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<SEC-DOCUMENT>0000930413-07-003503.txt : 20070416
<SEC-HEADER>0000930413-07-003503.hdr.sgml : 20070416
<ACCEPTANCE-DATETIME>20070416161155
ACCESSION NUMBER:		0000930413-07-003503
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20070131
FILED AS OF DATE:		20070416
DATE AS OF CHANGE:		20070416

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REX STORES CORP
		CENTRAL INDEX KEY:			0000744187
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-RADIO TV & CONSUMER ELECTRONICS STORES [5731]
		IRS NUMBER:				311095548
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09097
		FILM NUMBER:		07768347

	BUSINESS ADDRESS:	
		STREET 1:		2875 NEEDMORE RD
		CITY:			DAYTON
		STATE:			OH
		ZIP:			45414
		BUSINESS PHONE:		5132763931

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AUDIO VIDEO AFFILIATES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>c47932_10k.htm
<TEXT>

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<div style="border-bottom:4px solid #000000">&nbsp;</div>
<div style="border-bottom:1px solid #000000; font-size:1px">&nbsp;</div>
<P align="center"><B><FONT size=5 face="serif">UNITED STATES SECURITIES AND EXCHANGE </FONT></B><BR>
  <B><FONT size=5 face="serif">COMMISSION </FONT></B><BR>
  <B><FONT size=2 face="serif">WASHINGTON, D.C. 20549 </FONT></B><BR>
  <B><FONT size=5 face="serif">FORM 10-K </FONT></B><BR>
  <B><FONT size=2 face="serif">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF</FONT></B><BR>
  <B><FONT size=2 face="serif">THE SECURITIES EXCHANGE ACT OF 1934 </FONT></B><FONT size=2 face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=59% align=left nowrap>
<FONT size=2 face="serif">FOR THE FISCAL YEAR ENDED JANUARY 31, 2007</FONT>
  </TD>
  <TD width=25%>&nbsp;
  </TD>
  <TD width=16% align=left nowrap>
<FONT size=2 face="serif">COMMISSION FILE NO. 001-09097</FONT>
  </TD>
</TR>
</TABLE>
<P align="center">
<FONT face="serif">________________<br>
REX STORES CORPORATION <br>
</FONT><FONT size=2 face="serif">(Exact name of registrant as specified in its charter)</FONT><FONT size=2 face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=50% align=center nowrap>
<FONT size=2 face="serif">Delaware</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">31-1095548</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=center nowrap>
<FONT size=2 face="serif">(State or other jurisdiction of</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">(I.R.S. Employer Identification No.)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=center nowrap>
<FONT size=2 face="serif">incorporation or organization)</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=2>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=center nowrap>
<FONT size=2 face="serif">2875 Needmore Road, Dayton, Ohio</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">45414</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=center nowrap>
<FONT size=2 face="serif">(Address of principal executive offices)</FONT>
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">(Zip Code)</FONT>
  </TD>
</TR>
</TABLE>
<center>
  <FONT face="serif">________________</FONT>
</center>
<P align="center">
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area
code (937) 276-3931 </FONT></P>
<P align="center"><FONT face="serif">________________</FONT></P>
<P align="center">
<FONT size=2 face="serif">Securities registered pursuant to Section 12(b) of the Act:</FONT><FONT size=2 face="serif"> </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="50%"><center>
      <U><FONT size=2 face="serif">Title of each class</FONT></U>
    </center></td>
    <td><center>
      <FONT size=2 face="serif">Name of each exchange<br>
      </FONT><U></U><FONT size=2 face="serif"> </FONT><U><FONT size=2 face="serif">On
      which registered</FONT></U><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif"></FONT>
    </center></td>
  </tr>
  <tr>
    <td colspan="2"><P><font size="1">&nbsp;</font></P></td>
  </tr>
  <tr>
    <td width="50%"><center>
      <FONT size=2 face="serif">Common Stock, &#36;.01 par value </FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif"></FONT>
    </center></td>
    <td><center>
      <FONT size=2 face="serif">New York Stock Exchange </FONT>
    </center></td>
  </tr>
</table>
<P align="justify">
<FONT size=2 face="serif">Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities Act. &nbsp;&nbsp;Yes
__ &nbsp;&nbsp;No&nbsp;</FONT><u><font size="2">&nbsp;</font><font size="2" face=WINGDINGS>&#252;</font></u><FONT size=2 face="serif">&nbsp;</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Indicate by check mark if the registrant is not required
to file reports pursuant to Section 13 or Section 15(d) of the Act.  </FONT><FONT size=2 face="serif">&nbsp;&nbsp;Yes
__ &nbsp;&nbsp;No&nbsp;</FONT><font size="2"><u>&nbsp;<font face=WINGDINGS>&#252;</font></u></font><FONT size=2 face="serif">&nbsp;</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Indicate by check mark whether the registrant (1) has
filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the  registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. &nbsp;&nbsp;</FONT> <FONT size=2 face="serif">&nbsp;&nbsp;Yes&nbsp;</FONT><u><font size="2">&nbsp;<font face=WINGDINGS>&#252;</font></font></u><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;No
__ &nbsp;&nbsp;</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant&#146;s knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ </FONT><font size="2" face=WINGDINGS>&#252;</font><FONT size=2 face="serif"> ] </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Indicate by check mark whether the registrant is a
large accelerated filer, an accelerated filer, or a non-accelerated filer. See
definition of &#147;accelerated filer and large accelerated filer&#148; in Rule
12b-2 of the  Exchange Act. (check one):<br>
Large accelerated filer ___&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated
filer </FONT><font size="2" face="sans-serif"> <u>&nbsp;<font face=WINGDINGS>&#252;</font></u></font><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated
filer ___ </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Indicate by check mark whether the registrant is a
shell company (as defined in Rule 12b-2 of the Exchange Act) &nbsp;&nbsp;Yes
__ &nbsp;&nbsp;No&nbsp;</FONT><font size="2"><u>&nbsp;<font face=WINGDINGS>&#252;</font></u></font><FONT size=2 face="serif"></FONT></P>
<P align="justify">
<FONT size=2 face="serif">At the close of business on July 31, 2006 the aggregate market value of the registrant&#146;s outstanding Common Stock held by non-affiliates of the registrant (for purposes of this calculation, 1,281,183 shares
beneficially owned by directors and executive officers of the registrant were treated as being held by affiliates of the registrant), was &#36;125,361,959. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">There were 10,492,355 shares of the registrant&#146;s Common Stock outstanding as of April 13, 2007</FONT><FONT size=2 face="serif">. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Documents Incorporated by Reference </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Portions of REX Stores Corporation&#146;s definitive Proxy Statement for its Annual Meeting of Shareholders on May </FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">31, 2007 are incorporated by reference
into Part III of this Form 10-K. </FONT></P>

