the unpaid balance (which was then
due) of the development fee of $20,624,000 and $6,300,000 for the Completion
Guarantee Fee.</font></p>

<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At December&nbsp;31, 2005, the
Company owed Vornado $32,804,000 for leasing fees, and $1,520,000 for
management, property management and cleaning fees. In addition, during 2005,
the Company had an outstanding loan from Vornado in an amount of $124,000,000
(referred to above), which loan was repaid in July&nbsp;2005. The largest
amount outstanding during the year ended December&nbsp;31, 2005 for these fees,
other costs and the loan was $183,394,000. During the year ended December&nbsp;31,
2005, the Company incurred $11,671,000 of leasing fees, $4,206,000 of
development and guarantee fees, $4,423,000 of management fees and $3,578,000 of
other fees and rents under its agreements with Vornado.</font></p>

<p style="margin:0pt 0pt 11.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the year ended December&nbsp;31,
2005, Winston&nbsp;&amp; Strawn LLP, a law firm in which Mr.&nbsp;Underberg is
of counsel, performed legal services for the Company for which it was paid
$368,000.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">15</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='15',FILE='C:\fc\116184925372_D11240_1055605\8829-1-ci.htm',USER='jmsproofassembler',CD='Apr 26 18:49 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">REPORT OF THE AUDIT
COMMITTEE<a name="ReportOfTheAuditCommittee_102247"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Audit Committee&#146;s purposes are to (i)&nbsp;assist
the Board in its oversight of (a)&nbsp;the integrity of the Company&#146;s
consolidated financial statements, (b)&nbsp;the Company&#146;s compliance with legal
and regulatory requirements, (c)&nbsp;the independent registered public accounting
firm&#146;s qualifications and independence, and (d)&nbsp;the performance of the
independent registered public accounting firm and the Company&#146;s internal audit
function; and (ii)&nbsp;prepare an Audit Committee report as required by the
SEC for inclusion in the Company&#146;s annual Proxy Statement. The function of the
Audit Committee is oversight. The Board, in its business judgment, has
determined that all members of the Audit Committee are &#147;independent&#148; as
required by the applicable listing standards of the NYSE, as currently in
effect, and in accordance with the rules&nbsp;and regulations promulgated by
the SEC. The Audit Committee operates pursuant to an Audit Committee Charter.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management is responsible for the preparation,
presentation and integrity of the Company&#146;s financial statements and for the
establishment and effectiveness of internal control over financial reporting,
and for maintaining appropriate accounting and financial reporting principles
and internal controls and procedures that provide for compliance with accounting
standards and applicable laws and regulations. The independent registered
public accounting firm, Deloitte&nbsp;&amp; Touche LLP, is responsible for
planning and carrying out a proper audit of the Company&#146;s annual consolidated
financial statements in accordance with the auditing standards of the Public
Company Accounting Oversight Board (United States), expressing an opinion as to
the conformity of such consolidated financial statements with accounting
principles generally accepted in the United States of America and auditing
management&#146;s assessment of the effectiveness of internal control over financial
reporting.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In performing its oversight role, the Audit Committee
has reviewed and discussed the audited consolidated financial statements with
management and the independent registered public accounting firm. The Audit
Committee has also discussed with the independent registered public accounting
firm the matters required to be discussed by Statement on Auditing Standards No.&nbsp;61,
<i><font style="font-style:italic;">Communication with Audit Committees,</font></i>
as amended by Statement on Auditing Standards No.&nbsp;90, <i><font style="font-style:italic;">Audit Committee Communications. </font></i>The Audit
Committee has received the written disclosures and the letter from the
independent registered public accounting firm required by Independence
Standards Board Standard No.&nbsp;1, <i><font style="font-style:italic;">Independence
Discussions with Audit Committees,</font></i> as currently in effect. The Audit
Committee has also discussed with the independent registered public accounting
firm their independence. The independent registered public accounting firm has
free access to the Audit Committee to discuss any matters they deem
appropriate.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on the reports and discussions described in the
preceding paragraph, and subject to the limitations on the role and
responsibilities of the Audit Committee referred to below and in the Audit
Committee Charter in effect during 2005, the Audit Committee recommended to the
Board of Directors that the audited consolidated financial statements be
included in the Annual Report on Form&nbsp;10-K for the fiscal year ended
December&nbsp;31, 2005.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Members of the Audit Committee rely without
independent verification on the information provided to them and on the
representations made by management and the independent registered public
accounting firm. Accordingly, the Audit Committee&#146;s oversight does not provide
an independent basis to determine that management has maintained appropriate
accounting and financial reporting principles or appropriate internal controls
and procedures designed to assure compliance with accounting standards and
applicable laws and regulations. Furthermore, the Audit Committee&#146;s
considerations and discussions referred to above do not assure that the audit
of the Company&#146;s </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">16</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='16',FILE='C:\fc\116184925372_D11240_1055605\8829-1-ci.htm',USER='jmsproofassembler',CD='Apr 26 18:49 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">consolidated financial statements
has been carried out in accordance with the auditing standards of the Public
Company Accounting Oversight Board (United States), that the consolidated
financial statements are presented in accordance with accounting principles
generally accepted in the United States of America, that Deloitte&nbsp;&amp;
Touche LLP is in fact &#147;independent&#148; or the effectiveness of the Company&#146;s
internal controls.</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="404" valign="top" style="padding:0pt .7pt 0pt 0pt;width:303.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"></p>
  </td>
  <td width="205" valign="top" style="padding:0pt .7pt 0pt 0pt;width:153.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DR. RICHARD R. WEST</font></p>
  </td>
 </tr>
 <tr>
  <td width="404" valign="top" style="padding:0pt .7pt 0pt 0pt;width:303.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="205" valign="top" style="padding:0pt .7pt 0pt 0pt;width:153.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">THOMAS R. DI</font>BENEDETTO</font></p>
  </td>
 </tr>
 <tr>
  <td width="404" valign="top" style="padding:0pt .7pt 0pt 0pt;width:303.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="205" valign="top" style="padding:0pt .7pt 0pt 0pt;width:153.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTHUR I. SONNENBLICK</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">17</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='17',FILE='C:\fc\116184925372_D11240_1055605\8829-1-ci.htm',USER='jmsproofassembler',CD='Apr 26 18:49 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROPOSAL 2: TO APPROVE THE
2006 OMNIBUS STOCK PLAN<a name="Proposal2ToApproveThe2006OmnibusS_102737"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purpose of the Company&#146;s 2006 Omnibus Stock Plan
(the &#147;Plan&#148;) will be to promote the financial interests of the Company by
encouraging employees and officers of the Company and its subsidiaries,
employees of Vornado and its subsidiaries or any other person or entity
providing services to the Company as may be designated by the Committee (as
defined below) (collectively &#147;Eligible Persons&#148;) to acquire an ownership
interest in the Company, enhancing its ability to attract and retain people or
entities of outstanding ability and providing such persons with a way to
acquire or increase their proprietary interest in the Company&#146;s success. Approval
of the adoption of the Plan requires the affirmative vote of a majority of the
outstanding shares of Common Stock represented and entitled to vote at the
Annual Meeting. The text of the Plan is set forth in Annex&nbsp;B and the
following description is qualified in its entirety by reference to
Annex&nbsp;B.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Plan, Eligible Persons may be granted awards
of stock options, stock appreciation rights, performance share awards,
restricted share awards and other share-based awards, in each case, with or
without the right to dividends or dividend equivalents. The Plan will be
administered by the Omnibus Stock Plan Committee or by a committee to be
selected by the Board, from time to time (the &#147;Committee&#148;), which is comprised
exclusively of non-employee Directors, each of whom is a &#147;non-employee director&#148;
within the meaning of Rule&nbsp;16b-3 of the Securities Exchange Act of
1934, as amended, and an &#147;outside director&#148; within the meaning of Section&nbsp;162(m)(4)(C)&nbsp;of
the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;). The Committee will
be authorized to select Eligible Persons to receive awards, determine the type
of awards to be made, determine the number of shares of Common Stock or share
units subject to any award and the other terms and conditions of such awards. All
Eligible Persons who have demonstrated significant management potential or who
have the capacity for contributing in a substantial measure to the successful
performance of the Company, as determined by the Committee, will be eligible to
receive awards under the Plan. As such criteria are subjective in nature, the
Company cannot accurately estimate the number of persons who may be included in
such class from time to time. Each officer of the Company could be granted
awards under the Plan.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The awards will not be assignable or transferable
except by will or the laws of descent and distribution and no right or interest
of any participant may be subject to any lien, obligation or liability of the
holder. The maximum aggregate number of shares of Common Stock that may be
issued pursuant to awards will be 895,000, subject to adjustment in accordance
with the terms of the Plan. The Plan became effective on April&nbsp;4, 2006,
subject to the approval of the Company&#146;s stockholders, and will have a term of
10 years. The Plan may be amended or terminated by the Board at any time.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Section&nbsp;162(m), the Company&#146;s deductions
for compensation paid to the Chief Executive Officer or any of the four most
highly compensated executive officers, other than the Chief Executive Officer,
are limited to $1 million in any year unless certain requirements related to
performance-based compensation are satisfied. In order for awards to satisfy
the requirements of performance-based compensation; it is necessary to specify
an aggregate number of shares that can be subject to awards granted to any
participant. The Plan provides that a participant may not be granted stock
options and stock appreciation rights with respect to more than 895,000 shares
of Common Stock.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Awards under the Plan are
determined by the Committee in its discretion. For this reason, it is not
possible to determine the benefits and amounts that will be received by any
individual participant or group of participants in the future.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">18</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='18',FILE='C:\fc\116184925372_D11240_1055605\8829-1-ci.htm',USER='jmsproofassembler',CD='Apr 26 18:49 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Options<a name="StockOptions_102743"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Options may be either &#147;incentive stock options&#148; within
the meaning of Section&nbsp;422 of the Code or &#147;nonqualified&#148; stock options;
provided, however, that only employees of the Company or its subsidiaries may
receive incentive stock options. Stock options entitle the holder to purchase
shares of Common Stock at a per share price determined by the Committee which
in no event may be less than the fair market value of the Common Stock on the
date of grant. For incentive stock options granted to persons owning more than
10% of the outstanding Common Stock, the option price may not be less than 110%
of the fair market value per share of Common Stock at the date of grant. In
addition, no employee may receive incentive stock options that, in the
aggregate, entitle the employee to purchase, in any calendar year during which
such options first become exercisable, stock in the Company, any parent or any
subsidiary having a fair market value in excess of $100,000. Stock options will
be exercisable for such period as will be determined by the Committee, but in
no event may options be exercisable after 10 years from the date of grant. In
addition, in the case of a 10% stockholder, incentive stock options may not be
exercised after five years from the date of grant. The option price for shares
of Common Stock purchased upon the exercise of an option must be paid in full
at the time of exercise and may be paid in cash, by tender of unrestricted
shares of Common Stock or withholding of shares subject to the option, or by a
combination of cash and unrestricted and withheld shares of Common Stock.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan provides for the grant of &#147;reload stock
options,&#148; at the discretion of the Committee, to a participant who uses common
shares owned by the participant to pay all or a part of the exercise price of a
stock option (including a reload stock option). A reload stock option will
cover the number of shares tendered in payment of the exercise price and will
have a per share exercise price not less than the fair market value of the
common shares on the date of grant of the reload stock option.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the grant or exercise of an incentive stock
option, no income will be recognized by the optionee for Federal income tax
purposes, and the Company will not be entitled to any deduction. If the shares
of Common Stock acquired upon exercise are not disposed of within the one-year
period beginning on the date of the transfer of the shares of Common Stock to
the optionee, nor within the two-year period beginning on the date of the grant
of the option, any gain or loss realized by the optionee upon the disposition
of such shares will be taxed as long-term capital gain or loss. In such event,
no deduction will be allowed to the Company. If the shares of Common Stock are
disposed of within the one-year or two-year periods referred to above, the
excess of the fair market value of the shares of Common Stock on the date of
exercise (or, if less, the fair market value on the date of disposition) over
the exercise price will be taxable as ordinary income to the optionee at the
time of disposition, and the Company will be entitled to a corresponding
deduction. The amount by which the fair market value of shares of Common Stock
at the time of exercise of an incentive stock option exceeds the option price
will constitute an item of tax preference that subjects the optionee to the
alternative minimum tax. Whether the optionee will be subject to such tax
depends on the facts and circumstances applicable to the individual.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the grant of a nonqualified
option, no income will be realized by the optionee, and the Company will not be
entitled to any deduction. Upon the exercise of such an option, the amount by
which the fair market value of the shares of Common Stock at the time of
exercise of the option exceeds the exercise price will be taxed as ordinary
income to the optionee and the Company will be entitled to a corresponding
deduction.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">19</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='19',FILE='C:\fc\116184925372_D11240_1055605\8829-1-ci.htm',USER='jmsproofassembler',CD='Apr 26 18:49 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Appreciation Rights<a name="StockAppreciationRights_102746"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock appreciation rights entitle the holder to
receive from the Company an amount equal to the amount by which the fair market
value of a share of Common Stock on the date of exercise exceeds the grant
price, which price may not be less than 100% of the fair market value of a
share of Common Stock on the date of grant. Stock appreciation rights may be
granted in tandem with a stock option, in addition to a stock option or may be
freestanding and unrelated to a stock option and may not be exercised earlier
than six months after grant except in the event of the holder&#146;s death or
disability. The Committee is authorized to determine whether a stock
appreciation right will be settled in cash, shares of Common Stock or a
combination thereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the grant of a stock appreciation
right, no income will be realized by the optionee and the Company will not be
entitled to any deduction. Upon the exercise of a stock appreciation right, the
amount by which the fair market value of the shares of Common Stock at the time
of exercise exceeds the grant price will be taxed as ordinary income to the
optionee and the Company and will be entitled to a corresponding deduction.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Performance Shares<a name="PerformanceShares_102748"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Performance share awards consist
of a grant of actual shares of Common Stock or share units having a value equal
to an identical number of shares of Common Stock in amounts determined by the
Committee at the time of grant. Performance share awards consisting of actual
shares of Common Stock entitle the holder to receive shares of Common Stock in an
amount based upon performance conditions of the Company over a performance
period as determined by the Committee at the time of grant. Such performance
share awards may provide the holder with voting rights prior to vesting. Performance
share awards consisting of share units entitle the holder to receive the value
of such units in cash, shares of Common Stock or a combination thereof based
upon performance conditions and over a performance period as determined by the
Committee at the time of grant. In general, at the time of vesting or payment
of a performance share award, the holder of the award will recognize ordinary
income in the amount of the fair market value of the shares of Common Stock
subject to the award and the Company will be entitled to a corresponding
deduction.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restricted Share Awards<a name="RestrictedShareAwards_102750"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restricted share awards consist
of a grant of actual shares of Common Stock or share units having a value equal
to an identical number of shares of Common Stock. Restricted share awards
consisting of actual shares of Common Stock entitle the holder to receive
shares of Common Stock. Such restricted share awards may provide the holder
with voting rights prior to vesting. Restricted share awards consisting of
share units entitle the holder to receive the value of such units in cash,
shares of Common Stock or a combination thereof as determined by the Committee.
The employment conditions and the length of the period for vesting of
restricted share awards will be established by the Committee at time of grant. In
general, at the time of vesting or payment of a restricted share award, the
holder of the award will recognize ordinary income in the amount of the fair
market value of the shares of Common Stock subject to the award and the Company
will be entitled to a corresponding deduction.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">20</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='20',FILE='C:\fc\116184925372_D11240_1055605\8829-1-ci.htm',USER='jmsproofassembler',CD='Apr 26 18:49 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Share-Based Awards<a name="OtherSharebasedAwards_102751"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other share-based awards may be
valued in whole or in part by reference to or based on shares of Common Stock
and generally may take any form that the Committee determines is consistent
with the interests of the Company and the purpose of the Plan.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Performance-Based
Compensation<a name="PerformancebasedCompensation_102753"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Performance share awards, restricted share awards and
other share-based awards may be conditioned on the attainment of performance
goals, in order to qualify as performance-based compensation under Section&nbsp;162(m).
Performance goals used for this purpose may be established with respect to the
Company and its subsidiaries or any of their subsidiaries, divisions, operating
units or investments, and may include earnings per share, EBITDA, cash flow,
net income, net earnings, funds from operations, net worth, book value, fair
value, return on equity, return on assets, return on investments, share price
or shareholder return.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors
unanimously recommends that you mark your proxy &#147;FOR&#148; the approval of the 2006
Omnibus Stock Plan.</font></b></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">21</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='21',FILE='C:\fc\116184925372_D11240_1055605\8829-1-ci.htm',USER='jmsproofassembler',CD='Apr 26 18:49 2006' -->