<div style="border-bottom:1px solid #000000">&nbsp;</div>
<div style="border-bottom:4px solid #000000; font-size:1px">&nbsp;</div>
<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT size=2 face="serif">AVAILABLE INFORMATION </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">REX makes available free of charge on its Internet website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form&nbsp;8-K, and amendments to those reports as soon as reasonably practicable after
such material is electronically filed with or furnished to the SEC. REX&#146;s Internet website address is </FONT><U><FONT size=2 face="serif">www.rextv.com</FONT></U><FONT size=2 face="serif">. The contents of the Company&#146;s website are not a
part of this report. </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">PART I </FONT></B></P>
<P align="justify"><B><FONT size=2 face="serif">Item 1. </FONT></B><B><U><FONT size=2 face="serif">Business</FONT></U></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Overview </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">REX was incorporated in Delaware in 1984 as a holding company to succeed to the entire ownership of three affiliated corporations, Rex Radio and Television, Inc., Stereo Town, Inc. and Kelly &amp; Cohen Appliances, Inc.,
which were formed in 1980, 1981 and 1983, respectively.  Our principal offices are located at 2875 Needmore Road, Dayton, Ohio 45414. Our telephone number is (937) 276-3931. We are a specialty retailer in the consumer electronics and appliance
industry, presently serving over 160 small to medium-sized towns and communities. Since 1980, when our first four stores were acquired, we have expanded into a national chain operating 164 stores in 35 states under the &#147;REX&#148; trade name. In
1998, we entered the synthetic fuel industry with investments in two synthetic fuel plants.  We recently entered the ethanol industry with investments in several entities that operate or plan to operate ethanol producing plants.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Additional information regarding our business segments is presented below and in Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations (&#147;MD&amp;A&#148;) in this Form 10-K. See Note
17 of the Notes to the Consolidated Financial Statements for information regarding the net sales and revenues for each of our business segments for the fiscal years ended January 31, 2007, 2006 and 2005. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Fiscal Year </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">All references in this report to a particular fiscal year are to REX&#146;s fiscal year ended January 31.  For example, &#147;fiscal 2006&#148; means the period February 1, 2006 to January 31, 2007. We refer to our fiscal
year by reference to the year immediately preceding the January 31 fiscal year end date. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Retail Overview</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our stores average approximately 11,300 square feet and offer a broad selection of brand name products within selected major product categories, including big screen and standard-sized televisions, major household
appliances, video and audio equipment and ready to assemble furniture. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our business strategy emphasizes depth of selection within key product categories. Brand name products are offered at everyday low prices combined with frequent special sales and promotions. We concentrate our stores in
small and medium sized markets where we believe that by introducing a high volume, low price merchandising concept, we can become a dominant retailer.  We support our merchandising strategy with extensive newspaper advertising in each of our local
markets and maintain a knowledgeable sales force which focuses on customer service. We believe our low price policy, attention to customer satisfaction and deep product selection provide customers with superior value. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our strategy is to operate stores in small to medium sized markets. We focus on markets with a newspaper circulation that can efficiently and cost-effectively utilize our print advertising materials and where we believe we
can become a dominant retailer.</FONT></P>
<P align="center">
<FONT size=2 face="serif">2</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">Retail Business Strategy </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Our objective is to be a leading consumer electronics/appliance retailer in each of our markets. The key elements of our retail business strategy include: </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Focusing on Small Markets </FONT></I></B></P>
<P align="justify">
<FONT size=2 face="serif">We traditionally have concentrated our stores in markets with populations of 20,000 to 300,000.  When opening stores, we focus on markets with populations under 85,000, which generally are underserved by our competitors. We
believe our low-overhead store format and our ability to operate in free-standing as well as strip shopping centers and regional mall locations makes us well suited to serve these small markets. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Maintaining Guaranteed Lowest Prices </FONT></I></B></P>
<P align="justify">
<FONT size=2 face="serif">We actively monitor prices at competing stores and adjust our prices as necessary to meet or beat the competition.  We guarantee the lowest price on our products through a policy of refunding 125% of the difference between
our price and a competitor&#146;s price on the same item.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Offering a Broad Selection of Brand Name Products</FONT></I></B></P>
<P align="justify">
<FONT size=2 face="serif">We offer a broad selection of brand name products within key product categories.  We carry most major brands of consumer electronics and several major brands of appliances. We offer merchandise in each of our product
categories at a range of price points and generally maintain sufficient product stock for immediate delivery to customers. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Capitalizing on Our Opportunistic Buying </FONT></I></B></P>
<P align="justify">
<FONT size=2 face="serif">When available, we may purchase large quantities of products directly from manufacturers on an opportunistic basis at favorable prices. We believe this buying strategy makes us an attractive customer for manufacturers
seeking to sell cancelled orders and excess inventory, enabling us to develop strong relationships and extended trade credit support with vendors. We also collaborate with key suppliers to insure a steady and seasonal supply of key product
categories and items. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Striving to be the Low Cost Operator in Our Markets </FONT></I></B></P>
<P align="justify">
<FONT size=2 face="serif">Our current prototype store is approximately 12,000 square feet and provides us with cost and space efficiencies. Our market selection criteria and operating philosophy allow us to minimize both occupancy and labor costs.
Generally, all of our store employees, including our store managers, sell products, unload trucks, stock merchandise and process sales, which helps minimize employee count and overhead within each store. Most stores are staffed with between three
and six employees. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Leveraging Our Strong Operational Controls </FONT></I></B></P>
<P align="justify">
<FONT size=2 face="serif">Our information systems and point-of-sale computer systems, which are installed in every store, allow management to monitor our merchandising programs, sales, employee productivity and in-store inventory levels on a daily
basis.  Our operational controls provide us with cost efficiencies which reduce overhead while allowing us to maintain high levels of in-stock merchandise.  Our three distribution centers, strategically located in Dayton, Ohio, Pensacola, Florida
and Cheyenne, Wyoming, reduce inventory requirements at individual stores and facilitate centralized inventory and accounting controls. </FONT></P>
<P align="center">
<FONT size=2 face="serif">3</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">Store Operations</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Stores. </FONT></I></B><FONT size=2 face="serif">We locate our stores in the general vicinity of major retail shopping districts and design our stores to generate their own traffic</FONT><FONT size=2 face="serif">.
</FONT><FONT size=2 face="serif">At January 31, 2007, 143 stores were located in free-standing buildings, with the balance situated in strip shopping centers and regional malls. Stores located in malls generally have exterior access and signage
rights. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our stores are designed with minimal interior fixtures to provide an open feeling and a view of all product categories upon entering the store. The stores are generally equipped with neon signage above each product category
to further direct the customer to particular products. We believe the interior layout of our stores provides an inviting and pleasant shopping environment for the customer. This also enables us to adapt our merchandising displays and product
assortments with minimal remodeling costs. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our existing stores average approximately 11,300 square feet, including approximately 7,800 square feet of selling space and approximately 3,500 square feet of storage. Stores are open seven days and six nights per week,
except for certain holidays. Hours of operation are 10:00 a.m. to 8:00 p.m. Monday through Saturday and 12:00 p.m. to 6:00 p.m., or 1:00 p.m. to 5:00 p.m. in some states, on Sunday. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our retail business is seasonal. Our net retail sales and net income historically have been highest in our fourth fiscal quarter, which includes the Christmas selling season. The fourth quarter accounted for approximately
30% and 33% of our net sales and revenue, and 31% and 23% of our net income in fiscal 2006 and 2005, respectively. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Prior to April 1, 2007, our operations were divided into regional districts, containing up to 11 stores whose manager&#146;s reported to a district manager.  Our 35 district managers reported to one of five regional vice
presidents.  The regional vice presidents reported to the President and Chief Operating Officer.  We restructured our store operations on April 1, 2007.  Our operations are now divided into seven regions, containing up to 28 stores and one district
containing ten stores. The seven regional vice presidents and the one district manager report to the President and Chief Operating Officer. Each store is staffed with a full-time manager and one or two assistant managers, commissioned sales
personnel and, in higher-traffic stores, seasonal support personnel. Store managers are paid on a commission basis and have the opportunity to earn bonuses based upon their store&#146;s sales and gross margins. Sales personnel work on a commission
basis. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We evaluate the performance of our stores on a regular basis and, based on an assessment of overall profitability, future cash flows and other factors we deem relevant, may close any store which is not adequately
contributing to our profitability. We closed 25, 16 and 14 stores during fiscal 2006, 2005 and 2004, respectively. Subsequent to January 31, 2007, we have closed an additional 29 stores. </FONT></P>
<P align="center">
<FONT size=2 face="serif">4</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><I><FONT size=2 face="serif">Store Locations</FONT></I></B><FONT size=2 face="serif">. The following table shows the states in which we operated stores and the number of stores in each state as of January 31, 2007: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=17% align=left nowrap>
<B><U><FONT size=2 face="serif">State</FONT></U></B>
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD colspan="2" align=center nowrap>
<B><U><FONT size=2 face="serif">Number of Stores</FONT></U></B>
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD width=18% align=left nowrap>
<B><U><FONT size=2 face="serif">State</FONT></U></B>
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD colspan="2" align=center nowrap>
<B><U><FONT size=2 face="serif">Number of Stores</FONT></U></B>
  </TD>
  </TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Alabama</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=14% align=right nowrap>
<FONT size=2 face="serif">10</FONT>
  </TD>
  <TD width=12% align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New Mexico</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=14% align=right nowrap>
<FONT size=2 face="serif">1</FONT>
  </TD>
  <TD width=12% align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Arkansas</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Colorado</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">North Carolina</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Florida</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">24</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">North Dakota</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Georgia</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Ohio</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">18</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Idaho</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Oklahoma</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Illinois</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Pennsylvania</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">13</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Indiana</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">South Carolina</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Iowa</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">South Dakota</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Kansas</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tennessee</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Kentucky</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Texas</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Louisiana</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Vermont</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Maryland</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Virginia</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Michigan</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Washington</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Mississippi</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">11</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">West Virginia</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Missouri</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Wisconsin</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Montana</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Wyoming</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Nebraska</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="justify">
<B><I><FONT size=2 face="serif">Personnel. </FONT></I></B><FONT size=2 face="serif">We train our employees to explain and demonstrate to customers the use and operation of our merchandise and to develop good sales practices.  Our in-house training
program for new employees combines on-the-job training with use of a detailed company-developed manual entitled &#147;The REX Way.&#148; Sales personnel attend in-house training sessions conducted by experienced salespeople or manufacturers&#146;
representatives and receive sales, product and other information in meetings with managers. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We also have a manager-in-training program that consists of on-the-job training of the assistant manager at the store. Our policy is to staff store management positions with personnel promoted from within REX and to staff
new store management positions with existing managers or assistant managers. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Services. </FONT></I></B><FONT size=2 face="serif">Virtually all of the products we sell carry manufacturers&#146; warranties. Except for our least expensive items, we offer extended service contracts to customers,
usually for an additional charge, which typically provide, inclusive of manufacturers&#146; warranties, one to five years of extended warranty coverage. We offer maintenance and repair services for most of the products we sell.  These services are
subcontracted to independent repair firms. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our return policy provides that any merchandise may be returned for exchange or refund within seven days of purchase if accompanied by original packaging material and verification of sale. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We accept MasterCard, Visa, Discover and American Express.  We estimate that, during fiscal 2006, approximately 48.3% of our total sales were made on these credit cards, and approximately 15.4% were made on revolving or
installment credit contracts arranged through banks or independent finance companies which bear the credit risk of these contracts. We offer a REX private label credit card in all of our stores which makes up the bulk of customer financing.
</FONT></P>
<P align="center">
<FONT size=2 face="serif">5</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">Merchandising</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Products</FONT></I></B><I><FONT size=2 face="serif">. </FONT></I><FONT size=2 face="serif">We offer a broad selection of brand name consumer electronics and home appliance products at a range of price points.  We
emphasize depth of product selection within selected key product categories. During fiscal 2006, we sold approximately 1,400 products produced by approximately 50 manufacturers. Our product categories include: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><U><FONT size=2 face="serif">Televisions</FONT></U></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><U><FONT size=2 face="serif">Video</FONT></U></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><U><FONT size=2 face="serif">Audio</FONT></U></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><U><FONT size=2 face="serif">Appliances</FONT></U></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><U><FONT size=2 face="serif">Other</FONT></U></B>
  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">TVs</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">VCRs</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Stereo Systems</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Air Conditioners</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Extended Service</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Big Screen</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Camcorders</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Receivers</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Microwave Ovens</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Contracts</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">TVs</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Digital Satellite</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Compact Disc</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Washers</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Ready to Assemble</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">TV/VCR/</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Players</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Dryers</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Furniture</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">DVD</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">DVD Players</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tape Decks</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Ranges</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Recordable Tapes</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Combos</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">DVD Recorders</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Speakers</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Dishwashers</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Audio/Video</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Plasma/LCD</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">DVD/VCR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Car Stereos</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Refrigerators</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Accessories</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">TVs</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Combos</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Portable Radios</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Freezers</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Radar Detectors</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Digital Cameras</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Turntables</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Dehumidifiers</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Home Theater</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Satellite Radio</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
</TABLE><BR>
<P align="justify">
<FONT size=2 face="serif">Among the leading brands sold by us during fiscal 2006, in alphabetical order, were Frigidaire, Hitachi, Panasonic, Samsung, Sharp, Sony, Toshiba, Westinghouse and Whirlpool. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">All our stores carry a broad range of televisions, video and audio products, microwave ovens and air conditioners. In addition, all but one store carries major appliances. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The following table shows the approximate percent of net sales and revenue for each major product group for the last three fiscal years: </FONT></P>
<TABLE width="80%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=30% align=left nowrap>&nbsp;

  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD width=16% align=left nowrap>&nbsp;

  </TD>
  <TD colspan="9">
    <center>
      <div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">Fiscal
            Year</font></b> </div>
    </center></TD>
  </TR>
<TR>
  <TD colspan=12>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
    <center>
      <B><U><FONT size=2 face="serif">Product Category</FONT></U></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=4%>&nbsp;
  </TD>
  <TD width=3% align=right nowrap>
<B><U><FONT size=2 face="serif">2006</FONT></U></B>
  </TD>
  <TD width=5% align=left nowrap>&nbsp;

  </TD>
  <TD width=14%>&nbsp;
  </TD>
  <TD width=3% align=right nowrap>
<B><U><FONT size=2 face="serif">2005</FONT></U></B>
  </TD>
  <TD width=2% align=left nowrap>&nbsp;

  </TD>
  <TD width=12%>&nbsp;
  </TD>
  <TD width=4% align=right nowrap>
<B><U><FONT size=2 face="serif">2004</FONT></U></B>
  </TD>
  <TD width=6% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Televisions</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">55</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">56</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">55</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Appliances</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">26</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">22</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">19</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Audio</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">11</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Video</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4</FONT>
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6</FONT>
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Other</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">8</font> </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">100</font> </div></TD>
  <TD align=left valign="middle" nowrap>
<FONT size=2 face="serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">100</font> </div></TD>
  <TD align=left valign="middle" nowrap> <FONT size=2 face="serif">%</FONT> </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">100</font> </div></TD>
  <TD align=left valign="middle" nowrap> <FONT size=2 face="serif">%</FONT> </TD>
</TR>
</TABLE><BR>
<P align="justify">
<B><I><FONT size=2 face="serif">Pricing. </FONT></I></B><FONT size=2 face="serif">Our policy is to offer our products at guaranteed lowest prices combined with frequent special sales and promotions. Our retail prices are established by our
merchandising department, but each store manager is responsible for monitoring the prices offered by competitors and has authority to adjust prices to meet local market conditions. Our commitment to offer the lowest prices is supported by our
guarantee to refund 125% of the difference in price if, within 30 days of purchase, a customer can locate the same item offered by a local competitor at a lower price. </FONT></P>
<P align="center">
<FONT size=2 face="serif">6</FONT></P>

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<P align="justify">
<B><I><FONT size=2 face="serif">Advertising</FONT></I></B><I><FONT size=2 face="serif">.</FONT></I><FONT size=2 face="serif">  We use a &#147;price and item&#148; approach in our advertising, stressing the offering of nationally recognized brands at
significant savings. The emphasis of our advertising is our Guaranteed Lowest Price. Our guarantee states: </FONT></P>
<blockquote>
  <p align="justify">
    <FONT size=2 face="serif">&#147;Our prices are guaranteed in writing. If you find any other local store (excluding Internet) stocking and offering to sell for less the identical item in a factory sealed box within 30 days after your REX purchase,
    we&#146;ll refund the difference plus an additional 25% of the difference.&#148; </FONT></p>
</blockquote>
<P align="justify">
<FONT size=2 face="serif">Advertisements are concentrated principally in newspapers and preprinted newspaper inserts, which are produced by our internal advertising department.  Advertisements are complemented by in-store signage highlighting
special values, including &#147;Value Every Day,&#148; &#147;Best Value,&#148; and &#147;Top of the Line.&#148;  Our advertising strategy includes preferred customer private mailers, special events such as &#147;Moonlight Madness Sales&#148; and
coupon sales to provide shopping excitement and generate traffic. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Purchasing</FONT></I></B><I><FONT size=2 face="serif">.</FONT></I><FONT size=2 face="serif">  Our merchandise purchasing and opportunistic buying are performed predominantly by four members of management. By
purchasing merchandise in large volume, we are able to obtain quality products at competitive prices and advertising subsidies from vendors to promote the sale of their products. For fiscal 2006, nine vendors accounted for approximately 86% of our
purchases, with three vendors representing approximately 45% of our inventory purchases. We typically do not maintain long-term purchase contracts with vendors and operate principally on an order-by-order basis. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We utilize a vendor financing arrangement for certain products.  Under this arrangement, payment to the vendor is not due until the product is sold. Legal title to the products does not pass to us until we have paid the
vendor. See Note 1 of the Notes to the Consolidated Financial Statements for a further discussion. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">e-Commerce </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We sell selected televisions, audio and video products and appliances on our retail store Web site at </FONT><I><U><FONT size=2 face="serif">www</FONT></U></I><U><FONT size=2 face="serif">.</FONT></U><I><U><FONT size=2 face="serif">rexstores.com</FONT></U></I><FONT size=2 face="serif">. We also use the site to support our retail sales by listing our advertisements and our store locations. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Distribution </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Our stores are supplied by three regional distribution centers. The distribution centers consist of: </FONT></P>
<UL>
<LI>
<P align="justify"><FONT size=2 face="serif">a 470,000 square foot owned facility in Dayton, Ohio;</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">a 180,000 square foot owned facility in Pensacola, Florida; and</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">a 145,000 square foot owned facility in Cheyenne, Wyoming.</FONT></P></LI>
</UL>
<P align="justify">
<B><FONT size=2 face="serif">Inventory Management </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The regional distribution centers reduce inventory requirements at individual stores, while preserving the benefits of volume purchasing and facilitating centralized inventory and accounting controls. Virtually all of our
merchandise is distributed through our distribution centers, with the exception of major appliances which are often shipped directly by the vendor to the retail location.  All deliveries to stores are made by independent contract carriers.
</FONT></P>
<P align="center">
<FONT size=2 face="serif">7</FONT></P>

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<P align="justify">
<B><FONT size=2 face="serif">Management Information Systems </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We have developed a computerized management information system which operates an internally developed software package.  Our computer system provides management with the information necessary to manage inventory by stock
keeping unit (SKU), monitor sales and store activity on a daily basis, capture marketing and customer information, track productivity by salesperson and control our accounting operations. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our mainframe computer is an IBM A/S 400 model 720. The host computer is integrated with our point-of-sale system which serves as the collection mechanism for all sales activity. The combined system provides for next-day
review of inventory levels, sales by store and by SKU and commissions earned, assists in cash management and enables management to track merchandise from receipt at the distribution center until time of sale. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Competition </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Our business is characterized by substantial competition. Our competitors include national and regional large format merchandisers and superstores such as Best Buy Co., Inc., Lowe&#146;s Corporation, Home Depot, Inc. and
Circuit City Stores, Inc., other specialty electronics retailers including RadioShack Corporation, department and discount stores such as Sears, Roebuck and Co. and Wal-Mart Stores, Inc., furniture stores, warehouse clubs, home improvement retailers
and Internet and store-based retailers who sell competitive products online. We also compete with small chains and specialty single-store operators in some markets, as well as Sears&#146; dealer-operated units. Some of our competitors have greater
financial and other resources than us, which may increase their ability to purchase inventory at a lower cost, better withstand economic downturns or engage in aggressive price competition.  Competition within the consumer electronics/appliance
retailing industry is based upon price, breadth of product selection, product quality, customer service and credit availability. We expect competition within the industry to increase. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Real Estate Operations </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">As part of our continuous evaluation of retail store performance, we explore alternative uses of owned properties.  We consider factors such as the local real estate market, recent and pending commercial development and
recent store profitability. We may close a retail store if we believe we can execute a real estate transaction that is more profitable to us than the continuing operation of the retail store. At January 31, 2007, we had lease agreements, as
landlord, for all or parts of 23 owned properties. In seven of the locations, we operate a store and lease a portion of the property to another party. We do not operate a store in 16 of the owned properties. </FONT></P>
<P align="justify">
<FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">A typical lease agreement has an initial term of three to five years with renewal options. Most of our lessees are responsible for a portion of maintenance, taxes and other executory costs.
 We require our lessees to maintain adequate levels of insurance. During fiscal 2006, we recognized approximately &#36;1,778,000 of lease revenue. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We have five owned properties that are vacant at January 31, 2007. Two of these assets and a property to be sold subsequent to January 31, 2007 are classified as assets held for sale. Subsequent to January 31, 2007, we
closed 29 of our retail stores. Of these properties, 26 were owned and three were leased. One of the owned properties was sold; we intend to market the remaining 25 owned properties for lease or sale (21 are currently included in the Purchase and
Sale Agreement with Coventry Real Estate Investments, LLC). </FONT></P>
<P align="center">
<FONT size=2 face="serif">8</FONT></P>