<br clear="all" style="page-break-before:always;">

<div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROPOSAL 3: RATIFICATION
OF SELECTION OF INDEPENDENT REGISTERED PUBLIC<a name="Proposal3RatificationOfSelectionO_112011"></a> ACCOUNTING FIRM<a name="AccountingFirm_111453"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Audit Committee has selected Deloitte&nbsp;&amp;
Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective
affiliates (collectively, the &#147;Deloitte Entities&#148;) as the Company&#146;s independent
registered public accounting firm for the fiscal year ending December&nbsp;31,
2006. As a matter of good corporate governance, the Audit Committee has chosen
to submit its selection to stockholders for ratification. In the event that
this selection of a registered public accounting firm is not ratified by a
majority of the Shares present or represented by proxy at the Annual Meeting,
the Audit Committee will review its future selection of a registered public
accounting firm but will retain all rights of selection.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We expect that representatives of
Deloitte Entities will be present at the Annual Meeting. They will have an
opportunity to make a statement, if they so desire, and will be available to
respond to appropriate questions.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit Fees</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The aggregate fees billed by
Deloitte Entities for the years ended December&nbsp;31, 2005 and 2004 for
professional services rendered for the audits of the Company&#146;s annual
consolidated financial statements included in the Company&#146;s Annual Reports on Form&nbsp;10-K,
for the reviews of the consolidated interim financial statements included in
the Company&#146;s Quarterly Reports on Form&nbsp;10-Q and reviews of other
filings or registration statements under the Securities Act of 1933 and
Securities Exchange Act of 1934 during those fiscal years were $270,000 and
$251,000, respectively.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit-Related Fees</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The aggregate fees billed by
Deloitte Entities for the years ended December&nbsp;31, 2005 and 2004 for
professional services rendered that are related to the performance of the
audits or reviews of the Company&#146;s consolidated financial statements which are
not reported above under &#147;Audit Fees&#148; were $256,000 and $194,000, respectively.
&#147;Audit-Related Fees&#148; include fees for stand-alone audits of certain
subsidiaries.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Fees</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The aggregate fees billed by
Deloitte Entities for the years ended December&nbsp;31, 2005 and 2004 for
professional services rendered for tax compliance, advice and planning were
$18,000 and $36,000, respectively. &#147;Tax Fees&#148; include fees for tax
consultations regarding return preparation and REIT tax law compliance.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">All Other Fees</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The aggregate fees billed by
Deloitte Entities for the years ended December&nbsp;31, 2005 and 2004 for
professional services rendered other than those described above under &#147;Audit
Fees,&#148; &#147;Audit-Related Fees&#148; and &#147;Tax Fees&#148; were $0 and $2,570, respectively.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-approval Policies and Procedures</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In May&nbsp;2003, the Audit Committee established the
following policies and procedures for approving all professional services
rendered by Deloitte Entities. The Audit Committee generally reviews and </font></p>


 <p style="font-size:10.0pt;margin:12.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">22</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='22',FILE='C:\fc\116152047121_H10043_1055029\8829-1-cj.htm',USER='jmsproofassembler',CD='Apr 26 15:21 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">approves engagement letters for
the services described above under &#147;Audit Fees&#148; before the provision of those
services commences. For all other services, the Audit Committee has detailed
policies and procedures pursuant to which it has pre-approved the use of
Deloitte Entities for specific services for which the Audit Committee has set
an aggregate quarterly limit of $50,000 on the amount of services that Deloitte
Entities can provide to the Company. Any services that exceed the quarterly
limit, or would cause the amount of total services provided by Deloitte
Entities to exceed the quarterly limit, must be approved by the Audit Committee
Chairman before the provision of such services commences. The Audit Committee
also requires management to provide it with regular quarterly reports of the
amount of services provided by Deloitte Entities. Since the adoption of such
policies and procedures, all such fees were approved by the Audit Committee in
accordance therewith.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors recommends that you vote &#147;FOR&#148;
the ratification of the selection of Deloitte&nbsp;&amp; Touche LLP as the
Company&#146;s independent registered public accounting firm for 2006.</font></b></p>


 <p style="font-size:10.0pt;margin:12.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">23</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='23',FILE='C:\fc\116152047121_H10043_1055029\8829-1-cj.htm',USER='jmsproofassembler',CD='Apr 26 15:21 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INCORPORATION BY REFERENCE<a name="IncorporationByReference_112211"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent this Proxy
Statement is incorporated by reference into any other filing by the Company
under the Securities Act of 1933 or the Securities Exchange Act of 1934, the
sections entitled &#147;Compensation Committee Report on Executive Compensation,&#148; &#147;Report
of the Audit Committee&#148; (to the extent permitted by the rules&nbsp;of the SEC)
and &#147;Performance Graph&#148; will not be incorporated unless provided otherwise in
such filing.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADDITIONAL MATTERS TO COME
BEFORE THE MEETING<a name="AdditionalMattersToComeBeforeTheM_112216"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board does not intend to
present any other matter, nor does it have any information that any other
matter will be brought before the Annual Meeting. However, if any other matter
properly comes before the Annual Meeting, it is the intention of the
individuals named in the enclosed proxy to vote said proxy in accordance with
their discretion on such matters.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADVANCE NOTICE FOR
STOCKHOLDER NOMINATIONS AND STOCKHOLDER PROPOSALS<a name="AdvanceNoticeForStockholderNomina_112227"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Bylaws of the Company provide that in order for a
stockholder to nominate a candidate for election as a director at an Annual
Meeting of Stockholders or propose business for consideration at such meeting,
notice must be given to the Secretary of the Company no more than 150 days nor
less than 120 days prior to the first anniversary of the preceding year&#146;s
Annual Meeting. As a result, any notice given by or on behalf of a stockholder
pursuant to the provisions of our Bylaws must be delivered to the Secretary of
the Company at the principal executive office of the Company, 888&nbsp;Seventh
Avenue, New York, NY 10019 between January&nbsp;18, 2007 and February&nbsp;17,
2007.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stockholders interested in
presenting a proposal for inclusion in the Proxy Statement for the Company&#146;s
Annual Meeting of Stockholders in 2007 may do so by following the procedures in
Rule&nbsp;14a-8 under the Securities Exchange Act of 1934. To be eligible
for inclusion, stockholder proposals must be received at the principal
executive office of the Company, 888&nbsp;Seventh Avenue, New York, NY 10019,
Attention: Secretary, not later than December&nbsp;27, 2006.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">STOCKHOLDER COMMUNICATIONS
WITH THE BOARD OF DIRECTORS<a name="StockholderCommunicationsWithTheB_112230"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Persons
wishing to contacts members of the Audit Committee, or otherwise contact
independent members of the Board, may do so by calling (866) 233-4238. Messages
will be forwarded to a member of the Audit Committee and to members of the
Company&#146;s senior management. Such messages will be forwarded on a confidential
basis unless the contacting person provides a return address in his or her
message. This means of contact should not be used for solicitations or
communications with the Company of a general nature.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr height="17" style="height:12.6pt;">
  <td width="50%" height="17" valign="top" style="height:12.6pt;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"></p>
  </td>
  <td width="50%" height="17" valign="top" style="height:12.6pt;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By Order of the Board of
  Directors,</font></p>
  </td>
 </tr>
 <tr height="17" style="height:12.5pt;">
  <td width="50%" height="17" valign="top" style="height:12.5pt;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:24.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" height="17" valign="top" style="height:12.5pt;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:24.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alan J. Rice<br>
  Secretary</font></p>
  </td>
 </tr>
 <tr height="17" style="height:12.5pt;">
  <td width="50%" height="17" valign="top" style="height:12.5pt;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;28, 2005</font></p>
  </td>
  <td width="50%" height="17" valign="top" style="height:12.5pt;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is important that
proxies be returned promptly. Therefore, stockholders are urged to fill in,
sign and return the accompanying proxy in the enclosed envelope.</font></b></p>


 <p style="font-size:10.0pt;margin:12.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">24</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='24',FILE='C:\fc\116152047121_H10043_1055029\8829-1-cj.htm',USER='jmsproofassembler',CD='Apr 26 15:21 2006' -->