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<P align="justify">
<B><FONT face="serif">Coventry Sale and Leaseback </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">On February 8, 2007, we entered into a Purchase and Sale Agreement with Coventry Real Estate Investments, LLC. Pursuant to the Agreement, we have agreed to sell 94 of our current and former store locations for approximately
&#36;84.0 million, before selling expenses, and to leaseback a minimum of 40 of the properties for an initial lease term expiring January 31, 2010.  The leases will contain renewal options for up to 15 additional years. Either party may terminate a
lease after the initial six months of the initial lease term on 23 to 30 of the sites as selected by us. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We are in the process of analyzing the allocation of the purchase price to individual properties which have a carrying value of approximately &#36;66.5 million, thus, the resulting gain to be recognized cannot currently be
determined.  We intend to use the proceeds from the sale to pay off approximately &#36;17 to &#36;19 million in mortgage debt related to these properties, to fund our alternative energy projects and for other general corporate purposes. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Closing of the transaction is subject to customary conditions, including title commitments, surveys and, on certain properties, environmental and site inspections. Either party has the right to terminate the Agreement if a
threshold number of stores, or mix of locations, is not met. The Agreement also contains customary non-solicitation provisions. The closing is scheduled to occur on or before April 30, 2007. </FONT></P>
<P align="justify">
<B><FONT face="serif">Alternative Energy Overview </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">As part of our ongoing efforts to diversify and increase our earnings, we invested in the ethanol industry during fiscal 2006. Our business strategy focuses on partnering with farmer groups, local groups, or
farmer-controlled cooperatives to develop ethanol production plants.  We seek to identify quality ethanol plant opportunities characterized by strong plant construction partners and plant management, located near adequate feedstock supply with good
transportation capabilities or other economically beneficial attributes, and that utilize leading ethanol production technology. Our partnership model enables farmer groups to retain local management of the project, including control of their crops
as a supplier to the project, while we provide capital and additional business administration experience. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We intend to follow a flexible model for our investments in ethanol plants, taking both minority and majority ownership positions. The form and structure of our investments will be tailored to the specific needs and goals
of each project and the local farmer group with whom we are partnering.  We intend to actively participate in the development and management of our projects through our membership on the board of managers of the limited liability companies that own
the plants. </FONT></P>
<P align="justify">
<B><FONT face="serif">Alternative Energy Strategy</FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The key elements of our alternative energy business strategy include: </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Investing in Plants that Meet our Investment Criteria</FONT></I></B><I><FONT size=2 face="serif">.</FONT></I><FONT size=2 face="serif"> We have stringent and structured criteria to evaluate our plant investments. We
focus on identifying projects with efficient cost structure, superior infrastructure and logistics and quality partners. We evaluate the projects using the following criteria: </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Partners. </FONT></I></B><FONT size=2 face="serif">We judge our partners on the strength of their connection with the local community, ability to support the plant through construction and when in operation, as well
as their willingness and desire for an outside partner.</FONT></P>
<P align="center">
<FONT size=2 face="serif">9</FONT></P>

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<P align="justify">
<B><I><FONT size=2 face="serif">Plant Location.</FONT></I></B><FONT size=2 face="serif"> We generally look for locations in areas that are near large quantities of feedstock which we believe will be important to procure commodities cost effectively
as demand for key feedstock commodities increases. We also look for accessibility to rail, highways or waterways for ease of transportation of ethanol and distillers grains and feedstock.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Technology and Construction.</FONT></I></B><FONT size=2 face="serif"> We look for plants that are built or will be built using the latest but proven production technology in order to facilitate cost efficient
conversion of raw material into ethanol. All of our plants are being designed and built by leading plant builder and design firms, such as Fagen, Inc. or ICM, Inc. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Marketing Alliance. </FONT></I></B><FONT size=2 face="serif">Each project independently chooses its own marketing alliance. We prefer marketing partners that we believe have strong positions in the industry based on
their experience and national reach, which we believe will become increasingly important as ethanol becomes a more available alternative to petroleum based fuels.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Grow Capacity to Meet both Mandated and Non-mandated Demand.</FONT></I></B><I><FONT size=2 face="serif"> </FONT></I><FONT size=2 face="serif">We continuously look for opportunities to partner with farmer-controlled
ethanol plants throughout the United States. We believe that new production facilities will need to be constructed to meet both the mandated and non-mandated demand for ethanol and that we are well positioned to rapidly grow our capacity.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Adding Value to Our Partnerships.</FONT></I></B><FONT size=2 face="serif"> We will look for ways to add to the operational characteristics of our projects by being a source of development support and information on
practices in the ethanol industry. The diversification of our investments in terms of geography, ownership, management, plant size and financial and operational agreements will allow us to provide our partners with value added information with
respect to risk management, feedstock procurement, plant management and ethanol and co-products marketing.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Ethanol Investments</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We have invested in four entities as of January 31, 2007 utilizing both debt and equity investments.  We expect three of the entities to begin generating operating revenue approximately 14 to 20 months after construction of
the plants has begun.  Big River Resource, LLC, has a 52 million gallon dry-mill ethanol manufacturing facility and is currently generating operating revenue. We continue to evaluate other potential ethanol investments. The following table is a
summary of our ethanol investments (amounts in thousands, except ownership percentages): </FONT></P>
<TABLE width="90%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <center>
      <FONT size=2 face="serif">Equity</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">Ownership</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>    <center>
    <FONT size=2 face="serif">Debt</FONT>
  </center></TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <FONT size=2 face="serif">Contingent</FONT>
    </center></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Entity</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <center>
      <FONT size=2 face="serif">Investment</FONT>
    </center></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">Percentage</FONT>
    </center></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <center>
      <FONT size=2 face="serif">Investment</FONT>
    </center></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <FONT size=2 face="serif">Commitment</FONT>
    </center></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Levelland/Hockley County Ethanol,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">LLC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">11,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">47.1%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">-</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Millennium Ethanol, LLC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">14,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Big River Resources, LLC (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4.3%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Patriot Renewable Fuels, LLC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">16,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">23.3%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">-</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">One Earth Energy, LLC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">24,900</FONT>
  </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">On January 25, 2007, we invested an additional &#36;5.0 million in Big River Resources, LLC (included in other assets). This investment was effective February 1, 2007, increasing our equity investment to &#36;10.0 million, and our
ownership percentage increased from 4.3% to 6.9%.</FONT></P>
  </TD>
</TR>
</TABLE>
<P align="justify">
<B><I><FONT size=2 face="serif">Levelland/Hockley County Ethanol, LLC</FONT></I></B><I><FONT size=2 face="serif"> </FONT></I></P>
<P align="justify">
<FONT size=2 face="serif">On September 30, 2006, we acquired 47.1% of the outstanding membership units of Levelland/Hockley County Ethanol, LLC, or Levelland/Hockley, for &#36;11.5 million. On December 29, 2006, we purchased a &#36;5.0 million
convertible secured promissory note from Levelland/Hockley. The conversion of the note into equity would increase our ownership percentage to approximately 56%.  We consolidate Levelland/Hockley with </FONT></P>
<P align="center">
<FONT size=2 face="serif">10</FONT></P>