<br clear="all" style="page-break-before:always;">

<div>

<p align="right" style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-align:right;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ANNEX A<a name="AnnexA_153759"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALEXANDER&#146;S, INC.<br>
CORPORATE GOVERNANCE GUIDELINES<a name="CorporateGovernanceGuidelines_153808"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I. &#160;Introduction</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors of Alexander&#146;s,&nbsp;Inc. (the &#147;Company&#148;)
has developed and adopted a set of corporate governance principles (the &#147;Guidelines&#148;)
to promote the functioning of the Board and its committees and to set forth a
common set of expectations as to how the Board should perform its functions.
These Guidelines are in addition to the Company&#146;s Certificate of Incorporation
and Bylaws, in each case as amended.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II. Board Composition</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The composition of the
Board should balance the following goals:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
size of the Board should facilitate substantive discussions of the whole Board
in which each Director can participate meaningfully; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
composition of the Board should encompass a broad range of skills, expertise,
industry knowledge, diversity of opinion and contacts relevant to the Company&#146;s
business.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">III. Selection of Chairman
of the Board and Chief Executive Officer</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board is free to select its Chairman and the
Company&#146;s Chief Executive Officer in the manner it considers in the best
interests of the Company at any given point in time. These positions may be
filled by one individual or by two different individuals.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IV. Selection of Directors</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Nominations</font></i>. The Board is
responsible for selecting the nominees for election to the Company&#146;s Board of
Directors. The members of the Board may, in their discretion, work or otherwise
consult with members of management of the Company in selecting nominees.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Criteria.</font></i></font>&nbsp;&nbsp; The
Board should select new nominees for the position of independent Director
considering the following criteria:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Personal
qualities and characteristics, accomplishments and reputation in the business
community;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Current
knowledge and contacts in the communities in which the Company does business
and in the Company&#146;s industry or other industries relevant to the Company&#146;s
business;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Ability
and willingness to commit adequate time to Board and committee matters;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
fit of the individual&#146;s skills and personality with those of other Directors
and potential Directors in building a Board that is effective, collegial and
responsive to the needs of the Company; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Diversity
of viewpoints, experience and other demographics.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Independence
Standards.</font></i></font>&nbsp;&nbsp; With regard to Directors who are to
be &#147;independent&#148; under the Corporate Governance Rules&nbsp;(the &#147;NYSE Rules&#148;)
of the New York Stock Exchange,&nbsp;Inc. (the &#147;NYSE&#148;), to qualify as
independent under the NYSE Rules, the Board must affirmatively determine that a
Director has no material relationship with the Company and/or its consolidated
subsidiaries. The Board has adopted the following categorical standards to
assist it in making determinations of independence. </p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\irajendran\06-8829-1\task1045174\8829-1-ea.htm',USER='irajendran',CD='Apr 22 11:39 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of these standards, references to the &#147;Company&#148;
will mean Alexander&#146;s,&nbsp;Inc. and its consolidated subsidiaries.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following relationships have been determined not to be material
relationships that would categorically impair a Director&#146;s ability to qualify
as independent:</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.<font style="font-style:italic;"><i>&nbsp;&nbsp; Payments
to and from other organizations.</i></font><i><font style="font-style:italic;">&nbsp;&nbsp; </font></i>A
Director&#146;s or his immediate family member&#146;s status as executive officer or
employee of an organization that has made payments to the Company, or that has
received payments from the Company, not in excess of the greater of:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160; $1
million; or</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160; 2% of the
other organization&#146;s consolidated gross revenues for the fiscal year in which
the payments were made.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the case where an organization has received
payments that ultimately represent amounts due to the Company and such amounts
are not due in respect of property or services from the Company, these payments
will not be considered amounts paid to the Company for purposes of determining (i)&nbsp;and
(ii)&nbsp;above so long as the organization does not retain any remuneration
based upon such payments.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.<font style="font-style:italic;"><i>&nbsp;&nbsp; Beneficial
ownership of the Company&#146;s equity securities.</i></font><i><font style="font-style:italic;">&nbsp;&nbsp; </font></i>Beneficial ownership by a Director
or his immediate family member of not more than 10% of the Company&#146;s equity
securities. A Director or his immediate family member&#146;s position as an equity
owner, director, executive officer or similar position with an organization
that beneficially owns not more than 10% of the Company&#146;s equity securities.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.<font style="font-style:italic;"><i>&nbsp;&nbsp; Common
ownership with the Company.</i></font>&nbsp;&nbsp; Beneficial ownership by, directly
or indirectly, a Director, either individually or with other Directors, of
equity interests in an organization in which the Company also has an equity
interest.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.<font style="font-style:italic;"><i>&nbsp;&nbsp; Directorships
with, or beneficial ownership of, other organizations.</i></font><i><font style="font-style:italic;">&nbsp;&nbsp; </font></i>A Director&#146;s or his immediate family
member&#146;s interest in a relationship or transaction where the interest arises
from either or both of:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160; his or his
family member&#146;s position as a director with an organization doing business with
the Company; or</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160; his or
his family member&#146;s beneficial ownership in an organization doing business with
the Company so long as the level of beneficial ownership in the organization is
25% or less, or less than the Company&#146;s beneficial ownership in such
organization, whichever is greater.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.<font style="font-style:italic;"><i>&nbsp;&nbsp; Affiliations
with charitable organizations.</i></font><i><font style="font-style:italic;">&nbsp;&nbsp; </font></i>The
affiliation of a Director or his immediate family member with a charitable
organization that receives contributions from the Company, or an affiliate of
the Company, so long as such contributions do not exceed for a particular
fiscal year the greater of:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160; $1
million; or</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160; 2% of the
organization&#146;s consolidated gross revenues for that fiscal year.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.<font style="font-style:italic;"><i>&nbsp;&nbsp; Relationships
with organizations to which the Company owes money.</i></font>&nbsp;&nbsp; A Director&#146;s
or his immediate family member&#146;s status as an executive officer or employee of
an organization to which the </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\irajendran\06-8829-1\task1045174\8829-1-ea.htm',USER='irajendran',CD='Apr 22 11:39 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company was indebted at the end of the Company&#146;s most
recent fiscal year so long as that total amount of indebtedness is not in
excess of 5% of the Company&#146;s total consolidated assets.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.<font style="font-style:italic;"><i>&nbsp;&nbsp; Relationships
with organizations that owe money to the Company.</i></font>&nbsp;&nbsp; A Director&#146;s
or his immediate family member&#146;s status as an executive officer or employee of
an organization which is indebted to the Company at the end of the Company&#146;s
most recent fiscal year so long as that total amount of indebtedness is not in
excess of 15% of the organization&#146;s total consolidated assets.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.<font style="font-style:italic;"><i>&nbsp;&nbsp; Personal
indebtedness to the Company.</i></font>&nbsp;&nbsp; A Director&#146;s or his immediate
family member&#146;s being indebted to the Company at any time since the beginning
of the Company&#146;s most recently completed fiscal year so long as such amount
does not exceed the greater of:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160; $1
million; or</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160; 2% of the
individual&#146;s net worth.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.<font style="font-style:italic;"><i>&nbsp;&nbsp; Leasing
or retaining space from the Company.</i></font>&nbsp;&nbsp; The leasing or retaining
of space from the Company by:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160; a
Director;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160; a
Director&#146;s immediate family member;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160; an
affiliate of a Director or an affiliate of a Director&#146;s immediate family
member;</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">so long as in each case the rental rate and other
lease terms are at market rates and terms in the aggregate at the time the
lease is entered into or, in the case of a non-contractual renewal, at the time
of the renewal.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.<font style="font-style:italic;"><i>&nbsp;&nbsp; Other
relationships that do not involve more than $100,000.</i></font><i><font style="font-style:italic;">&nbsp;&nbsp; </font></i>Any other relationship or
transaction that is not covered by any of the categorical standards listed
above and that do not involve payments of more than $100,000 in the most
recently completed fiscal year of the Company.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.<font style="font-style:italic;"><i>&nbsp;&nbsp; Personal
relationships with management.</i></font>&nbsp;&nbsp; A personal relationship between
a Director or a Director&#146;s immediate family member with a member of the Company&#146;s
management.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.<font style="font-style:italic;"><i>&nbsp;&nbsp; Partnership
and co-investment relationships between or among Directors.</i></font><i><font style="font-style:italic;">&nbsp;&nbsp; </font></i>A partnership or co-investment
relationship between or among a Director or a Director&#146;s immediate family
member and other members of the Company&#146;s Board of Directors, including
management Directors, so long as the existence of the relationship has been
previously disclosed in the Company&#146;s reports and/or proxy statements filed
with the Securities and Exchange Commission under the Securities Exchange Act
of 1934, as amended.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The fact that a particular transaction or relationship
falls within one or more of the above categorical standards does not eliminate
a Director&#146;s obligation to disclose the transaction or relationship to the
Company, the Board of Directors or management as and when requested for public
disclosure and other relevant purposes. For relationships that are either not
covered by or do not satisfy the categorical standards above, the determination
of whether the relationship is material and therefore whether the Director
qualified as independent or not, may be made by the Board. The Company shall
explain in the annual meeting proxy statement immediately following any such
determination the basis for any determination that a relationship was
immaterial despite the fact that it did not meet the foregoing categorical
standards.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\irajendran\06-8829-1\task1045174\8829-1-ea.htm',USER='irajendran',CD='Apr 22 11:39 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Invitation.</font></i></font><i><font style="font-style:italic;">&nbsp;&nbsp; </font></i>The invitation to join the Board
should be extended by the Board itself via the Chief Executive Officer of the
Company.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Orientation
and Continuing Education.</font></i></font>&nbsp;&nbsp; Management, working
with the Board, will provide an orientation process for new Directors, including
background material on the Company, its business plan and its risk profile, and
meetings with senior management. Members of the Board are required to undergo
continuing education as recommended by the NYSE. In connection therewith, the
Company will reimburse Directors for all reasonable costs associated with the
attendance at or the completion of any continuing education program supported,
offered or approved by the NYSE or approved by the Company.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">V. Election Term</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board does not believe it should establish term
limits.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VI. Retirement of
Directors</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board believes it should not establish a mandatory
retirement age.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VII. Board Meetings</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board currently plans at least four meetings each
year, with further meetings to occur (or action to be taken by unanimous
written consent) at the discretion of the Board. The meetings will usually
consist of committee meetings and the Board meeting. The agenda for each Board
meeting will be established by the Chief Executive Officer, with assistance of
the Company&#146;s Secretary and internal corporation counsel. For the purposes
hereof, the terms Secretary and internal corporate counsel will include anyone
who acts in such capacity. Any Board member may suggest the inclusion of
additional subjects on the agenda. Management will seek to provide to all
Directors an agenda and appropriate materials in advance of meetings, although
the Board recognizes that this will not always be consistent with the timing of
transactions and the operations of the business and that in certain cases it
may not be possible.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Materials presented to the Board or its committees
should be as concise as possible, while still providing the desired information
needed for the Directors to make an informed judgment.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VIII. Executive Sessions</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To ensure free and open discussion and communication
among the non-management Directors, the non-management Directors will meet in
executive sessions periodically, with no members of management present.
Non-management Directors who are not independent under the NYSE Rules&nbsp;may
participate in these executive sessions, but independent Directors should meet
separately in executive session at least once per year.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The participants in any executive sessions will select
by majority vote of those attending a presiding Director for such sessions or
any such session. In order that interested parties may be able to make their
concerns known to the non-management Directors, the Company shall disclose a
method for such parties to communicate directly with the presiding Director or
the non-management Directors as a group. For the purposes hereof, communication
through a third-party such as an external lawyer or a third-party vendor who
relays information to non-management members of the Board will be considered
direct.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\irajendran\06-8829-1\task1045174\8829-1-ea.htm',USER='irajendran',CD='Apr 22 11:39 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IX. The Committees of the
Board</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall have at least the committees
required by the NYSE Rules. Currently, these are the Audit Committee and the
Compensation Committee. Each of these three committees must have a written
charter satisfying the rules&nbsp;of the NYSE. All Directors, whether members
of a committee or not, are invited to make suggestions to a committee chair for
additions to the agenda of his or her committee or to request that an item from
a committee agenda be considered by the Board. Each committee chair will give a
periodic report of his or her committee&#146;s activities to the Board.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the Audit Committee and the Compensation
Committee shall be composed of at least such number of Directors as may be
required by the NYSE Rules&nbsp;who the Board has determined are &#147;independent&#148;
under the NYSE Rules. Any additional qualifications for the members of each
committee shall be set out in the respective committees&#146; charters. A Director
may serve on more than one committee for which he or she qualifies.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each committee may take any action in a meeting of the
full Board, and actions of the Board, including the approval of such actions by
a majority of the members of the Committee, will be deemed to be actions of
that committee. In such circumstance only the votes cast by members of the
committee shall be counted in determining the outcome of the vote on matters
upon which the committee acts.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">X. Management Succession</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At least annually, the Board shall review and concur
in a succession plan, developed by management, addressing the policies and
principles for selecting a successor to the CEO, both in an emergency situation
and in the ordinary course of business. The succession plan should include an
assessment of the experience, performance, skills and planned career paths for
possible successors to the CEO.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XI. Executive Compensation</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Evaluating and Approving Salary for the CEO</font>. </font></i>The Board, acting
through the Compensation Committee, evaluates the performance of the CEO and
the Company against the Company&#146;s goals and objectives and approves the
compensation level of the CEO.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Evaluating and Approving the Compensation of
Management</font>. </font></i>The
Board, acting through the Compensation Committee, evaluates and approves the
proposals for overall compensation policies applicable to executive officers.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XII. Board Compensation</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board should conduct a review at least once every
three years of the components and amount of Board compensation in relation to
other similarly situated companies. Board compensation should be consistent with
market practices but should not be set at a level that would call into question
the Board&#146;s objectivity.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XIII. Expectations of
Directors</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The business and affairs of the Company shall be
managed under the direction of the Board in accordance with Delaware law. In
performing his or her duties, the primary responsibility of the Directors is to
exercise his or her business judgment in the best interests of the Company. The
Board has developed a number of specific expectations of Directors to promote
the discharge of this responsibility and the efficient conduct of the Board&#146;s
business.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='5',FILE='C:\JMS\irajendran\06-8829-1\task1045174\8829-1-ea.htm',USER='irajendran',CD='Apr 22 11:39 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commitment
and Attendance.</font></i></font><i><font style="font-style:italic;">&nbsp;&nbsp; </font></i>All
independent and other Directors should make every effort to attend meetings of
the Board and meetings of committees of which they are members. Members may
attend by telephone or similar communications equipment if all persons
participating in the meeting can hear each other at the same time. The Board
may act by unanimous written consent in lieu of a meeting.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Participation
in Meetings.</font></i></font>&nbsp;&nbsp; Each Director should be
sufficiently familiar with the business of the Company, including its financial
statements and capital structure, and the risks and competition it faces, to
facilitate active and effective participation in the deliberations of the Board
and of each committee on which he or she serves. Upon request, management will
make appropriate personnel available to answer any questions a Director may
have about any aspect of the Company&#146;s business. Directors should also review
the materials provided by management and advisors in advance of the meetings of
the Board and its committees and should arrive prepared to discuss the issues
presented.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loyalty and
Ethics.</font></i></font><i><font style="font-style:italic;">&nbsp;&nbsp; </font></i>In
their roles as Directors, all Directors owe a duty of loyalty to the Company.
This duty of loyalty mandates that the best interests of the Company take
precedence over any interests possessed by a Director.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has adopted a Code of Business Conduct and
Ethics, including a compliance program to enforce the Code. Certain portions of
the Code deal with activities of Directors, particularly with respect to
transactions in the securities of the Company, potential conflicts of interest,
the taking of corporate opportunities for personal use, and competing with the
Company. Directors should be familiar with the Code&#146;s provisions in these areas
and should consult with any independent member of the Board or the Company&#146;s
internal corporation counsel in the event of any concerns. The Board is
ultimately responsible for applying the Code to specific situations and has the
authority to interpret the Code in any particular situation.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other<font style="font-style:italic;"><i> Directorships.</i></font></font></i>&nbsp;&nbsp; The Company values
the experience Directors bring from other boards on which they serve, but
recognizes that those boards may also present demands on a Director&#146;s time and
availability and may present conflicts or legal issues. Directors should advise
the Chairman of the Board before accepting membership on other boards of
directors or other significant commitments involving affiliation with other
businesses or governmental units.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Contact<font style="font-style:italic;"><i> with Management.</i></font></font>&nbsp;&nbsp; </font></i>All Directors are invited to contact the CEO
at any time to discuss any aspect of the Company&#146;s business. Directors will
also have complete access to other members of management. The Board expects
that there will be frequent opportunities for Directors to meet with the CEO
and other members of management in Board and committee meetings and in other
formal or informal settings.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further, the Board encourages management to, from time
to time, bring managers into Board meetings who: (a)&nbsp;can provide
additional insight into the items being discussed because of personal
involvement and substantial knowledge in those areas, and/or (b)&nbsp;are
managers with future potential that the senior management believes should be
given exposure to the Board.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Contact<font style="font-style:italic;"><i> with Other Constituencies.</i></font></font></i>&nbsp;&nbsp; It is
important that the Company speak to employees and outside constituencies with a
single voice, and that management serve as the primary spokesperson.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Confidentiality</font>. </font></i>The proceedings and deliberations of the Board and
its committees are confidential. Each Director shall maintain the
confidentiality of information received in connection with his or her service
as a Director.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">6</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='6',FILE='C:\JMS\irajendran\06-8829-1\task1045174\8829-1-ea.htm',USER='irajendran',CD='Apr 22 11:39 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XIV. Evaluating Board
Performance</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board, acting either as a group or through one or
more designated members, should conduct a self-evaluation at least annually to
determine whether it is functioning effectively. The Board, acting either as a
group or through one or more designated members, should periodically consider
the mix of skills and experience that Directors bring to the Board to assess
whether the Board has the necessary tools to perform its oversight function
effectively.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each committee of the Board should conduct a
self-evaluation at least annually and report the results to the Board. Each
committee&#146;s evaluation must compare the performance of the committee with the
requirements of its written charter, if any.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XV. Reliance on Management and Outside Advice</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In performing its functions, the Board is entitled to
rely on the advice, reports and opinions of management, counsel, accountants,
auditors and other expert advisors. The Board shall have the authority to
retain and approve the fees and retention terms of its outside advisors.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">7</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='7',FILE='C:\JMS\irajendran\06-8829-1\task1045174\8829-1-ea.htm',USER='irajendran',CD='Apr 22 11:39 2006' -->



<br clear="all" style="page-break-before:always;">

<div>

<p align="right" style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-align:right;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ANNEX B<a name="AnnexB_162458"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALEXANDER&#146;S, INC.<br>
2006 OMNIBUS STOCK PLAN<a name="AlexandersInc_2006OmnibusStockPla_162554"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1. Purpose<a name="a1_Purpose_162458"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purpose of the Alexander&#146;s,&nbsp;Inc.
2006 Omnibus Stock Plan (the &#147;<b><font style="font-weight:bold;">Plan</font></b>&#148;) is to
promote the financial interests of Alexander&#146;s, Inc (the &#147;<b><font style="font-weight:bold;">Company</font></b>&#148;),
including its growth and performance, by encouraging the employees and officers
of the Company and its subsidiaries, employees of Vornado Realty Trust (&#147;<b><font style="font-weight:bold;">Vornado</font></b>&#148;) and its subsidiaries and such other persons or
entities providing services to the Company as may be designated by the
Committee (as defined below) from time to time (collectively, &#147;<b><font style="font-weight:bold;">Eligible Persons</font></b>&#148;) to acquire an ownership interest in the
Company, thereby enhancing the ability of the Company and its subsidiaries to
attract and retain persons of outstanding ability, and providing such persons
with a way to acquire a proprietary interest (or increase their interest) in
the Company&#146;s success.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2. Shares Subject to the
Plan<a name="a2_SharesSubjectToThePlan_203203"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to adjustment as provided
in Section&nbsp;16, the number of shares of Common Stock, par value $1.00 per
share, of the Company (the &#147;<b><font style="font-weight:bold;">Share</font></b>s&#148;) which
shall be available for issuance under the Plan shall not exceed 895,000. Awards
granted under the Plan shall reduce the available Shares under the Plan by the
number of Shares with respect to which the awards are made; <i><font style="font-style:italic;">provided</font></i> that Shares subject to an award that expires
unexercised, that is forfeited, terminated or canceled, or is paid in cash in
lieu of Shares, and Shares tendered or withheld to pay the exercise price or
withholding taxes under an award, shall again be available for grant under the
Plan; <i><font style="font-style:italic;">and</font></i>, <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">further</font></i>, that an award that may be settled only in cash
shall not reduce the available Shares under the Plan. No Participant (as
defined below) shall be granted awards under the Plan with respect to more than
an aggregate number of 895,000 Shares, subject to adjustment as provided in Section&nbsp;16.
The Shares issued under the Plan may be authorized and unissued Shares or
treasury Shares, as the Company may from time to time determine.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3. Administration<a name="a3_Administration_203206"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan shall be administered by the Omnibus Stock
Plan Committee of the Company&#146;s Board of Directors (the&nbsp;&#147;<b><font style="font-weight:bold;">Board</font></b>&#148;) or by such other committee comprised of no fewer
than two members of the Board as may be selected by the Board from time to time
(in each case, the &#147;<b><font style="font-weight:bold;">Committee</font></b>&#148;). Each
member of the Committee shall be a member of the Board who is a &#147;non-employee
director&#148; within the meaning of Rule&nbsp;16b-3 under the Securities
Exchange Act of 1934 and an &#147;outside director&#148; within the meaning of Section&nbsp;162(m)(4)(C)&nbsp;of
the Internal Revenue Code of 1986 (the&nbsp;&#147;<b><font style="font-weight:bold;">Code</font></b>&#148;).
A majority of the Committee shall constitute a quorum, and the acts of a
majority shall be the acts of the Committee.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the provisions of the
Plan, the Committee (i)&nbsp;shall select the Eligible Persons who will be
participants in the Plan (the&nbsp;&#147;<b><font style="font-weight:bold;">Participants</font></b>&#148;)
and determine the type of awards to be made to Participants and the Shares or
share units subject to awards, and (ii)&nbsp;shall have the authority to
interpret the Plan, to establish, amend, and rescind any rules and regulations
relating to the Plan, to determine the terms and provisions of all agreements
entered into hereunder and to make all determinations necessary or advisable
for the administration of the Plan. The Committee may correct any defect,
supply any omission or reconcile any inconsistency in the Plan or in any award
in the manner and to the extent it shall deem desirable to carry it into effect.
The determinations of the Committee in the administration of the Plan, as
described herein, shall be final and conclusive.</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\mgovind\06-8829-1\task1045412\8829-1-eh.htm',USER='mgovindarajulu',CD='Apr 22 13:52 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4. Eligibility<a name="a4_Eligibility_014343"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All Eligible Persons who have
demonstrated significant management potential or who have the capacity for
contributing in a substantial measure to the successful performance of the
Company, as determined by the Committee, shall be eligible to be Participants
in the Plan.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5. Awards<a name="a5_Awards_014401"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Awards granted under the Plan may
consist of stock options, stock appreciation rights, performance share awards,
restricted share awards, and other share-based awards. Awards may provide the
Participant with dividends or dividend equivalents and performance share
awards, restricted share awards and other share-based awards granted in the
form of Shares may provide the Participant with voting rights prior to vesting
(whether based on a period of time or based on attainment of specified
performance conditions), in each case, as set forth in the applicable
agreement.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6. Stock Options<a name="a6_StockOptions_203211"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock options may be either incentive stock options or
nonqualified stock options; <i><font style="font-style:italic;">provided</font></i> that
only employees of the Company and its &#147;parent corporations&#148; and &#147;subsidiary
corporations&#148; within the meaning of Section&nbsp;424 of the Code shall be
eligible to be granted incentive stock options. The terms of any incentive
stock options shall comply with the provisions of Section&nbsp;422 of the Code.
The Committee shall establish the option price at the time each stock option is
granted, which price shall not be less than 100% of the fair market value of
the Shares on the date of grant. Stock options shall be exercisable for such
period as specified by the Committee, but in no event may options be
exercisable more than ten years after their date of grant. The option price of
each Share as to which a stock option is exercised shall be paid in full at the
time of such exercise. Except as set forth in the applicable agreement, such
payment shall be made in cash, by tender of unrestricted Shares owned by the
Participant or withholding by the Company of Shares subject to the stock option
(in each case, valued at fair market value as of the date of exercise), in such
other consideration as the Committee deems appropriate, or by a combination of
any of the foregoing.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If determined by the Committee at
or after the date of grant of a stock option, in the event a Participant pays
the exercise price of such stock option (in whole or in part) by tendering
Shares owned by the Participant, such Participant shall automatically be
granted a reload stock option for the number of Shares used to pay the exercise
price. Reload stock options shall be subject to such terms and conditions as
may be determined by the Committee, consistent with this Section&nbsp;6. If a
reload stock option is granted as set forth above, unless otherwise determined
by the Committee, one or more successive reload stock options shall automatically
be granted to a Participant who pays all or part of the exercise price of any
such reload stock option by tendering Shares owned by the Participant. Shares
subject to such reload stock option grants shall not be treated as Shares
issued under the Plan in determining the aggregate number of Shares available
for issuance pursuant to the first sentence of Section&nbsp;2.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">7. Stock Appreciation
Rights<a name="a7_StockAppreciationRights_203213"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock appreciation rights may be
granted in tandem with a stock option, in addition to a stock option, or may be
freestanding and unrelated to a stock option. Stock appreciation rights granted
in tandem with or in addition to a stock option may be granted either at the
same time as the stock option </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\mgovind\06-8829-1\task1045412\8829-1-eh.htm',USER='mgovindarajulu',CD='Apr 22 13:52 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or at a later
time. No stock appreciation right shall be exercisable earlier than six months
after grant, except in the event of the Participant&#146;s death or disability. A
stock appreciation right shall entitle the Participant to receive from the
Company, upon exercise, an amount equal to the increase of the fair market value
of the Shares subject to the stock appreciation right over the grant price,
which price shall not be less than 100% of the fair market value of the Shares
on the date of grant. The Committee, in its sole discretion, shall determine
whether the stock appreciation right shall be settled in cash, Shares or a
combination of cash and Shares.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8. Performance Share
Awards<a name="a8_PerformanceShareAwards_014510"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Performance share awards may be
granted in the form of actual Shares or share units having a value equal to an
identical number of Shares. In the event that a certificate is issued in
respect of Shares subject to a performance share award, such certificate shall
be registered in the name of the Participant but shall be held by the Company
until the time the Shares subject to the award are earned. The performance
conditions and the length of the performance period of performance share awards
shall be determined by the Committee. The Committee, in its sole discretion,
shall determine whether performance share awards granted in the form of share
units shall be paid in cash, Shares, or a combination of cash and Shares.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">9. Restricted Share Awards<a name="a9_RestrictedShareAwards_203216"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restricted share awards may be
granted in the form of actual Shares or share units having a value equal to an
identical number of Shares. In the event that a certificate is issued in
respect of Shares subject to a restricted share award, such certificate shall
be registered in the name of the Participant but shall be held by the Company
until the end of the restricted period. The employment conditions and the length
of the period for vesting of restricted share awards shall be established by
the Committee at time of grant. The Committee, in its sole discretion, shall
determine whether restricted share awards granted in the form of share units
shall be paid in cash, Shares, or a combination of cash and Shares.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">10. Other Share-Based
Awards<a name="a10_OtherSharebasedAwards_203216"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other share-based awards that are
valued in whole or in part by reference to or otherwise based on Shares, may be
granted in such form and with such terms and provisions as the Committee shall
determine to be consistent with the interests of the Company and the purpose of
the Plan, including, without limitation, shares of any subsidiary or similar
interests or securities that are directly or indirectly convertible for Shares
or that are otherwise based on or have a value determined by reference to
Shares.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">11. Performance-Based
Compensation<a name="a11_PerformancebasedCompensation_203217"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment of any award that is
intended to qualify as &#147;performance based compensation&#148; under Section&nbsp;162(m)&nbsp;of
the Code, other than a stock option or stock appreciation right, shall be
conditioned upon the attainment of one or more performance goals established by
the Committee subject to and in accordance with the applicable requirements
under Section&nbsp;162(m)&nbsp;of the Code. Performance goals used for this
purpose may include earnings per share, EBITDA, cash flow, net income, net
earnings, funds from operations, net worth, book value, fair value, return on
equity, return on assets, return on investment, share price or shareholder
return, in each case, determined with the respect to the Company and its
subsidiaries or any subsidiary, division, operating unit or investment thereof.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\mgovind\06-8829-1\task1045412\8829-1-eh.htm',USER='mgovindarajulu',CD='Apr 22 13:52 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">12. Award Agreements<a name="a12_AwardAgreements_203220"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each award under the Plan shall
be evidenced by an agreement setting forth the terms and conditions, as determined
by the Committee, which shall apply to such award, in addition to the terms and
conditions specified in the Plan.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">13. Withholding<a name="a13_Withholding_203220"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall have the right
to deduct from any payment to be made pursuant to the Plan, or to require prior
to the issuance or delivery of any Shares or the payment of cash under the
Plan, any taxes required by law to be withheld therefrom. The Committee, in its
sole discretion, may permit a Participant to elect to satisfy any such
withholding obligation by having the Company retain the number of Shares whose
fair market value equals the amount required to be withheld. Any fraction of a
Share required to satisfy such obligation shall be disregarded and the amount
due shall instead be paid in cash to the Participant.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">14. Nontransferability<a name="a14_Nontransferability_014646"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as may otherwise be
determined by the Committee with respect to the transferability of stock
options by a Participant to such Participant&#146;s immediate family members (or
trusts, partnerships, or limited liability companies established for such
immediate family members), no award under the Plan shall be assignable or
transferable except by will or the laws of descent and distribution, and no
right or interest of any Participant shall be subject to any lien, obligation
or liability of the Participant. For this purpose, immediate family member
means, except as otherwise defined by the Committee, the Participant&#146;s
children, stepchildren, grandchildren, parents, stepparents, grandparents,
spouse, siblings (including half brothers and sisters), in-laws and persons
related by reason of legal adoption. Such transferees may transfer a stock
option only by will or the laws of descent or distribution. A stock option
transferred pursuant to this Section&nbsp;14 shall remain subject to the
provisions of the Plan, and shall be subject to such other rules&nbsp;as the
Committee shall determine. Upon transfer of a stock option, any related stock
appreciation right shall be canceled. Except in the case of a holder&#146;s
incapacity, an award shall be exercisable only by the holder thereof.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">15. No Right to Employment<a name="a15_NoRightToEmployment_203223"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No person shall have any claim or
right to be granted an award under the Plan, and the grant of any award shall
not be construed as giving a Participant the right to be retained in the employ
of the Company, Vornado or their respective subsidiaries. Further, the Company,
Vornado and their respective subsidiaries expressly reserve the right at any
time to dismiss a Participant free from any liability, or any claim under the
Plan, except as provided herein or in any agreement entered into hereunder.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16. Adjustment of and
Changes in Shares<a name="a16_AdjustmentOfAndChangesInShare_203224"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of any change in the
outstanding Shares by reason of any share dividend or split, recapitalization,
merger, consolidation, spinoff, combination or exchange of Shares or other
corporate change, or any distributions to Common Stockholders other than
regular cash dividends, the Committee shall make such substitution or
adjustment, if any, as it deems to be equitable, as to the number or kind of
Shares or other securities issued or reserved for issuance pursuant to the Plan
and </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\mgovind\06-8829-1\task1045412\8829-1-eh.htm',USER='mgovindarajulu',CD='Apr 22 13:52 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to outstanding
awards; <i><font style="font-style:italic;">except</font></i> that the Committee shall not be
required to make any such substitution or adjustment that would cause an award
to fail to satisfy the conditions of an applicable exception from the
requirements of Section&nbsp;409A of the Code or otherwise to violate the
applicable requirements thereof.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">17. Amendment<a name="a17_Amendment_203225"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board may amend or terminate
the Plan or any portion thereof at any time; <i><font style="font-style:italic;">provided</font></i>
that no amendment shall be made without stockholder approval if such approval
is necessary under applicable rules, regulations or law.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">18. Rights as Stockholder<a name="a18_RightsAsStockholder_203227"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as provided in Section&nbsp;5,
a Participant shall have no rights as a stockholder with respect to any Shares
issuable upon exercise of any award hereunder until the Participant (or the
Participant&#146;s nominee) shall have become the holder of record of such Shares
and, subject to Section&nbsp;16, no adjustment shall be made for dividends or
distributions or other rights in respect of any Share for which the record date
is prior to the date on which the Participant shall become the holder of record
thereof.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">19. Effective Date<a name="a19_EffectiveDate_014741"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan shall become effective
on April&nbsp;4, 2006, subject to the approval of the Company&#146;s stockholders,
and, if such approval is not obtained, the Plan and any awards made thereunder
shall be void <i><font style="font-style:italic;">ab initio</font></i>. Subject to earlier
termination pursuant to Section&nbsp;17, the Plan shall have a term of ten
years from its effective date.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">20. Nonqualified Deferred
Compensation<a name="a20_NonqualifiedDeferredCompensat_203230"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise expressly
provided in the applicable agreement, the Plan and the awards granted under the
Plan are not intended to provide for the &#147;deferral of compensation&#148; within the
meaning of Section&nbsp;409A(d)(1)&nbsp;of the Code, and they shall be
interpreted and construed in accordance with such intent. Notwithstanding the
foregoing and anything to the contrary in the Plan or any agreement thereunder,
if any provision of the Plan or any such agreement would cause the requirements
of Section&nbsp;409A of the Code to be violated, or otherwise cause any
Participant to be subject to interest or the additional income tax under Section&nbsp;409A
of the Code, then such provision may be modified by the Committee in any
reasonable manner that the Committee deems appropriate; <i><font style="font-style:italic;">provided</font></i>
that the Committee shall preserve the intent of such provision to the extent
reasonably practicable without violating the requirements of Section&nbsp;409A.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">5</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='5',FILE='C:\JMS\mgovind\06-8829-1\task1045412\8829-1-eh.htm',USER='mgovindarajulu',CD='Apr 22 13:52 2006' -->