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<P align="justify">
<FONT size=2 face="serif">our financial results and are included in our alternative energy segment. We have funded the majority of the at risk equity, therefore, under FIN 46R, we are considered to be the primary beneficiary.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Levelland/Hockley has commenced construction of an ethanol producing facility in Levelland, Texas. ICM, Inc. is providing construction, process design and engineering services for the plant. The plant is expected to begin
ethanol production by early 2008 and has a design capability of 40 million gallons of ethanol and 135,000 tons of dried distillers grains per year. Levelland/Hockley has reached an agreement with Lansing Trade Group, LLC to provide corn origination,
ethanol and DDG marketing services for Levelland/Hockley. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Millennium Ethanol, LLC</FONT></I></B><I><FONT size=2 face="serif"> </FONT></I></P>
<P align="justify">
<FONT size=2 face="serif">On December 18, 2006, we purchased a &#36;14.0 million secured promissory note from Millennium Ethanol, LLC, or Millennium. We have the right to convert the note, with additional funds of &#36;4.0 million, into an
approximately 33% ownership interest in Millennium. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Millennium has commenced construction of an ethanol producing facility in Marion, South Dakota. Fagen, Inc. and ICM, Inc. are providing construction, process design and engineering services for the plant.  The plant is
expected to begin ethanol production by early 2008 and has a design capacity of 100 million gallons of ethanol and 320,000 tons of dried distillers grains per year. Millennium has reached an agreement with Archer Daniels Midland Company to market
ethanol produced by Millennium. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Millennium was organized and is owned by over 900 South Dakota investors including FREMAR Farmers Cooperative, Inc., a grain procurement and grain terminal operator in the region. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Big River Resources, LLC</FONT></I></B><I><FONT size=2 face="serif"> </FONT></I></P>
<P align="justify">
<FONT size=2 face="serif">On October 1, 2006, we agreed to invest &#36;20 million in Big River Resources, LLC, or Big River. We have funded &#36;5 million of this commitment in exchange for a 4.3% ownership interest. On January 25, 2007, we invested
an additional &#36;5 million which increased our ownership percentage to 6.9% effective February 1, 2007. The remaining &#36;10 million investment is expected to occur in fiscal 2007, subject to certain conditions. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Big River is a holding company for several entities including Big River Resources West Burlington, LLC which operates a 52 million gallon dry-mill ethanol manufacturing facility in West Burlington, Iowa. The facility has
been in operation since 2004. Big River Resources West Burlington, LLC is expanding the plant to produce approximately 80 million gallons per year. Fagen, Inc. and ICM, Inc. are providing construction, process design and engineering services for the
expansion project which is expected to be completed in late 2007. Big River, through interests in other entities, intends to develop additional production plants. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Patriot Renewable Fuels, LLC</FONT></I></B><I><FONT size=2 face="serif"> </FONT></I></P>
<P align="justify">
<FONT size=2 face="serif">On December 4, 2006, we acquired a 23.3% ownership interest in Patriot Renewable Fuels, LLC, or Patriot, for &#36;16 million. Patriot has commenced construction of an ethanol producing facility in Annawan, Illinois. The
facility has a design capacity of 100 million gallons of ethanol and 320,000 tons of dried distillers grains per year. Fagen, Inc. and ICM, Inc. are providing construction, process design and engineering services for the plant. The plant is expected
to begin ethanol production in early 2008. Murex N.A. Ltd. will market the plant&#146;s ethanol. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">One Earth Energy, LLC</FONT></I></B><I><FONT size=2 face="serif"> </FONT></I></P>
<P align="justify">
<FONT size=2 face="serif">On May 26, 2006, we entered into a contingent agreement to invest &#36;24.9 million in One Earth Energy, LLC, or One Earth, which intends to construct an ethanol producing facility in Gibson City, Illinois. The facility is
expected to have a design capacity of 100 million gallons of ethanol and 320,000 tons of dried distillers grains </FONT></P>
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<FONT size=2 face="serif">per year. Our equity investment is expected to occur before June 30, 2007, subject to One Earth obtaining additional financing and certain other conditions. </FONT></P>
<P align="justify">
<B><FONT face="serif">Ethanol Industry </FONT></B><FONT face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Ethanol is a renewable fuel source produced by processing corn and other biomass through a fermentation process that creates combustible alcohol that can be used as an additive or replacement to fossil fuel based gasoline.
The majority of ethanol produced in the United States is made from corn because of its relatively low cost compared to other feedstocks, wide availability and ease of convertibility from large amounts of carbohydrates into glucose, the key
ingredient in producing alcohol that is used in the fermentation process. Ethanol production can also use feedstocks such as grain sorghum, switchgrass, wheat, barley, potatoes and sugarcane as carbohydrate sources. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Most ethanol plants have been located near large corn production areas, such as Illinois, Iowa, Minnesota, Nebraska, Ohio and South Dakota.  Proximity to sufficient low-cost corn as well as other inputs such as natural gas
or coal and transportation provides a competitive advantage for ethanol producers.  Railway access and interstate access are vital for ethanol facilities due to the large amount of demand in the east- and west-coast markets, primarily as a result of
the stricter air quality requirements in large parts of those markets, and the limited ethanol production facilities. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">According to the Renewable Fuels Association, or RFA, the United States fuel ethanol industry has experienced record growth and expansion, increasing from 1.3 billion gallons produced in 1997 to 4.9 billion gallons produced
in 2006. As of January 2007, the total number of ethanol plants increased to 110, up from 54 in 2000 and are located in 21 states.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The domestic production of ethanol is relatively fragmented
except for the top five producers who accounted for approximately 36% of the
industry&#146;s total estimated production capacity as of January 2007.  The
remaining  production is generated by more than 89 smaller producers and farmer-owned
cooperatives, most with production of 50 million gallons per year (mgy) or less.
Farmer owned plants have increased from 18 in 2000 to 46 in 2007 and the percentage
of total  capacity has increased from 19% in 2000 to 39% in 2007, according to
the RFA. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Typical ethanol facilities take approximately 14 to 18 months from groundbreaking to operation, enabling estimates of capacity additions for up to 18 months going forward. As of January 2007, the RFA estimates ethanol
facilities with capacity of an additional 5.6 billion gallons per year were under construction. </FONT></P>
<P align="justify">
<B><I><FONT face="serif">Ethanol Production </FONT></I></B></P>
<P align="justify">
<FONT size=2 face="serif">The plants we have invested in will use the dry milling method of producing ethanol.  In the dry milling process, the entire corn kernel is first ground into flour, which is referred to as &#147;meal,&#148; and processed
without separating out the various component parts of the grain. The meal is processed with enzymes, ammonia and water, and then placed in a high-temperature cooker. It is then transferred to fermenters where yeast is added and the conversion of
sugar to ethanol begins.  After fermentation, the resulting liquid is transferred to distillation columns where the ethanol is separated from the remaining &#147;stillage&#148; for fuel uses. The anhydrous ethanol is then blended with approximately
5.0% denaturant, such as natural gasoline, to render it undrinkable and thus not subject to beverage alcohol tax. With the starch elements of the corn consumed in the above described process, the principal co-product produced by the dry milling
process is dry distillers grains with solubles, or DDGS. DDGS is sold as a protein used in animal feed and recovers a significant portion of the total corn cost.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">The Primary Uses of Ethanol </FONT></I></B></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Blend component. </FONT></I></B><FONT size=2 face="serif">The U.S. continues to have increased demand for automotive fuel and, in turn, a greater dependence on foreign sources for crude oil. Today, much of the ethanol
blending in the U.S. is done for the purpose of extending the volume of fuel sold at the gas pump. Blending ethanol allows refiners to produce </FONT></P>
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<FONT size=2 face="serif">more fuel from a given barrel of oil. Currently, refiners typically blend ethanol at 5.7% to 10.0% of volume in 46% of the U.S. gasoline fuel supply, according to the RFA. Going forward, the industry is attempting to expand
the E-85 market, blend ethanol with diesel fuel and use ethanol as a fuel source for hydrogen for fuel cells.</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Clean air additive.</FONT></I></B><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">Ethanol is employed by the refining industry as a fuel oxygenate, which when blended with gasoline, allows engines
to combust fuel more completely and reduce emissions from motor vehicles. Ethanol contains 35% oxygen, approximately twice that of Methyl Tertiary Butyl Ether, or MTBE, an alternative oxygenate to ethanol, the use of which is being phased out
because of environmental and health concerns. The additional oxygen in ethanol results in more complete combustion of the fuel in the engine cylinder. Ethanol is non-toxic, water soluble and quickly biodegradable. </FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Octane enhancer. </FONT></I></B><FONT size=2 face="serif"> Ethanol increases the octane rating of gasoline with which it is blended. As such, ethanol is used by gasoline suppliers as an octane enhancer both for
producing regular grade gasoline from lower octane blending stocks and for upgrading regular gasoline to premium grades.</FONT><B><I><FONT size=2 face="serif"> </FONT></I></B></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Legislation</FONT></I></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The United States ethanol industry is highly dependent upon federal and state legislation. See Item 1A. Risk Factors for a discussion of legislation affecting the U.S. ethanol industry. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Synthetic Fuel Partnerships </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">In fiscal 1998, we invested in two limited partnerships, Colona SynFuel Limited Partnership, L.L.L.P. and Somerset Synfuel, L.P. which own facilities producing synthetic fuel. The partnerships earn federal income tax
credits under Section 29/45K of the Internal Revenue Code based on the tonnage and content of solid synthetic fuel produced and sold to unrelated parties.  We have sold our entire interest in the Colona partnership (through a series of transactions)
and expect to receive payments from the sales, on a quarterly basis, through 2007, subject to production levels. On October 14, 2005, we sold our entire interest in the Somerset Synfuel partnership for &#36;1,200,000, net of commissions, along with
a secured contingent payment note. We expect to receive payments from the sale, on a quarterly basis, through 2007, subject to production levels. On September 5, 2002, we purchased an additional synthetic fuel facility in Gillette, Wyoming. We sold
our membership interest in the entity that owned the Gillette facility on March 30, 2004 for &#36;2,750,000 along with a secured contingent payment note. The plant was subsequently sold and during the third quarter of fiscal 2006, we modified our
agreement with the owners and operators of the synthetic fuel facility. Based on the terms of the modified agreement, we currently are not able to determine the likelihood and timing of collecting payments related to production occurring after
September 30, 2006.  Thus, we cannot currently determine the timing of income recognition, if any, related to production occurring subsequent to September 30, 2006.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In 2003, the Internal Revenue Service (IRS) questioned the scientific validity of the testing procedures used to support synthetic fuel credits. The IRS has completed its review of these procedures and resumed issuing
letter rulings based on its previous requirements. The IRS has completed an audit on the Colona partnership with no impact on related tax credits generated. The IRS has completed an audit of the Somerset partnership for calendar year 2001 as part of
its normal audit program of the general partner. The audit resulted in no impact on related tax credits generated. REX has been allocated income tax credits of approximately &#36;48.0 million. In addition, REX has recognized investment income of
approximately &#36;122.5 million from the sales of its partnership interests, including &#36;10.8 million for fiscal 2006. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Although we believe the retroactive disallowance of our synthetic fuel credits is unlikely, any such disallowance could result in a significant liability for income tax credits previously taken.  REX&#146;s use of income
tax credits and investment income in the future could be limited by any new IRS interpretations or regulations or by any new income tax legislation.  Additionally, the price of oil could have a significant </FONT></P>
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<FONT size=2 face="serif">impact on future synthetic fuel production. This could significantly impact future earnings from our synthetic fuel sales. The current Section 29/45K tax credit program expires on December 31, 2007. If not renewed by
Congress, we will not receive income related to Section 29/45K tax credits for the production and sale of synthetic fuel after that date. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">See Item 7, Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations and Notes 4 and 16 of the Notes to the Consolidated Financial Statements for further discussions. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Facilities </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We owned 131 of our stores operated at January 31, 2007.  The remaining 62 stores operated on leased premises, with the unexpired terms of the leases ranging from less than one year to 20 years, inclusive of options to
renew. For fiscal 2006, the total net rent expense for our leased facilities was approximately &#36;4.6 million. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">At January 31, 2007, we owned 15 properties that were not operated as stores and were leased to outside, unrelated parties. These properties are former store sites for which we have closed the retail store. There were also
five properties vacant that we were attempting to either lease or sell. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Levelland Hockley County Ethanol, LLC began construction of a 40 million gallon ethanol plant during fiscal 2006. We expect that plant construction will be completed during the latter part of fiscal 2007 or in the early
part of fiscal 2008. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Employees </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">At January 31, 2007, we had approximately</FONT><FONT face="serif"> </FONT><FONT size=2 face="serif">130 hourly and salaried employees and</FONT><FONT face="serif"> </FONT><FONT size=2 face="serif">approximately 688
commission-based sales employees. We also employ additional personnel during peak selling seasons. None of our employees are represented by a labor union. We consider our relationship with our employees to be good. We restructured our store
operations on April 1, 2007. See Store Operations for a further discussion. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Service Marks</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We have registered our rights in our service marks &#147;REX&#148; and &#147;Farmers Energy&#148; with the United States Patent and Trademark Office. We are not aware of any adverse claims concerning our service marks.
</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Item 1A. </FONT></B><B><U><FONT size=2 face="serif">Risk Factors</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We encourage you to carefully consider the risks described below and other information contained in this report when considering an investment decision in REX common stock. Additional risks and uncertainties not presently
known to management, or that management currently deems immaterial, may also impair our business operations. Any of the events discussed in the risk factors below may occur. If one or more of these events do occur, our results of operations,
financial condition or cash flows could be materially adversely affected. In this instance, the trading price of REX stock could decline, and investors might lose all or part of their investment. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Risks Related to our Retail Business </FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">We face significant competition from other retailers many of whom have greater financial resources. This could result in a decline of our sales and profitability. </FONT></B></P>
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<FONT size=2 face="serif">We face significant competition from a diverse group of retailers.  Our competitors include national and regional large format merchandisers and superstores such as Best Buy Co., Inc., Lowe&#146;s Corporation, Home Depot,
Inc. and Circuit City Stores, Inc., other specialty electronics retailers including RadioShack Corporation, department and discount stores such as Sears, Roebuck and Co. and Wal-Mart Stores, Inc., furniture stores, warehouse clubs, home improvement
retailers and Internet and store-based retailers who sell consumer electronics and home appliance products online. We also compete with small chains and specialty single-store operators in some markets, as well as Sears&#146; dealer-operated units.
Some of our competitors have greater financial resources than us, which may increase their ability to purchase inventory at a lower cost, better withstand economic downturns or engage in aggressive price competition. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We expect competition within the consumer electronics/appliance retailing industry to increase.  National merchandisers continue to expand their geographic markets and enter markets traditionally served by us. In the event
that competitors enter markets we serve, we may experience pricing pressures, reduced gross margins and declines in comparable store sales. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">A decline in economic conditions could lead to reduced consumer demand for the products we sell. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Demand for consumer electronics and home appliance products is dependent upon various economic factors outside of our control. These factors include: </FONT></P>
<UL>
<LI>
<P align="justify"><FONT size=2 face="serif">general economic conditions;</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">consumer confidence;</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">consumer spending patterns and preferences; and</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">new housing starts.</FONT></P></LI>
</UL>
<P align="justify">
<FONT size=2 face="serif">A slowdown in the national or regional economies or an uncertain economic outlook could adversely affect discretionary consumer spending</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">habits and
negatively impact our sales and operating results. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">If new products are not introduced or consumers do not accept new products, our sales may decline. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We rely upon the periodic introduction of new products to help stimulate consumer demand. The lack of new products could reduce consumer interest and lower our sales. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In addition, many products which incorporate the newest technologies, such as high definition television, are subject to technological and pricing limitations and may not achieve widespread or rapid consumer acceptance in
the markets we serve.  If these new products do not meet with widespread or rapid market acceptance, our results of operations may be impaired. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Furthermore, the introduction or expected introduction of new products may depress sales of existing products and technologies. Government mandates for such areas as high definition television tuners can increase production costs
and lead to higher retail prices that could reduce product acceptance.  Other mandates include the Department of Energy compliance mandates for major appliances that will be in effect in 2007. This could also lead to higher retail prices and a
slowdown in overall product demand. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">If we do not adequately anticipate and respond to changing consumer demand and preferences, our results of operations may be impaired. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Our success depends, in part, on our ability to anticipate and respond in a timely manner to changing consumer demand and preferences regarding consumer electronics and home appliances.  Our failure to adequately anticipate
and respond to these changes could have a material adverse effect on our business, </FONT></P>
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<FONT size=2 face="serif">results of operation and financial condition either from lost sales or lower margins due to the need to mark down excess inventory. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Our opportunistic product buying strategy could negatively impact our sales and gross margins. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">When available, we may purchase large quantities of merchandise on an opportunistic or when-available basis at favorable prices. Our inability to find suitable opportunistic product buying opportunities could negatively
impact our sales and gross margins.  As manufacturers move to more market-driven, supply chain management strategies, the opportunities for opportunistic purchases may decline. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Products purchased on an opportunistic basis generally are held in inventory longer than our other products. This can result in increased inventory levels and lower inventory turnover, which increase our working capital
requirements and inventory carrying costs. Increased inventory levels and lower turnover rates also increase the risk of inventory mark-downs. The introduction of digitally-based display products such as plasma, LCD and other micro display products
has shortened product life cycles and introduced a higher degree of risk for opportunistic buying.  Given the rate of change of technology and price levels, opportunity costs for purchasing in large quantities can be offset by the obsolescence risk
of holding merchandise that may have to be deeply discounted to consumers. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Fluctuations in our comparable store sales may cause the price of our common stock to fluctuate substantially. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">"Comparable store sales" is a term we use to compare the year over year sales performance of our stores. We consider a store to be comparable after it has been open six full fiscal quarters. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">A number of factors have historically affected and will continue to affect our comparable store sales, including the following: </FONT></P>
<UL>
<LI>
<P align="justify"><FONT size=2 face="serif">competition;</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">national and regional economic conditions;</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">consumer trends;</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">new product introductions;</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">weather conditions which can impact store traffic as well as sales of seasonal products such</FONT> <FONT size=2 face="serif">as air conditioners;</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">changes in our product mix and availability of products from key vendors;</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">duration of the holiday selling season;</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">timing of promotional events; and</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">attracting and retaining qualified sales personnel.</FONT></P></LI>
</UL>
<P align="justify">
<FONT size=2 face="serif">Comparable store sales are often followed closely by the investment community and significant fluctuations in these results could cause the price of our common stock to fluctuate substantially. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Our quarterly operating results are subject to seasonality.  Our profitability would be adversely affected by lower than expected fourth quarter results. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Our retail business is seasonal</FONT><FONT size=2 face="serif">. </FONT><FONT size=2 face="serif">Our net retail sales and net income historically have been highest in our fourth fiscal quarter, which includes the
Christmas selling season. The fourth quarter accounted for approximately 30% and 33% of our net sales and revenue, and 31% and 23% of our net income in fiscal 2006 and 2005, respectively. Our annual financial results would be adversely impacted if
our sales were to fall substantially below what we normally expect during this period. </FONT></P>
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<B><FONT size=2 face="serif">We depend on our suppliers for products and our business could be adversely affected if we do not maintain relationships with our key vendors. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Our success depends to a significant degree upon our suppliers of consumer electronics and home appliance products. We do not have any long-term supply agreements or exclusive arrangements with vendors. We typically order
merchandise by issuing individual purchase orders to vendors. We rely significantly on a few suppliers. Our nine largest suppliers accounted for approximately 86% of our purchases during fiscal 2006, with three suppliers representing approximately
45% of our inventory purchases in fiscal 2006. The loss of any of these key vendors, our failure to establish and maintain relationships with our vendors, or any prolonged disruptions in product supply, could have a material adverse impact on our
business. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">We may incur higher costs or decreased sales and gross margins because we purchase imported products. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">A significant portion of our inventory is manufactured outside the United States.  Changes in trade regulations, currency fluctuations or other factors may increase the cost of items manufactured outside the United States
or create shortages of those items. We purchase all of our products in U.S. dollars. Significant reductions in the cost of such items in U.S. dollars may cause a significant reduction in retail price levels of those products, which could adversely
affect our sales and gross margins. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">The loss of the services of our Chief Executive Officer or our other key employees could jeopardize our ability to maintain our competitive position. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We believe that our success depends on the continued service of our key executive management personnel. Loss of the services of Stuart Rose, our Chairman and Chief Executive Officer, or other key employees could jeopardize
our ability to maintain our competitive position in the industry.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Risks Related to our Synthetic Fuel Investments </FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">Income and tax credits from our investments in facilities producing synthetic fuel have contributed significantly to our operating and net income in past years but will not continue after December 31, 2007.
</FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">In fiscal 1998, we invested in two limited partnerships, Colona Synfuel Limited Partnership, L.L.L.P. (Colona) and Somerset Synfuel, L.P. (Somerset), which own facilities producing synthetic fuel.  In fiscal 2002, we
purchased a plant located in Gillette, Wyoming (Gillette) designed and constructed for the production of synthetic fuel. The entities earn federal income tax credits under Section 29/45K of the Internal Revenue Code based on the quantity and content
of synthetic fuel production and sales. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We sold our interest in the Colona partnership in three separate sale transactions and expect to receive cash payments from the sales on a quarterly basis through 2007, subject to production levels. We reported income from
the sales of approximately &#36;5.3 million and &#36;22.8 million in fiscal 2006 and 2005, respectively, which accounted for approximately 33% and 63% of our income from continuing operations before income taxes in those years. The loss of this
income will significantly reduce our net income. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We also sold our interest in the limited liability company that owned the Gillette facility and received &#36;2.75 million at the time of the sale in March 2004 along with a secured contingent payment note that could
provide additional investment income to us. This plant was dismantled and relocated.  The facility resumed commercial operations in the second quarter of 2005 and we received an additional &#36;3.5 million. We are also eligible to receive &#36;1.50
per ton of "qualified production" fuel produced by the facility and sold through 2007. The plant was subsequently sold and during the third quarter of fiscal 2006, we modified our agreement with </FONT></P>
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<FONT size=2 face="serif">the owners and operators of the synthetic fuel facility. Based on the terms of the modified agreement, we currently are not able to determine the likelihood and timing of collecting payments related to production occurring
after September 30, 2006. Thus, we cannot currently determine the timing of income recognition, if any, related to production occurring subsequent to September 30, 2006. We reported income from the sale of approximately &#36;1.1 million and &#36;6.1
million in fiscal 2006 and 2005, respectively. The loss of this income will significantly reduce our net income. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Effective October 1, 2005, we sold our entire ownership interest in the Somerset partnership. We received &#36;1.2 million, net of commissions, at closing along with a secured contingent payment note that could provide
additional investment income. We expect to receive quarterly payments through 2007 equal to 80% of the Section 29/45K tax credits attributable to the ownership interest sold, subject to production levels.  We reported income from the sale of
approximately &#36;4.4 million and &#36;1.6 million in fiscal 2006 and 2005, respectively. The loss of this income will significantly reduce our net income. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The current Section 29/45K tax credit program expires on December 31, 2007. If not renewed by Congress, we will not receive income related to Section 29/45K tax credits for the production and sale of synthetic fuel after
that date. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">We face synthetic fuel risks as future IRS audits may result in the disallowance of previously recognized tax credits.</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We have been allocated in total approximately &#36;48 million in Section 29/45K credits. Should the tax credits be denied on any future audit and we fail to prevail through the Internal Revenue Service (IRS) or the legal
process, there could be a significant tax liability owed for previously taken tax credits with a significant adverse impact on earnings and cash flows.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The production and sale of synthetic fuel qualifies for Section 29/45K tax credits if certain requirements are satisfied, including a requirement that the synthetic fuel differs significantly in chemical composition from
the coal used to produce the synthetic fuel and that the fuel was produced from a facility placed in service before July 1, 1998.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">We face synthetic fuel risks associated with crude oil prices as such our income could decrease significantly.</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Recent increases in the price of oil could limit the amount of Section 29/45K tax credits or eliminate them altogether following fiscal 2006.  Section 29/45K provides that if the average wellhead price per barrel for
unregulated domestic crude oil for the year (the "Annual Average Price") exceeds a certain threshold value (the "Threshold Price"), the Section 29/45K tax credits are subject to phase out.  For calendar year 2006, the Threshold Price was &#36;56.71
per barrel and the Phase Out Price was &#36;71.19 per barrel. The Threshold Price and the Phase Out Price are adjusted annually as a result of inflation. We cannot determine, with absolute certainty, the Annual Average Price for 2007. Therefore, we
cannot determine whether the price of oil will have a material effect on our synthetic fuel income after fiscal 2006.  However, if during fiscal 2007 oil prices remain at historically high levels or increase, our synthetic fuel income may be
adversely affected. Based upon the price of oil to date, we estimate the tax credits and related income, for calendar year 2007 would not be subject to phase out as of January 31, 2007. Because synthetic fuel is not economical to produce absent the
associated tax credits, and we have no control or decision involvement with production levels, we cannot determine the impact of possible production reduction or elimination on our financial results. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">We may not be able to generate sufficient taxable income to realize our deferred tax assets. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We have approximately &#36;35.4 million of deferred tax assets recorded on our consolidated financial statements. Should future results of operations or other factors cause us to determine that it is unlikely that we will
generate </FONT></P>
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<FONT size=2 face="serif">18</FONT></P>

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<FONT size=2 face="serif">sufficient taxable income to fully utilize our deferred tax assets, we would then be required to establish a valuation allowance against such deferred tax assets by increasing our income tax expense in the amount of tax
benefit we do not expect to realize. This would reduce our net income and could have a material adverse effect on our results of operations. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">We may realize capital losses related to our sales of synthetic fuel ownership interests. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We have, for income tax purposes, recognized capital gain in the year of sale for certain sales of our ownership interests in synthetic fuel entities.  Should we, in subsequent years, realize a capital loss as a result of
lower synthetic fuel production, for income tax purposes, we may be required to carry the loss back to prior years. This could result in the write down of previously used Section 29/45K tax credits. This would reduce our net income and could have a
material adverse effect on our results of operations. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Risks Related to our Alternative Energy Business </FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">Our ethanol investments are subject to the risks of a development stage business which could adversely affect the returns on our ethanol investments and our results of operations. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We do not have an established record for investing in the ethanol industry.  We entered into our first agreement to invest in an ethanol plant in November 2005. At January 31, 2007, we have invested in four entities.  Three
entities have begun construction of ethanol production facilities and one is expanding its current ethanol production facilities. Our ethanol investments have been managed by our Chief Executive Officer, our Vice President and our Chief Financial
Officer. We do not otherwise have a dedicated ethanol development staff. As a consequence, our ethanol investments are subject to all of the risks associated with a development stage company, including an unproven business model, a lack of operating
history and an undeveloped operating structure. These development stage risks could result in our making investments in ethanol plants that perform substantially below our expectations, which would adversely affect our results of operations and
financial condition. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">We invest in new construction of ethanol plants and significant expansion of existing plants.  As a result, we face significant project development risks that may adversely affect our investment returns. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">In each of our investments, we are investing in the new construction of a plant or a significant expansion of an existing plant. As a result, our investments face risks of construction delays and cost over-runs that could
delay or reduce our investment returns.  In addition, the new plants are development-stage operations that must obtain necessary permits and complete arrangements for transportation, natural gas and marketing of the ethanol before production can
begin. The failure to obtain any of these necessary elements in a timely manner or on commercially acceptable terms could adversely affect the profitability of each plant.  Once the new plants or expansions begin production, they face uncertainties
of whether they will perform to specifications and whether they will achieve anticipated operating results. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">We depend on our partners to operate our ethanol investments</FONT></B><FONT size=2 face="serif">. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We may not directly operate the ethanol plants in which we invest.  Our investments currently represent minority equity positions or debt, and day-to-day operating control of each plant remains with the local farmers&#146;
cooperative or group that has promoted the plant. We may not have the ability to directly modify the operations of each plant in response to changes in the business environment or in response to any deficiencies in local operations of the plants. In
addition, local plant operators, who also represent the primary suppliers of corn and other crops to the plants, may have interests, such as the price and sourcing of corn, that may differ from our interest, which is based solely on the operating
profit of the plant. The limitations on our ability to control day-to-day plant operations could adversely affect plant results of operations. </FONT></P>
<P align="center">
<FONT size=2 face="serif">19</FONT></P>