<br clear="all" style="page-break-before:always;">

<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ANNUAL MEETING OF STOCKHOLDERS OF</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">ALEXANDER&#146;S, INC.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">May&nbsp;18, 2006</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">Please
date, sign, and mail<br>
your proxy card in the<br>
envelope provided as soon<br>
as possible.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><img width="12" height="24" src="g88292bci001.jpg"></font></p>
  </td>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.5%;">
  <p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please detach along perforated line and mail in the envelope provided.</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><img width="12" height="24" src="g88292bci001.jpg"></font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .35in;text-autospace:none;"><font size="2" face="Times New Roman"><img width="17" height="16" src="g88292bci002.jpg"></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:24.1pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="655" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:491.4pt;">
  <p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">THE
  BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION OF DIRECTORS AND
  &#147;FOR&#148; PROPOSALS 2 AND 3.<br>
  PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK
  YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE </font></b><b><font size="1" face="Wingdings" style="font-size:8.0pt;font-weight:bold;">&#253;</font></b></p>
  </td>
  <td width="33" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:25.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;width:96.5%;">
 <tr>
  <td width="320" colspan="6" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:239.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1. ELECTION OF DIRECTORS:</font></p>
  </td>
  <td width="21" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="227" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:170.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:20.25pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">FOR</font></p>
  </td>
  <td width="50" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:37.35pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">AGAINST</font></p>
  </td>
  <td width="50" valign="top" style="padding:0in 0in 0in 0in;width:37.35pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">ABSTAIN</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="130" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:97.3pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="163" colspan="3" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:121.95pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">NOMINEES:</font></b></p>
  </td>
  <td width="21" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.75pt;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2.</font></p>
  </td>
  <td width="227" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:170.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">APPROVE THE COMPANY&#146;S 2006 OMNIBUS STOCK PLAN</font></p>
  </td>
  <td width="27" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:20.25pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Wingdings" style="font-size:14.0pt;">o</font></p>
  </td>
  <td width="50" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:37.35pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Wingdings" style="font-size:14.0pt;">o</font></p>
  </td>
  <td width="50" valign="top" style="padding:0in 0in 0in 0in;width:37.35pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Wingdings" style="font-size:14.0pt;">o</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="4" face="Wingdings" style="font-size:14.0pt;">o</font></p>
  </td>
  <td width="130" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:97.3pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">FOR ALL NOMINEES</font></b></p>
  </td>
  <td width="163" colspan="3" rowspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:121.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;"><img width="12" height="13" src="g88292bci003.jpg">&nbsp;David Mandelbaum<br><img width="12" height="13" src="g88292bci003.jpg">&nbsp;Arthur I. Sonnenblick<br><img width="12" height="13" src="g88292bci003.jpg">&nbsp;Richard R. West</font></p>
  </td>
  <td width="21" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="227" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:170.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:20.25pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:37.35pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="top" style="padding:0in 0in 0in 0in;width:37.35pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="130" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:97.3pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.75pt;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3.</font></p>
  </td>
  <td width="227" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:170.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">RATIFICATION OF SELECTION OF</font></p>
  </td>
  <td width="27" colspan="2" rowspan="2" valign="top" style="padding:0in 0in 0in 0in;width:20.25pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Wingdings" style="font-size:14.0pt;">o</font></p>
  </td>
  <td width="50" colspan="3" rowspan="2" valign="top" style="padding:0in 0in 0in 0in;width:37.35pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Wingdings" style="font-size:14.0pt;">o</font></p>
  </td>
  <td width="50" rowspan="2" valign="top" style="padding:0in 0in 0in 0in;width:37.35pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Wingdings" style="font-size:14.0pt;">o</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="4" face="Wingdings" style="font-size:14.0pt;">o</font></p>
  </td>
  <td width="130" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:97.3pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">WITHHOLD AUTHORITY<br>
  FOR ALL NOMINEES</font></b></p>
  </td>
  <td width="21" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="227" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:170.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="130" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:97.3pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="163" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:121.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="227" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:170.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="27" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:20.25pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:37.35pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="top" style="padding:0in 0in 0in 0in;width:37.35pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="4" face="Wingdings" style="font-size:14.0pt;">o</font></p>
  </td>
  <td width="130" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:97.3pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">FOR ALL EXCEPT<br>
  </font></b><font size="1" style="font-size:7.5pt;">(See
  instructions below)</font></p>
  </td>
  <td width="163" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:121.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;"><br>
  each for a term ending at the Annual Meeting of
  Stockholders in 2009 and until his successor is duly elected and qualified.</font></p>
  </td>
  <td width="21" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.75pt;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">4.</font></p>
  </td>
  <td width="354" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:265.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">TO VOTE AND OTHERWISE REPRESENT AND UNDERSIGNED ON
  ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT
  OR POSTPONEMENT THEREOF IN THE DISCRETION OF THE PROXY HOLDER.</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="130" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:97.3pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="163" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:121.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.75pt;">
  <p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="354" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:265.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="130" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:97.3pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="163" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:121.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="375" colspan="9" valign="top" style="border:none;padding:0in 0in 0in 0in;width:281.25pt;">
  <p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">PLEASE AUTHORIZE YOUR PROXY,
  DATE AND SIGN AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="130" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:97.3pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="163" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:121.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="221" valign="top" style="padding:0in 0in 0in 0in;width:166.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:39.1pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:37.85pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="130" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:97.3pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="163" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:121.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="221" valign="top" style="padding:0in 0in 0in 0in;width:166.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:39.1pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:37.85pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="98" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:73.35pt;">
  <p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">INSTRUCTION:</font></u></b></p>
  </td>
  <td width="222" colspan="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:166.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;letter-spacing:-.25pt;">To withhold authority to vote
  for any individual nominee(s), mark <b><font style="font-weight:bold;">&#147;FOR
  ALL EXCEPT&#148; </font></b>and fill in the circle next to each nominee you wish