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<B><FONT size=2 face="serif">We may not successfully acquire or develop additional ethanol investments. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The growth of our ethanol business depends on our ability to identify and develop new ethanol investments. Our ethanol development strategy depends on referrals, and introductions, to new investment opportunities from
industry participants, such as ethanol plant builders, marketing agents and others. We must continue to maintain favorable relationships with these industry participants, and a material disruption in these sources of referrals would adversely affect
our ability to expand our ethanol investments.  In addition, we face significant competition for new ethanol investment opportunities.  There are many enterprises seeking to participate in the ethanol industry.  Some enterprises, such as Andersons,
Inc., provide financial support similar to our business model. Other enterprises seek to acquire or develop plants which they will directly own and operate. As a consequence, there is increasing competition for suitable sites for new or expanded
plants.  Many of our competitors for these sites are larger and have greater financial resources and name recognition than we do. We must compete for investment opportunities based on our strategy of supporting and enhancing local development of
ethanol plant opportunities. We may not be successful in competing for investment opportunities based on our strategy</FONT><FONT face="serif">. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">We face risks that our funding commitments will not become investments positions in ethanol plants. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We have structured our investments in ethanol plants as agreements to purchase secured notes or equity in the limited liability companies that are developing each plant. Our obligation to fund the investment commitment is
subject to a number of conditions, including completing an equity financing to a specified level, obtaining senior debt financing and executing a plant construction agreement with a specified builder.  We will not begin to realize any returns on
ethanol investments until these conditions to funding are satisfied. Any delay or failure in satisfying the funding conditions would adversely affect the development of our ethanol investments. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">The financial returns on our ethanol investments are highly dependent on commodity prices, which are subject to significant volatility and uncertainty, and the availability of supplies, so our results could fluctuate
substantially. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The financial returns on our ethanol investments are substantially dependent on commodity prices, especially prices for corn, natural gas, ethanol and unleaded gasoline. As a result of the volatility of the prices for these
items, these returns may fluctuate substantially and our investments could experience periods of declining prices for their products and increasing costs for their raw materials, which could result in operating losses at our ethanol plants.
</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Our returns on ethanol investments are highly sensitive to corn prices.</FONT></I></B><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif"> The principal raw material our ethanol plants use to produce
ethanol and co-products is corn. As a result, changes in the price of corn can significantly affect their businesses. In general, rising corn prices produce lower profit margins. Because ethanol competes with non-corn-based fuels, our ethanol plants
generally will be unable to pass along increase corn costs to their customers. At certain levels, corn prices may make ethanol uneconomical to use in fuel markets. Over the ten-year period from 1997 through 2006, corn prices (based on the Chicago
Board of Trade, or CBOT, daily futures data) have ranged from a low of &#36;1.75 per bushel in 2000 to a high of &#36;3.90 per bushel in 2006 with prices averaging &#36;2.32 per bushel during this period. At January 31, 2007, the CBOT price per
bushel of corn was &#36;4.04. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The price of corn is influenced by weather conditions and other factors affecting crop yields, farmer planting decisions and general economic, market and regulatory factors. These factors include government policies and
subsidies with respect to agriculture and international trade, and global and local demand and supply. The significance and relative effect of these factors on the price of corn is difficult to predict. Any event that tends to negatively affect the
supply of corn, such as adverse weather or crop disease, could increase corn prices and potentially harm the business of our ethanol plants. In addition, our ethanol plants may also have difficulty, from time to time, in physically sourcing corn on
economical terms due to supply shortages. Such a shortage could require our ethanol plants to suspend operations until corn is available at economical terms </FONT></P>
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<FONT size=2 face="serif">20</FONT></P>