  to withhold, as shown here: <img width="14" height="12" src="g88292bci004.jpg"></font></p>
  </td>
  <td width="375" colspan="9" valign="top" style="border:none;padding:0in 0in 0in 0in;width:281.25pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.25pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="border:none;padding:0in 0in 0in 0in;width:20.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="162" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:121.4pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="130" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:97.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="324" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:243.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="51" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:38.25pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="162" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:121.4pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="130" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:97.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="324" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:243.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="51" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:38.25pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="162" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:121.4pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="130" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:97.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="324" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:243.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="51" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:38.25pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.6pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="162" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:121.4pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="130" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:97.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="324" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:243.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="51" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:38.25pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="320" colspan="6" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:239.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="324" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:243.0pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="51" colspan="3" rowspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.25pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="302" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:226.35pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;letter-spacing:-.25pt;">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.</font></p>
  <p style="line-height:3.0pt;margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Wingdings" style="font-size:14.0pt;">o</font></p>
  </td>
  <td width="324" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:243.0pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="27" style="border:none;"></td>
  <td width="70" style="border:none;"></td>
  <td width="59" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="112" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="221" style="border:none;"></td>
  <td width="6" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="49" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="50" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;width:96.5%;">
 <tr>
  <td width="116" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.85pt;">
  <p style="margin:3.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Signature of Shareholder</font></p>
  </td>
  <td width="149" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:111.65pt;">
  <p style="margin:3.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.55pt;">
  <p style="margin:3.0pt 0in .0001pt 1.45pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Date:</font></p>
  </td>
  <td width="72" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:53.9pt;">
  <p style="margin:3.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="119" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:89.15pt;">
  <p style="margin:3.0pt 0in .0001pt 1.45pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Signature of Shareholder</font></p>
  </td>
  <td width="115" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:85.95pt;">
  <p style="margin:3.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.0pt;">
  <p style="margin:3.0pt 0in .0001pt 1.45pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Date:</font></p>
  </td>
  <td width="54" colspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:40.45pt;">
  <p style="margin:3.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:41.2pt;">
  <p align="center" style="margin:0in 0in .0001pt 2.9pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Note:</font></b></p>
  </td>
  <td width="640" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:480.3pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;letter-spacing:-.25pt;">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 </font></p>
  </td>
 </tr>
 <tr>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:41.2pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><img width="17" height="16" src="g88292bci002.jpg"></font></p>
  </td>
  <td width="617" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:462.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;letter-spacing:-.25pt;">authorized</font><font size="1" style="font-size:8.0pt;letter-spacing:-.25pt;"> officer, giving
  full title as such. If signer is a partnership, please sign in partnership
  name by authorized person.</font></p>
  </td>
  <td width="23" valign="top" style="padding:0in 0in 0in 0in;width:17.5pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman"><img width="17" height="16" src="g88292bci002.jpg"></font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="55" style="border:none;"></td>
  <td width="61" style="border:none;"></td>
  <td width="149" style="border:none;"></td>
  <td width="35" style="border:none;"></td>
  <td width="72" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="115" style="border:none;"></td>
  <td width="36" style="border:none;"></td>
  <td width="31" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="2" width="100%" noshade color="gray" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\jgafar\06-8829-2\task1045339\8829-2-bc.htm',USER='jmurath',CD='Apr 22 13:18 2006' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><img width="17" height="16" src="g88292bci002.jpg"></font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ALEXANDER&#146;S,
INC.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROXY</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned
stockholder, revoking all prior proxies, hereby appoints Steven Roth and
Michael D. Fascitelli, or either of them, as proxies, each with full power of
substitution, to attend the Annual Meeting of Stockholders of Alexander&#146;s,
Inc., a Delaware corporation (the &#147;Company&#148;), to be held at the Saddle Brook
Marriott, Interstate 80 and the Garden State Parkway, Saddle Brook, New Jersey
07663 on Thursday, May 18, 2006, at 10:00 A.M., local time, and any
postponements and adjournments thereof, to cast on behalf of the undersigned
all votes that the undersigned is entitled to cast at such meeting and
otherwise represent the undersigned at the meeting with all powers possessed by
the undersigned if personally present at the meeting. Each proxy is authorized to
vote as directed on the reverse side hereof upon the proposals which are more
fully set forth in the Proxy Statement and otherwise in his discretion upon
such other business as may properly come before the meeting, and any
postponements and adjournments thereof, all as more fully set forth in the
Notice of Annual Meeting of Stockholders and Proxy Statement, receipt of which
is hereby acknowledged.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS PROXY
IS SOLICITED BY THE BOARD OF DIRECTORS OF THE COMPANY. WHEN PROPERLY EXECUTED,
THIS PROXY WILL BE VOTED IN THE MANNER DIRECTED BY THE UNDERSIGNED STOCKHOLDER.
IF THIS PROXY IS EXECUTED BUT NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED 1)
&#147;FOR&#148; THE ELECTION OF DIRECTORS, 2) &#147;FOR&#148; THE APPROVAL OF THE COMPANY&#146;S 2006
OMNIBUS STOCK PLAN, 3) &#147;FOR&#148; THE RATIFICATION OF THE SELECTION OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM AND 4) OTHERWISE IN THE DISCRETION OF THE
PROXIES.</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Continued and to be executed on the reverse side.)</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><img width="17" height="16" src="g88292bci002.jpg"></font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14475</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><img width="17" height="16" src="g88292bci002.jpg"></font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="2" width="100%" noshade color="gray" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\jgafar\06-8829-2\task1045339\8829-2-bc.htm',USER='jmurath',CD='Apr 22 13:18 2006' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g88291bci001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88291bci001.gif
M1TE&.#EAF@`1`/9$``````$!`0("`@,#`P0$!`4%!08&!@<'!PD)"0H*"A(2
M$A04%!<7%RDI*2LK*RPL+"XN+B\O+S4U-38V-C<W-SP\/#X^/DE)24I*2DM+
M2U%145)24E-34U=75V-C8XZ.CI.3DY24E)F9F:"@H**BHJ6EI:BHJ*^OK[&Q
ML;2TM+BXN+FYN;V]O;^_O\#`P,'!P<+"PL_/S^#@X.'AX>+BXN3DY.?GY^CH
MZ.WM[>[N[O+R\O3T]/7U]??W]_CX^/KZ^OO[^_S\_/W]_?[^_O___P``````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````````````````````"'Y!```````
M+`````":`!$```?^@$2"@X2%AH>(B8J+B$-!@D%#C).4E9:7F)F:@T-`1!\?
M1$"2FZ6FIZBIG$)$(0``(41"I*JUMK>J0S]$(``#`P`@1#^TN,;'R(V>-`H`
M`@(`"C2BQ<FX0D'9VMO<W=[?X.'?A9U$)34P!@$!!C`U)=2%0O/T]?;W^/GZ
M^_G5UK6/1`"`P*-%@0(M>$``((+(HW^X;+!XX:*BQ8L8,VK<R+&CQ1<L8A`A
M%1``@8$]4*#HL?!DPX>";LB80;.FS9LX<^K<R?.FC!TCG+T:2K2HT:-(DRHE
M"FW"2$=$5)@,4`"`!4$6`!0(<%*%PR&2*@`X0*"LV;-HTZI=R[:MV0/(`$BD
M<$!!@MV[>//JW<NWK]^[%!YX>,IJQP:M``RHL&%#A0'$&W;(`DOD0@(&"S)K
MWLRYL^?/H$-K9H#`!,1;DH)P&+OB1X,&/U;`Y?"HF`X<.7+KWLV[M^_?P(/S
MQN%C"+_CR),CE]>IPXD?$5Y%^'&BPRA6IU&#W<Z]N_?OX,.+!V\(&Y$<#7P!
M:Y##(79"RN/+5^XO.ZI9/#"8/(F!AW'[``9X"2L_:/"*!KN\)^""#!XRBQ`9
39/!@@Q16.`@K.N@@BX6G!`(`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g88292bci001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88292bci001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``8``P#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W/4]2ATJU
M2XG61D>X@MP$`)W2RK$IY(XW."?;/7I5RN#^*/BFQ\-Z5IRZA'.(9]0M91-&
MNY5\FYAE92.N2BL1_ND<<9[/3KS^T-,M;WR)(/M$2R^5+C>FX9PV.,C/-`'-
H?$;PBOC/PY!IQ0,R7T$N2<83>%D(/^XSUUJJ%4*H``&`!VHHH`__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g88292bci002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88292bci002.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``0`!$#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P"?XB?&OQ)X
M1\=ZEH=A9:5):VOE;'GBD+G=$CG)$@'5CVKF/^&CO&'_`$#=#_[\3?\`QVNG
M^(GP4\2>+O'>I:Y87NE1VMUY6Q)Y9`XVQ(AR!&1U4]ZYC_AG'QA_T$M#_P"_
- -\W_QJ@#Z?HHHH`__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g88292bci003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88292bci003.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``-``P#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#TUM0UB\G<
MZ79VIMHI#&9+F5E,A!P2H4'@'(Y]*O:=>F^MC(\#02HYCEB8@[&'7D=1WS[U
M4FT203R26.J75BLS[Y8XPC*Q[D!@=N?;%7K&RAT^V$$.\C)9F=BS.Q.223U-
$`'__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g88292bci004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88292bci004.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``,``X#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P"M\5_BMXLT
M+QO<Z1IDZV-K;",K^Z4M)QDDDYX.?;I^->I_"OQ3J/B_P5#J6J1*MR)6B+JN
MT2`8^;'XUT&J^&M$UUT?5=*M+QTQM::(,1C..?;)_,UH6]M!:6Z06T,<,*#"
*QQJ%5?H!0!__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g88291cfi001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88291cfi001.gif
M1TE&.#EA3P)5`?0```$!`0P,#!,3$QL;&R,C(RLK*S(R,CDY.41$1$M+2U-3
M4UM;6V1D9&QL;')R<GM[>X.#@XF)B9.3DYN;FZ*BHJRLK+6UM;N[N\;&QLO+
MR];6UMS<W.3DY.OKZ_/S\_[^_B'Y!```````+`````!/`E4!``7^X">.9&F>
M:*JN;.N^<"S/=&W?>*[O?.__P*!P2"P:C\BD<LEL.I_0J'1*K5JOV*QVB_)X
M2)TO6,PMF\_HM'JM/DA$'85@0($K`H,*>\_O^_^`@2(1`!,B#04<$P$:'XB*
MC"IBDQ]?EI4CDY>8F)>;G%Z@(IZ=F:.;E*1DFJ*EI*.GK:J<H*BPL["5MJZE
MN:&4O)^LP+.KL<3!IKJRR;Z[Q<J_OLVUS+C5R-?#T]K'W+S.UN#8WZ_DHMW+
MV>/;Z.,P%P<'$94$%R()$!\#]Q\(]&0$"1Q(L*#!@RT\%,"@X,&'#0,X'%K@
M04"'B2DH-'#@8"/'CR!#BAQ)LJ3)DRC^4ZI<R;*ERY<P8\J<2;.FS9LX<^K<
MR?,D@T8)'3'X,.^#!HLB'BC@,.#BAP<)4C0(($```*I5LVK=RK6KUZ]@PXH=
M2[:LV;-HTZI=R[:MV[=PX\J=2[>N7;"%7EP8D('#@08>($H46G%P@P6T2E@:
M8,@8K8"0<S&33!E991+`)B=.;)DS9LF=`WIN-7J::<?*3J<>[3BSZ,BD89O6
M_/IS;-NS0RNV[1KW[=^K=0<'G7MW-.+#'Q?W+?RR<N#.+W$`4$<TBD4#!@0`
M$-6>"`3ZO/O3QT)`8X3HTZM?S][&=$,N/'2X>,#A!P<$-BQJA&B#!`$;M&!>
M>P06:."!![W^%\,7"KSQ00<+S%''@W+DL9D)'C"&X(8<=NAA%M-5MV!`893@
ME`L#6O?ABBRVZ"(."D*1XHLTUFCCC26$"$5%\.'HXX]`'JBCBD?P>&&02":I
M9!\Q/C'@DE!&*:490SIYWI189JDE$U4Z\>268(8I9@]--I%ACV.FJ>::+.@H
MXY5LQBFGFETV,>.<>.:999E,&*GGGX`JR><21A(9Z*&(>E@G$U\FZNBC'`ZZ
MQ)V05FJI>FY:>>FFG!JTJ!)G=BKJJ'Y(J@2EI*:JJA:?G@KGJK#&&D6K2/@I
MZZVX+F%JK1H:FNNOP-[P!:U(-!KLL<C>,)U]FB;K[+,Q,`````#^>?DJM-A"
M2X:TTP+@H)W79BONKZ)Q.^UVWX*JX;CL(MM!!0ELMUVW`O1#**KMYJLJ!Q(@
M,.T`#61``;T8''F"=9\8C(*Q^C8,:4`:1&#`M`4\`)0($P`@0,'-.NPQHJMH
M\``!T\X3H#+3O>%K"1A$4($8_DD@002#\:M'0OA^K+.:D%W0P`#3(C#!8"CL
MNEL$`!>`@`@0!""/`1E\@('3`2B0T+J2I+`R92NLK&)M+!@J]L%=OS!VV%J3
MC7870<57-H;&O:WVW+[1+3?<:]O--=M\W^TWWG'OK?=J@>]-H@5R7*5`!2<^
M)P*Q)O+SH`!Z)%#M=PT\*/G*.>_L^9;^'5!P!P`#,(#!UB08;:(#EA"@QSP2
M,*XY4`HXD,)\\PE`#^Z\]^[[[\`'+_SPQ!=O_/'()Z_\\LPW[_SST$<O_?34
M5V_]]<)SP+M^"5@5P`(67"1?!]H7KP%U"TZ`0%0>$#"``@,4$%A3(CA@-0H+
M=*O__OSW[___``R@``=(P`(:\(`(3*`"%\C`!CKP@1",H`0G2,$*%C``&)P7
M_S#(0!'%QP$(&$#!+%8)W75``&*`RI$N(($)+((!%'"A#&=(PQK:\(8XS*$.
M=\C#'OKPAT`,HA"'2,0B&O&(2$RB$I?(Q"8Z<0(MG``%*C`!!@#M*O^@0`QE
M&,4@$@)-7;O^A`*L)D:K"0`H"\A<><+UN3;B2&0D$X`"AM:##N3%!?'`Q`(8
MT`$U?J``MBL`?`HP(4GT2C6(;(=E%JD::.QB,HP4AR-[$<E*FL*2B;P%))&S
MR&=D<I.3[,TF1QE*<&`RDI1$)"E329M$>G*5DDR&*->122^0X5VCJYKLC@/+
M5'P`<I@IP.(:<,8,U><`!+C((AQP`/F%#6MNC*:'2*2^[0B@`1=`#0]49R*H
M-``H'8#*`TX$+P<T3FN=DZ8ZT2,:_QQ@6@1X0-2,D*D<H.X$#%NG/@T",0@4
M8%H&@,#%!$<F]-US.`A[03KWR=!`8,`!5SP`'0DW!&X2(50-S6C^'R!C`09X
M+P$4..=!=P#,(BQ4HRBU`HDJ<`<,@D\VNC*H$VR5TIIR01$'V`[`LFD%BPXA
M5".UJ5"-L($(O!,`\=2`-F>%OC<-]:E](D$&1@;0")QL"R7]*32ARE4@].QG
M09LH0:?@TR&<M*MH71!F.NJ]Q9V32G><Z2'32M<9D(@"\=(8`WA*4:S*U%IU
M#:S;4C>!HQ+``1SK:QG*&@2@"O:Q@#-*!/X)@`((M&YKJ">X(,M9T4R59`!P
MPU7'FH:LFA6,G-6HKU;A,Z`%(`$3:%Q0%QM7,YTUM0U=Z0+DM8!=DI9)?^W3
M7'&;40<T0C0=J";I]@K3@IA6"/DD[CK^\Y>?$?#KJ`-X0&)_*PC&>G6XTEVG
MM+93@`M$`+26'>AL_Z!91J$VO-%40/_<0#2%I>>YWWTO?-OH+_WQI47>!<)M
M]^NP=UISGNOU5&V%RT8"ZZP"`K#F0%>$7P'KU\$.^T+&$L"!O=I72`LF%'@Q
MG.$/2```%+E1>R=U81+G"P(`\&.",15<]W[8Q=AR``"85:-AA=B>,,`HCO,E
MAOQ=[D9V]&!"-'!.[>7HK2D8\)"#Y0'YMMA%S[T``0XP`/)TX`!5<="7PXRS
M*T_97?[2PXP+Q%@"T&-J!6/``3I@@4@LX``>J$`DT@;463;R,Z?D97-Z<9O6
M_!DWD3%&H&O^21Q#BX.7A+8DV#SCZ$@S&M&`QO0E(2V,2Z<FT9Q^#B-AHVA!
M?V/3C_OG/1)6ZE:BNM"F=H>F-4EK3#)CQ46;LP@T)+D/),`AXLG',\U\YE]!
MY(Q*2O*-,U'4`_PR(O6C"+0=@1@4&#4!\1(FMK?-[6Y[^]O@#K>XQTWN<IO[
MW.A.M[K7S>YVN_O=\(ZWO.=-;W`C0`$+`%H!%K"^>OO[W_#V%[$Q@X``&,`#
M1W&*4CB`E*>P[P0C.\#$!B!Q`UC\XAC/N,8WSO&.>_SB!0"Y`4(><I%__.0>
M+_G(5Z[RE:/\Y3"/N<QGCG&5D]SE%F\YS3]N<Y;7/.<BO[G)=W[^\IX+'>A$
M3[K2E6:5`22@F17/N,X[;G2<6UWI&Z]ZRZ=.])8W=4$%`(P`#$.1L6.$!5LM
M]K$NX+3Z)LFT#QU!`[IC@>_00SQ%62VEB,3WPE&T[SAHKF)G#'C,CE7P!"V\
MP11/`\0OOE:&?[RP(L_XY$06TP-#@&P'M^R\2?[R0>Z;8JW[8Q1L(`"QM<"`
M((J!I@4(/ZTW>]=&K'99:1@`"ECSAW"-@G@T$SX>(&9Y1R%\>ZT@NK6/%8R'
M(B4?*[EM?U,!\I.O*AW;;D^EMVOCI4S]2GE`6D>64H5]X-CNKZK*V5_2^'TP
M??-?J@-I[OR/`DQ^VKO?^[\T0`#J'B;^WA=KX/<'*,-"``%0,+KW(NO'`T(6
M@)MR%,AV@`B8?D?`?0P8)U_`=@3@=F!"?SU0*!7X*%]@`:$E$1!((PG(`^WW
M@7E2`0"@>6S"@3U`@2H8)E]P8O?S@E\'6#.(*,LW)R>H`PNX@WCR!=:')S"(
M@@TFA&H"?GGR@SH@@TH8)>B7A&+BA(&7@E&H)?`'`#?3A!)8!!Z8A6/R!1U0
M``%@?$:8@YLEAFJR`01H@']BA3@`A6QX(U_@@,<%*$>X`UA8ATDR-1DH?_WW
MA1>5=GX()1<(``:@@7HBAS=`AX?H(ID'98U(B$0`B9$X31^0,3>8*/YG!#25
MB4K2@Y#BB#7^$(:B""1$"`#75X)3LH=/"("IR"+20AZ5@E]?XW?'1X6SR")3
MN"FF6`-]V(L=X@'QYXI:PE@>\`#R<#,50``Y-T^3E0`3E@*&2(P`-C'\!XQJ
MN`(+`#4PI@<-@`!41$<1$``4$"&4>`LY`S:D!CCN*#CQ"&F?9AR943?W>(_(
M$6N%DX^&0SB=@8_1P36#YFK\.(]+59`*N1S\.!ND48^PX(8%N`R7YX\7DI`.
M"9`#&3<(:3<6F5`$F9&88%HGA$91(30E4``WXP8"PHO8>"!'45VB8D<`&#HE
MH@!#80!/=P!ZP'"#P0!#H2(;@`%$&0`60Y1(F91*N91,V91.^93^4!F54CF5
M5%F55GF56)F56KF57-F57OF57@EAZ*@!8%F69GF6:/F4&<""LC@"#C!V%:$`
M%Z!C&J`!].-P*9`_&F1!?-F7?OF7@!F8@CF8A%F8AGF8B*EF+V`!6P84%W,`
M?-1P]I,"&G`!&'`!`F!<:;F9G-F9GOF9H!F:HCF:2WD!&J!C")`!EDF:K-F:
M8)D!(BB+_]&%E)``5B-"(M`0]A6$+\DA+)A[J_*)J8.;F(`!_Z4!Z.AK5I,!
M$[E&EI8<E093?N8<RZ%-[\B0K!%JT*F=&PD=U^F=O+&=]/B1X3F>W?F0Y&F>
MV:F>ULE)QP%CU3:=I?$;[:F=]5F=ED?^G_DIG]+IGK!@6A=060-```*@#V])
M@-?'`>YCE!_&F[UI($48*V75`1=0H14*%!QP`:/E`::I4"[YH`=1B[>R`37&
M8H((HH'PB\@H)X2@F&TS:78UC"@J"%M82*ER2R1CBV9B?S,Z$&2HC:/R-1V@
M8Z2SCA/8ECW*!PHZD2O:?%^C`10`0MJA/_0@5Q^:I'R`AP^#(1D:`0I@AN=B
M``UP5/]BI":%I%AZ!E\P-=#6I#Z2,*.@`1,`0E8!3[]6`1L@!A<P`83``!,P
M6B;JIFDZ4Q\@@@8@/G-")%VJ``1X+G\Q`1@`96(`BX%WC8/:!RSH@CQS)!T@
MI\Q4IWB0#WC^FHLFH"""ZJ$G>JE:P(G<I20(LZB-JC&/&JF<ER,EF@2AJ*IL
M\`6DF"5$TJES"F;=0@"_9@%Y6JLI0*G"PJ.Z6@9?\`"LF*H?$@I%8P%>"EI7
M`9F02HFZ)YQGVJQ](*))\JL9,`%CJD$$H``08*QI0U*WRBMH"JY2(%_I8B/4
M6JK6RJCS(@"/F@'<*@3*^HA7*J]24*/2JAZ_*J?G.JSJ:@$<4'E!$+"GR*P$
M.P4_"@#;J(E?PP'YBJU.TP`3X*_(2@3!2`,R6K%.L*1PR"$JT@'ENK#PU+`/
MBR&G*@,2VW@4B[)08)?(=B`;:P$0P*CT<@`.,`%,)GI4X*V7&*_^.GM14H,'
M`5*S*G4"+FNNPAJS$'`!,[L;4JL#)3L#)]NT8%BH`5``9KH&M?&J%1"TV,JO
M12NR<-.U/G"S,3JP8OM3'Y"IB!H(YL6I&&"UZ*JN6DNJP/5\ZF*W=RL$&R:W
MD'<'3N$!'+"V0CLM;FNT_RH07RL#89NXY/<!A%!M*2H"S(EB#J!_YY*N$3"X
MH$<0="L#Y<>Y3!"A?[`*&&!@LEJT1[NZ"*&TIP6[3B"BC-M8)'":5]0M.CIZ
M-&:XN&JIOBL$'I`_*L,'9%!4)/,]!J93>ZLHEMB/NKLPB-N\-M`!";"]4SL"
M'2`!!G8`(?5+&K`![:M4`$:^NFA7.0O^OCKP91B[J^9;`06GB!+`B#6"7W,)
M`41SFA)`!AG@``>,(DQKOVZSI*N&!JPU.DDU:Q$HFP+`C,A69PE``$M#MO#S
MP6CWO0[\`CQ;C6>``<1$.@$3>0'<C>C$?P@P%`<``?+A.A\04/7@HG&[=^4)
M&C!JD109GFG+M4:<:4C\:K06'$%,G?=ZGJL`DG`ZQ9M!Q4[<Q$<B&T^\GH[S
M&%A,N%Y,LT\[`$#!:E^,:&?\:=I$O%>Q`'QE2TF\CV','%<<.$*\Q;*FQ(2V
MQ,ZW;!U6(@Q@1FB4.3V;1BU9@<$;>*$W`G6F:VC``4;5QGR%)?2'`?5R0@JG
M`!UPERJ$`O[^)`]()0^B/,JD7,JF?,JHG,JJO,JLW,JN_,JP',NR/,NT7,NV
M?,NXG,H(T+]*D\N^/,H&(`_;A@"4!4_K(W&_G,S*O,RE_*XHT`$,@'I&T7!*
M@<E)\7`F8%2[7+8)L,O>_,W@',[B/,[D7,[F?,[HG,[JO,[LW,[N_,[P',_R
M/,_T/,[=HX@*4,_Z_,T'<&\*D%,,.T8*T,W[7-`&?=#C_$[*BP*6O`"#L<F#
M_`&%[$?2%RZZE\AJ.GD^^@-NBHP9`[JGJ-$JD`$KG%Y4<-%80)-F0TBT4,/U
M4`<ZW#Y=J#7#59\V+9Y<+$J.@QH\#9$[[=/Z>-/=^9U$O8\];=3^<MS%.@V>
M2MUH&CG4/PQJSQICI7''47W5,(H!'J57VQ6=0/W5&2G4.7W5]@G6/SV2,-Q[
M`<``"[``L)6W55,`S@;7C#K7SEG".B"N4M!/KN7&2S4FIG6:#3#8#'`S)!T!
M"-P`"QPVF(C7N>DM!QNQ$D!9Y(C1%":_%N;8-F",F-VYYEM8`!5;R)LFRGB1
MW8M/)`R^)/).=6?9GV8!>>5F@!HHF1MDS*O99*.@`("&D#<"%Q#-I&-<+NR#
MG<U^J=V\3G;"A#*\8+76VW6+:5TKF]N\P^)T;!JU14("&P`!U:L`%O#7GNC,
MH%B_CNV&5Z&(9ZN`YCO9V>I;HM*ZFMO^P)RK`<7,':"XO_UE`/\[W(Y2VV9S
MVX[]!7IY+@"@#UW+H10,`5?EVNHGWD;0V'=K+M,"G)Y="2IL%9D)O[@"W[9]
MW"@;"EH&``PP,=RQHA`#45?A8:/=*;P+7?*MLW%0607#%`B`C&0`R?_T6B^S
MXJ/BW_%!WHDK!A*`057Z!1N0WM"77$<E-"?"X(/XXCDPW3J;`1.S%,[+OQ1#
M,SP.*QP.`U).L'U$.OT`@3VS6Z1#0NSBXV46V9<J!A"V8ZX8$!?.PET]+EW^
MXQY^J1K@+PB`PMHW`B+3UY.L+RT>!%_>YM`J`#8:TM8U65>1`#N^Y<>BYL/&
MYC.JIR33`$C^GC5P`-JA)=JM"BUWSL"^.ZGR!36A#H_P0EY6)>G80NFS!^4H
M.N0!4*]Y(QJ_K5-HKDZPOHN6_I)?0.6X1X(PX`!N]U`8;CK@O3.C7NE.?G]B
M$.;B$0,80"TBL`%45363_.R<4NB9?;<48!4V/,1O(U\$P-XMZ-X9U>LTG>>]
MN.<MZ.>B)X+=X@:;IU'-?M<5NXP:<S-;(^</4-]W.53Y[NO<GGQ[$6-G>S@1
M<A4$F$&0??!<[N"%*.ML&`H<<.H<HWB*T+\"4-A>L`$<,/(C#U4%7]&_[H>T
M;NN^H0'^!$^()?')TN(7F#E?0`$#ZCX&"%$'\-Q=<.@7+P(8\$_^5A[$/E.G
MHF7':/5<=$:LF,``"8`!%1`^3U$O;[GP=^)HMK9H7/])H]9+7A_VL`3V9-_U
M>6SV:*]*FP#-8JY)`:$(>54UZXMJK[1H2'WW9YWW1ZV?92_V:=_W@/_UC#4!
M!$A&_K#H!,!_+,DY%J^$X5[K*A`QO+SK^Z5L]\2K(MS/!2!(S_:3(%T"&E`!
M%U!G#2#U%G#ZJ)_ZJK_ZK-_ZKO_ZL!_[LC_[M%_[MG_[N)_[NK_[MS_ZJ#_U
MI^\O`B`!&&`!P'_Z%U`!I3LO\W`!JFG\Q\_[TC_]U%_]UG_]V"_[>TKQ)0`!
M'[S)/P%C&+`!U!P5<),_B)G^ZK_^[-_^_@FTE^X?__(__PRT'8O>`A!@_@\R
M`C-LS?=A^"#PB2.GF0)4FBO;NB\<RS-=VS>>ZSO?^SZG$PD`'*;@QM(8``"%
MQF7SFU*KUBLV>^5@`),1.`SV?!X(4:?S(2<4GP%&E'B(Q9[!MZ[?\_O^/V"@
MX"!AH>$A8J)AAP*`0<:(!H1!DP%$!IFBYB9GI^<G:"('`,4:(!E$@DB&P,7'
M14#%A\+9A8"&GX?`5Z9(;]BOJ5YP\$BQ+_"P\M@>\;)=<MVQL'%S-+3TM38S
M-[8W<G9XM;4'!$#L6@6#P/G!Q,:U1Z^S^/;T+SXX>#ZU,/\_-W[COO7K9N_9
MP7H&"PY,:(?^S*@\@LR8BB!@0(`((C@<$)"1H9A=H4:2+&GR)$I-F3!08J"A
M0H(F`A944)/R)LZ<.G=^B$BH`P<P'338C!3TCRY>/)<R;>H45*8.#,XA0$"$
M@`,,`I]R[>KUYJA2TY`J]"/R*]JT:G/^HL"D28`#$7`U7&OW+MX^/A6-!22R
M;][`@O'^ZE#A0),!"R@<U3?X,62T89V>C6SY,EH-$JP"$.#@PCS,HD?OG`RX
MY!V)I%>SWD0,0X,"1)HX*'JZ->[<@_8R_:O[-W""AA>P$T"`R`%(P9<S%V2Z
MM]+FTD?_XC"!LP`H$`($R'-[.GC<SWDF#6]><+`,$`HTP0I)`^+^!8W/TU_.
MF[SO^OJ?XKO`@$E<$L"SQE0$N+(?@KI-UE1E"3J84G43)$!$`#05]<$$1$#@
MV(,=1C8>3_EY."(GOV@0`24`$-"`5F'`!P`"`WY'(HU<W1>B:C7J&`@^&#CP
MEEQT^4*&!PYT)LN.2>)UHTZI*?DD0H8I0&$"%%RX1B86,.'`C%!Z"18I(-TD
MXI<U!K.!!(AU!@4](FP0DP&X=%DFG2,QJ1.9=3J(3P8/$-!$`1!H$%H=0W2G
M)Z),+;A4>8G2YX%M8ZC##HP3S%=,)A>PMX!-<SKZ*2(@-IDGJ+KU8H$;O5B'
M'0,5W$:&5"K&42JM)]V94X.U?I4/D<C^9'):3'%(PIZ*#[185QT9`A"!I[HZ
M&XBH>$8W8K.'`&3*KUNAIH8%@/X9H)!B,O-B`O,]>RXGT>*:8X<4;'@,H?Y@
MB2Q)D$+*@0H:8+!O!?U*,$$$$$#@``,-+-`&`@<<4$`!!`CP<&<4PEC3-LT8
M.0"2U:*[L1BWWN1D@K^:TM&5G=@+5+[[8M!O!1*X++`##32@0!L*+]SPP]S-
MU@3//??,W</&-7Q`50HHL(#,#DC0",\+B!M.!5NJH3''59,0)H/3!J>M&-TN
M^T$:^*ZP[P4LNQSPP`4?K(#-##OLT<X^RPT7T$(70#0"1B/=@`,"_SL!RRIK
ML,$&:70`J2#^$`S`<,/A`L)!3`<X;C7EA:B+$ZF89?L'4!I<,`$$!K\5@$<\
MQRVWS@\/0`##>.LM\P,!_QWXOH0'D88\5/-8C3Q#AO9=)A%TQF[EQ3OG15.-
M0A8O'QULD$'+#S"`0`&EFPXQSW+-WJ_*4MQ^>.\?C],KMA6?A,&?G')H//MZ
M(<^4D[J/)#)2)5Q`000S+WQZ``,8D$`#(#`!"V0@"+/065SXPKM]Z(-\HH'5
M`IPPJ_91$%IADE\B<M6D>7'N>1:0``08D(#JQ8T[!#C``AP0@0I$X7!ZN1V^
MID8_>G4H0QEQ8`5SN`>/\8$8F#H%'IZFDO4-HP0KBX`#V%8]G_7^KP`)8,`#
M`%?`DBD#@S0BUX!TJ$4^+`H_Q$O$=SIG`=")\``8\9EQ#J``%5+@`D2A8C:L
M"*4.7`Q)6[PC-"ZW!PVHY@(+@$!1_`A(OWR1'*<8RLHDX(`%(,!A3!1``1"P
M@"A6``.%`QX1C1>U(N`0CQNC'RA[!0'C`&```J!#(&AFB@H$@`%W(P,K77F`
M/GB@!*=TWOC"*(7/A2X!9N3?`-38@`A0P`)OS`4#/9F)#2```)+S)%>()$>3
M-7!SF23('HRT,P8($4/L<!H9#*"1#Q"@%`60@`C*R0=82(P`M#1B]!A)PI]!
M4I(/D$`E+[D[:")E.X?B)\?")C9]8:#^;!68@`0")CV#)2`!;SD'`+CY!WPU
M0!5@&P!="O:!6X@`:6*Z@,\&((]=XN\!C#S`<786@!,J8)@3<*,!`7J2"R"&
M`7"4Z4TFP#<'$.Q`S+@'5`0Z-@Q8X*`3`%@$'A"S!1S,EPIK&`%,R1V(HHYT
M`UC=W1[:A`9T4P2I$($&!F"3!RB``P+(Q`,L6H<&S"VJE)K;(Z^Z.KD&#8$(
M]$A=\5HWH)&NKWB%VU])ES/!!M:O>B4L8`5+6+X6-FB)=>Q>]0K8G`VVL8:-
MK%\5NUC$[C6SE:6L9#<;5:M&E6=7U6Q>#=M8T&[VKX/EK&)#^]G)SK:UL)4M
M:BGKV;H%5K?^J77M97,K6=_^-K:]5:UE[<I7_D7UJ@1X+G2C^URH0I>ZT5U=
M<^5J2L="=JIP_2YXPVLZP3KWK43@YFG(0)$/:$``8U5`!]PK@K1FXS#BY=E%
M[M8&!O#T`?Z%@'\#S%.>RBQI28L9@@>LX`4SN,$))K"#&WQ@"3-XIP.>\(4M
M'&$(;[C#%+ZP@C'LX0=KF&]\>P`DD0B@`,;,Q"'^L(5+S.$0:[C%'H[Q@D6\
MTQK;>,,XOG&%7SQC'G\8Q#0NLH%;7&`,!UA@3@:P?[\%T6!"%V[WO6_=L'H`
M`U0E;T\LV("5*N8`D[G,9CZS`\B<YC5#.&G$XIE$`0&!,UR4+BG^W*B='?#1
MN`G@H-*CWAF9N+B\->">;<R`/G'*">'UN1%E5?1)8(7(@TI`>K0PP.GH)MCI
M%L``"FN#`AC`WP=`P&44H$`%+'"!?6D@AKB;)DDR<%0`-*"2I_C`5\EP`#IT
M@`"RV/5%[5@'KYE6#$!9V01,2KVWSHT[_E,C%",`.`RT^J9CR%WNYC7#7H5/
MFK["!_D();+P??O:\O(5!WLW[G"G>WSE-L:XL83M;CZ@9ZUHH+N[[6YL@7(@
M.%0WON5%;FTGDQKL3J:W#<[O(:&[W^5;N#35G>U`="X#]P,A0U%JO4>>4))_
M@DL1-)"!P0$%=Z&XUK\#_G!]K[SE^NC^`/*Z1%\RP`(!`[!HS6_>APY<P`*M
M+"C`F\<%/\M3J]^UJG[Y*^U*MKI+G1PB#0,SPPYZ+GH512D370%K'5WK)T8<
M8\#T9X"45G70+;WG`*D=A&#$9&?CI.4"S]U5M4`DYH)8&1@DH1J]ORJ(/;PF
M&H9>Z>D5(-#@G<VFB=;24K.PVKL;>&NXC4UC?!U@BT3`V#--NDBJJ6?"?E"U
MXMTL2#VO;*!;I"\+KWG2G3`!*10@"Q$-OD&000(+$#4#%J#U!_$0)?$3!/.D
M<>R675[U]+PJXQAVU=)1*(U/O&?C.3"GH(-MY"88.7D`7X?.E6WPJ=\X7"[R
M/Z47$P-K!X/^.2CDTR=QVU/WTM?GPLZVL3/[>F:/-JIAZD+:/WSN'NHB(K1)
M+OA=B723\QS1(FE<\RV.&B&-F&6<\?U,ZT$1/NF?'U2`SQC`_&@?,)1`!H#=
MY1F`X9G.ZN0-`\`>3$'>WZ7?^B$(&<C24\G"JSA/U5E>&:D>_[#>`;A>``'.
MJA7._@%?O`6@PG6('OE>$&W=Y-F!\Y1-!(B0"%)*$Z&0"@U0SUD`!8#.U1T'
MZDR@H;D1/&!@SVA@W/V=_XT`#79?""E1_9W#1>Q@"A'3#P8A,CT-*LB@?A1#
MYS7!%W1.05$`QEV:PVA>?ID@VD4?'=Z:W.50[Z&$!HF/"@)#$[K^"^&Q`^(1
M``)`T4L-SNWHRQ@IVSPQD<\00*NY!B*!("-E'NH8!Z&A8+5A$@=YR=,)A0:P
MQ\Z`W_40P/\L'CY9@-HE(EG,HJ(=8:0EX:X@Q20^82-YUSF<T!^]5.&$P21*
M0$S,C0`8@`)$D1N5S%!87`4$S`WBHE6-'QOY8J+5X=3)(N!YP`9@`.BP31LV
MP:XMG?ZYGS!"VN-<$'0,Q@QNP/V$T#*&%#9J8S2*(<\4P.<X``)(86=$4L)$
MX50Y&^M`&_2EH--Q()3<(]AH@`7D3T#"!28R0`180(I,52'E&SZ21".>1.:@
M1__IP5#\X_0XTG@QD2^-UL_,50DI1@3^N%$NK-L9*HE&UI([DE5'V-M`3H#Y
M!0-B2(Q2I&-*I@0`-@D!_H9&;F3\[6%G4&0%OB(:<.0$)-$2F18*04`%%)#5
M],50=&0#?&0S9B(^$07<?:/+)-3D1&5IZ.-2M.1R1*('-`(18)0A$*6[+$!'
MW&(!9",TCL55YJ$]<,#G&*5Y"8`:1=%2]I`2XJ6=O`^C/.)YT$\C"*;#(82Q
M<:0$5!07PL4`9.(*R:4AA<<]KJ4RIN9;#E,%$`50G:$U:::B<"9Y&*.'>$`#
M*`<8O1,&%.9AXE=21@%C9F;V]5`[)IL"&`"S4>8D4<!EFB%OK@8QLN1)G@OU
M2>)+G&8"T.;^2AV`2-ZFM47B,:KE2^0/2JD4)C:`!!@3,)K;=@+'2J)&55;0
M4'(!!9A4<L)%4EI27S3FR=FAOD@G==H;"CT`=DK?:^;G=$REM`0EY4`E&IHF
M:LHG:Y[E>G:5AD)#7Y3`-TZ/X:T4`M"G?6(FA2)(=_*GUN#C@0*H@&X<)"DF
MM1VH$.Y<=))5@^+7@T8HCSKGBRY/3_@FCAPIPS7#6I*G><YG:]X4!]1E0DW`
M6)CH$\:GZ<QG?;JF-"`HD^H'S(D%HP#GF.)G$1VG9/Y,8FKCH'Q`!J"1&C0A
M@ZJ4=4(`D5H#AJ8IF>KEDOHI.N[!DW8H1)VGZ;1#E`*0!&SCWQG^J:`RQWZ6
MA&=&*MPQIHTNP)MESQ_M:3A`JJ6&AT^`:@_Q9:@J8AW,:<^(%9^>ZK-,ZOR@
MJ:NJ!!ET@;U-39_.*IU8Z+KH*BAH0)<E#'SY:N7$:+W(*K$F*X7"ZDA4JK(.
M9M0]*ZT8:ZQ^I[1>*T!1:Q69SQZ8*K9^ZQTQ*U0@*[B6*Q[Q*L6E6K_81`<0
M4"`XJ[G&*P5IJQB8@_()R^H$`%?]`;G*J[^RC[A6@P)L"!BX'GL)0!P`57F(
M7OGTF^0=W,.Z7,1";,-*;,52[,0R4,8*W,5J;,=R;,2";,6*K.058<*)+,F*
MF\K]#DHZ[,*AV\J6(;NY[,F.9KPX$,/^IJS,^MO.CJS*DIO-\NS/GMO#LFS,
MPBS*,BS`U9VU]@$"O-2!=``<B$`V"I&W_BO6HDN9YJH'1%5'G,$&L.H')-$>
M6``$!$P`*$!"H4T$M"W;HLW9MJW`N.W;.IG;SNW=QJW=RFW<\BW?]BW>^BW<
MYBW=XNW>RBW=)F[@!F[=+F[?-B[@/J[A.F[AZBWE$N[@"J[@'F[`W&WBONW?
M8J[F@N[9/F[GFJ[H9B[HKF[==F[ANN[GPJ[F,B[M`J[LGF[LKN[AUJ[BZNWM
MEF[NUJ[D*F[E>J[I`F_L"F_J,F[K'N_M+N_ECF[;UELI6(ON]40`2(!9H95:
MB<%4J!2%(-#^.42D^-K5^(:OSIPO^:+O^JZO^K(O^KZO_*:O^=:OIM%O^;8O
M_)[O_.;O_M:O_O;O__IO_XZ7_P8P`..O<BTP`PLP`A\P`T<P^8)<`C^P!%^P
M`P^P`E]P!&<P_[XO_'*P<GEP!8>P"$,P"1-P]1:GT>C"48@:2-@+!P3`AN#.
MJX'/R8#/X=SPR4"*#ONP/.#P#O\P#^\P$.=P$.?.$"=Q$2,Q$A_.*&B$X3`Q
M$3OQ$ML+%6=Q#U\Q%ROQ$7>Q$1?Q#VLQ[LRP%(LQ&7^Q&AO.$+-Q&[-Q&J.Q
M%?NP#;OQ&T\Q$(\".N$Q&!/Q%-OQ'<MQ'\?Q']LQ'</Q'-_PX6C^``#LL1C7
ML1L?,A^OL1\3,B3#,2`3LB8#,2//:""<R`@<`%>ITP<8@">/P4>02`=D+[6`
M#2N3ZF/`'#JILI+RGMU9C@`HP`0H@`#`@P1DKP(0@+6A`0WWZ>C!'2$`QO2!
MS=?(D3(7PC,G\\Y]#6FV:J0A<W'"W"GO1#1#G4'H<:Y",S8K$%DD`[H^S@(8
MP`((B01@XUW:0:O0B`<L@`7(,SW32`=<KRKK\XCD\P1E+4`']#YQ:S4+=$$;
M]!(BM$(O-$,WM$-+1^C!YOK`<EZ\2G,P)K)0-$[]$#=C$T?WI4<G-&NHX$<W
M*4A7C`\Q!]!B9#A+G<IJ0W@B0@0,#5W^5$!4#>L'V'0NVX1.X[1N3,#8%<"L
M6(##J$].%_4O*,`_Y\9,GY!RV+1B\'11V\1ZG-`[DX8$-,PCB(!.+T`FZ#0#
M9((#L(Y/Y\8D6#577Y57B\`$F-):C\`%&(!&YT13/]-1"T!8BX!;9`>14*<I
MT1DBN$6K+0Q[901\J$(&9.]A%[8$P$>JY(;/74`^G]4,"TH!<-,&9$0&7/8:
M^`<`$&?D>5,&Y/,`R*EB8^,'8,!INX$$8!0'!/-O5`#",D)I9_9<K`AC9P!N
M1\``%$[>M#1:U!Y&T79J=T<M.@TL3,!F.PT:F-)<^UY."\!HEV=A1X!NZUEB
M2T`&#(">M9?^&U$;$2:`GF%O!]#7!VS`69'MP1:)&QSL,"/I[8T`PFZ&"&!`
M:<]9?8N4!R0`IH$V;B``P7I``/1)>[?7!\P,6)T5@!/S[JT&&;24+TAW!.!<
M:9OW!92V`HQ3U/R&7,!*`&B`P:R"`'P`#,NIV(I0`3QW2HBW+WSX5[U"::OW
M!;C3871"`='<B,\!EA!`!@RL+_"XC\N#@>B&"22X5.@9I+C7G8$-1ZW!`$""
MBI\$6A8VY+S+'6A``HS3':A=@F=1:R":D5=M3[B7F)O5!BCQDN<&!MB$!@1`
M!R#`+$LML,;YU&Y&6+VW94PY*^PWP6YO`O3Y64T`95+F51,"!;#^\@',\@<@
M))R;@H$D@*(7P.?AABWHV0$0+)[YN`A,K9,OM6[(-AV8\@@0``8\K:/OGFQC
M>FP'`!W(A2]@%`)H^9.S-7>T8&ZPTH84P`J3^@'L^IH3@"U%^4W@^@<D.AH(
M`$?$.;)#`*E#CD@I`GP00#U_P(*O`:EK^AMDP)__N*USI\WEP1HU-P<LN9R/
M`*?_!@<T4AZXNI-KNZR[P@:@U`KK!C,-0/5N.Y,S`L&6.]C0T;,3N;R+@+'7
M6:/7&8MKB9?C1K17;[6;50=D^48,P'S,<+<+0GN]W8$S-P>(58B/N7!J/++K
MAM2BDGK1F8&;]W9WRJRC^P"0_(%+5-C^?KR;B)74JKJ"#$"`CZU%V??8MK=]
M"\%1M!>>0T;88GQ\'^P'>!1[893#F-(Y5+QH%#T8=/R%9[P(S+@'N.8J0STR
MQ3<';$!0J'9-^-(K]-G#SQ(LC#U@C_2!J\+7!T6;6\EOM_D$=``*"<.YAS8#
MN`&^P$/:/WPM!(`%O/D9,%5/G*.#DSC?XTMA5P!'.(W8V[W3H.<:-,`LZ<8"
M\#W8OT(`2'95?(#/#;X:@4WA:$F<YH;AOWUQ6P`'&``W_3UG)PR^*$`!*,(!
M$!:P>Q-E'H6@4Z9-2,##(("YL(95;)=TZ_X!\+Y''(!M\#AP6(5CX0+P[[X(
M3'_R%SMA"6;^;D!_T$B_1R#`[W^_&L#'P@@_AUO5P^""100`^(N`10A`^V>"
M!A"`L)O$[4?_!P!_`"1`^.]_G2XD"`C']I7FB:9FQ[7MRJ%>?++JC>?ZSO.L
MR_&49K).JB/L*9?,YN?G2A)/TR<PZ,QJL]!6LF.LA4VOK?GLNWYIJ[')XT;+
MYUWL,PY&V>:\)/\/&"@X".A'>!AHF*.(V.CX"#D4.4DYQUB)F:FY>;DYV.D9
M*CI*6FIZBIJJNLK:ZOH*&RL[2UMK>XN;J[O+V^O["QPL/$Q<;'R,G*R\S-R<
M!>H<+3U-76U]C9VM7<N!@#%WD?$AI*$!6*X#O;W.WD[;<0`@(*[^OL,14&#R
ML##.Q]#0[X:!"P'=&3R(,)(0#U+&2?EB`$``>?0:6I0DXT.$`@0(?GC`P"$2
MARN^^!$R<L6'!@Z&C&%8HH#'E`EKVKSI"!Z`G3L%F-M28`(#?A_Y;4APP$"%
M#P@F?)B0X(.&`QP!9CBPH,``"U(/"$#:<H*!`PC,/5!PH$*$(`HX0L`)-Z[<
M%!G^-;B+-R]>!P5X^A6@-_!=!@]48!CPP<(`(?L^''BK80"'"P4T$/B&X"V'
M`1DX`)#P,=\!!1TJ`%CK4^.!CP`("G&@0*H!-G-KVS98(<"``0($[.[]V[=O
MO\2%"^>-7+B!C'PQ4`BPU`$##P(J7#C^#/H!`*?C)E?P&5D(!@,;`I!P#&%"
M`0P7+`CHX(!?$O43?MZ^CW^NA8G$N6<I<$`""@S`SP,-=!!``@@@H,!2$[16
M`E\+/#"/925@<(`&`M"@``02?(5``@MX<!<*%RP08!SYK<CB.D)<P-]._CFA
M6!+??102`3^MQ0$!#^2C81@Z:I#/!^-1Q]4'`T1PP6H?</`62P%-P*%3];2(
M99;)"+&?C`4UH8!\XPA@002Q1>`C`@=X@$!A"_`3(`0,G&:AD01\($$!$,3S
M%E(/$-`2`RTEX<``TAU`FY:*+MK,?C-F48%]B66@P3<?9!#!4AU0@!(%3TP@
M@7>EE3"JD1'^6%#I.&5:BH&E)EP0P00J,DIKK<3,6LJ5MN[*JS(+-7*2"E<J
M4H^NO1Z+[)8[-)1LL\X^NP0CQD)+;;6<8/1E%AE,4($;53Q1`0433'`>%6#0
M%`<<1WB4`Z76O@OO*X4ND,``'F6`0`$`O1B`FEXMM8)6!`C@U`8(#(!H"15H
MU=()A_V*K1`3%C1MO!9??&F8;[ZI0&%:1!:&!'=^D$`$'Q"0Y`4C/[6<"40R
ME(>('C"`P),#5-"CE>*-C)(>'Q`FTA!^X(IQT;8&2W$_IA$'0#[,(GV#931X
M<($0A/7XTP6(E:"R)!5XT^T3!)#`00$>3%`SGE&]BMAX"Q"PE53^6OF))X`(
MM%#9!Q,;S??%%DC$TT0M:^$``1W:IX%N7+TH@+@4$!!2/Q$`D&\`Y11Y,@<@
M<=VR>(AEL-T'#JQ6P(BF2:!A#'M^`($"%IC==^RU=G!=[;:SQUXX$#`-P&47
MW/X[[K]?=P,'0AGZQ&@$>/<!C`L>X(`A%8#V@0(*U'GR!@9RC;F1B'7=_`@!
MT'"`!!$<@($%%4CV<VJROY^E$!0`SGO]]M^_$P&*L$>&>0V<.1:G:"T=3RE`
MCXS0`0)T0`)$J8"37O2](C4I`^\I0<DB(``%A(@!,7A``(@&OQ#6AG:M*J$)
M2W@!#4R.:9<YH0M+*(XW/,5)E[+<`4S^IK</-H]G*6``=Q80FP)XJ@)W.HP1
M%``0$V"@B!)<DP!<0[`FE6`#)K/``1BP-A%JD5>FB=%$NN<$+$8@`0#@!P0"
M,('1$8`?%EA9"BCPE0.,[0//20!T2O`V.;IA@)3AGD8*\(!XF`PL`X!`!^SU
M@0)0;XN,O`W4`K(TXF#ND>JXP`0@P*X)()$#'7!*J8HWKC%H`'4GJ("L]*"I
M)'$@21B00`KI80$)B$,#2:)E(V^I*`TPX!^[;``#WH++8`K3&#"A0K8(F)%D
M*E-8*7CD,)]YGZ<=HV+0K*8UKXG-;(KA7'D`H0Q.8HABDNI<)^'F2!9B3IJ4
MI`;9@@,W=>7^S3?4(Y[:K.<L$B"`@<$M`5,19S\8X8`*RNT+`J@9.0(`-[B-
M:"7X&,#`N**`"&@(;ODD6$'N$9L7U2QO)G``0AT:MU]=P@/+2TPGA""!J$!,
MAATP@!%.:L^8.H*:*@`#!GP"!NPM0G0`:%@&%E."^0W@)X?A9`=NZA0%A(23
M6$A`86(`Q!DH0@*]HT$%EJ.C@+QI!E[H@0884E)F1B!M.$@@/66*UC\(`0*2
M,@/(2F"9"B`Q#!40$;M*@$697`JH3/%EPQYF`@6T)`&#.H%3^['+&T"O0R6P
MXLDDM8"&G4`#])+``SP@`8"=ZB,=:```&C`!'%[`8R4X'^LFT(#^IL!5`0F8
M@`*;9[VE4`"8#KAK6F_;3(P4<[<E\,R^`O*TBZ@@2%,LXP58^Y2.4(`S)YB0
M6+R'D@!D`'PW-6I<JY>6<9V2L(@5TPG*LP$*%,FQ647L`<0U+C@$8`$60```
MJH?#DBEI,M`AHA`Z)@G3*N`T<+Q`!P2P`/4$@&HW4XP%_IN!A=$4MPP^@0,D
M4BZW#N"EX?&`A0[`G:&09`$YHM*$\8280Q)$`P!P*`$`L#8&@$A-,>"NU2(G
MPXW8[!M759*D&)"@YW4``ELKCP<6@$,%@&;")(W!91(H*=,B('((,&61,!``
MO7G,M`O+4(,;_*(`)4!!6^ZRE[?,(/[^C"9$(0*SF;V,`**D@+A2T=^E],<1
M`Q@`<LT-R>M49@0['B`>(2FJ3>=!LL+VX[`OSI97]@R`PM2XO!(KK,14>L@?
M`U.^DO'``$C@5`?&>#4(H%Z3&9#1S72@7@;@R-H&D-$K-[B-5)&SG`M0@%?'
M&M8'B%'ODE+J6)?:U;DN=191\%:YP54T2_%`JR2Q@"0R("EP>"(8UF<G/Q!@
M*8)-`7X+#6P!8``,$_C>:ABM-\F60`(M2YS>@-GI^6:N@*H]P5A)YND*!!*N
M`B"9R2Q,D(VL1]7\[L%F_%*8!;M,H'6R4)XN0$2`22R)"*JWC(=0G0T(X%<$
M2&IV0?4-%__IS+L1HB&"V+.<H09DV120`,9)^H"%`<`#&,2`:9Q2Z8X\03<O
M40U3/"TK-%[``%$FH@541B4!A-?-_6;P2&7X8+^8)[?&S`$'&!`&#C1`"!M(
MHB9=AX)8]8,"9K12"3S4`1A_Y"UH6Y":0!,!3XU[D1TM=@D>0($-M*0!M"E[
MB,HG%9JA*08-(&QM?V8$""#`"%CYDKQ9ER1,-J^R#C""!:SGJ0A0[^]%KSP*
M."``IB41)R2-,#-/!C#+BYX01\T`!C)@>@RT51`K?<8-'O()H<E@CLR2(9'(
3JH3:'W/TO&=1U7;028&K.@0`.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