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<FONT size=2 face="serif">which would have a material adverse effect on the financial returns on our ethanol investments. The price the ethanol plants pay for corn at a facility could increase if an additional ethanol production facility is built in
the same vicinity. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">The spread between ethanol and corn prices can vary significantly and we do not expect the spread to remain at recent high levels.</FONT></I></B><B><FONT size=2 face="serif">  </FONT></B><FONT size=2 face="serif">The
gross margin at our ethanol plants depends principally on the spread between ethanol and corn prices. During the five-year period from 2002 to 2006, ethanol prices (based on average U.S. ethanol rack prices from Bloomberg, L.P., or Bloomberg) have
ranged from a low of &#36;0.94 per gallon to a high of &#36;3.98 per gallon, averaging &#36;1.70 per gallon during this period. In recent periods, the spread between ethanol and corn prices has been at historically high levels, driven in large part
by high oil prices and historically low corn prices. However, this spread has fluctuated widely and fluctuations are likely to continue to occur. Any reduction in the spread between ethanol and corn prices, whether as a result of an increase in corn
prices or a reduction in ethanol prices, would adversely affect the results of operations at our ethanol plants. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">The market for natural gas is subject to market conditions that create uncertainty in the price and availability of the natural gas that our ethanol plants use in their manufacturing process.</FONT></I></B><B><FONT size=2 face="serif">  </FONT></B><FONT size=2 face="serif">Our ethanol plants rely upon third parties for their supply of natural gas, which is consumed in the manufacture of ethanol. The prices for and availability of natural gas are subject to
volatile market conditions.  These market conditions often are affected by the factors beyond the ethanol plants&#146; control such as higher prices resulting from colder than average weather conditions and overall economic conditions. Significant
disruptions in the supply of natural gas could impair the ethanol plants&#146; ability to manufacture ethanol for their customers. Furthermore, increases in natural gas prices or changes in our natural gas costs relative to natural gas costs paid by
competitors may adversely affect results of operations and financial position at our ethanol plants.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Fluctuations in the selling price and production costs of gasoline may reduce profit margins at our ethanol plants.</FONT></I></B><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif"> Ethanol is marketed
both as a fuel additive to reduce vehicle emissions from gasoline and as an octane enhancer to improve the octane rating of gasoline with which it is blended. As a result, ethanol prices are influenced by the supply and demand for gasoline and our
results of operations and financial position may be materially adversely affected if gasoline demand or price decreases.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">If the expected increase in ethanol demand does not occur, or if the demand for ethanol otherwise decreases, there may be excess capacity in the ethanol industry</FONT></B><B><I><FONT size=2 face="serif">.</FONT></I></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Domestic capacity has increased steadily from 1.7 billion gallons per year in January 1999 to 5.5 billion gallons per year at January 2007. In addition, there is a significant amount of capacity being added to the industry.
According to the RFA, as of January 2007 approximately 5.6 billion gallons per year of production capacity was under construction.  This capacity is being added to address anticipated increased demand. However, demand for ethanol may not increase as
quickly as expected or to a level that exceeds supply, or at all. If the ethanol industry has excess capacity and such excess capacity results in a fall in prices, it will have an adverse impact on the results of operations, cash flows and financial
condition of our ethanol plants. Excess capacity may result from the increases in capacity coupled with insufficient demand. Demand could be impaired due to a number of factors including regulatory developments and reduced United States gasoline
consumption. Reduced gasoline consumption could occur as a result of increased gasoline or oil prices. For example, price increases could cause businesses and consumers to reduce driving or acquire vehicles with more favorable gasoline mileage.
There is some evidence that this has occurred in the recent past as United States gasoline prices have increased. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">The U.S. ethanol industry is highly dependent upon a myriad of federal and state legislation and regulation and any changes in legislation or regulation could materially and adversely affect our results of operations and
financial position. </FONT></B></P>
<P align="justify">
<B><I><FONT size=2 face="serif">The elimination or significant reduction in the blenders&#146; credit could have a material adverse effect on the results of our ethanol investments. </FONT></I></B><FONT size=2 face="serif">The cost of production of
ethanol is made significantly more competitive </FONT></P>
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<FONT size=2 face="serif">21</FONT></P>

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<FONT size=2 face="serif">with regular gasoline by federal tax incentives.  Before January 1, 2005, the federal excise tax incentive program allowed gasoline distributors who blended ethanol with gasoline to receive a federal excise tax rate
reduction for each blended gallon they sold. If the fuel was blended with 10% ethanol, the refiner/marketer paid &#36;0.054 per gallon less tax, which equated to an incentive of &#36;0.54 per gallon of ethanol. The &#36;0.54 per gallon incentive for
ethanol was reduced to &#36;0.51 per gallon in 2005 and is scheduled to expire (unless extended) in 2010. The blenders&#146; credits may not be renewed in 2010 or may be renewed on different terms. In addition, the blenders&#146; credits, as well as
other federal and state programs benefiting ethanol (such as tariffs), generally are subject to U.S. government obligations under international trade agreements, including those under the World Trade Organization Agreement on Subsidies and
Countervailing Measures, and might be the subject of challenges thereunder, in whole or in part. The elimination or significant reduction in the blenders&#146; credit or other programs benefiting ethanol may have a material adverse effect on the
results of our ethanol investments. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Ethanol can be imported into the U.S. duty-free from some countries which may undermine the ethanol industry in the U.S.</FONT></I></B><I><FONT size=2 face="serif"> </FONT></I><FONT size=2 face="serif"> Imported
ethanol is generally subject to a &#36;0.54 per gallon tariff that was designed to offset the &#36;0.51 per gallon ethanol incentive available under the federal excise tax incentive program for refineries that blend ethanol in their fuel. A special
exemption from the tariff exists for the ethanol imported from 24 countries in Central America and the Caribbean Islands, which is limited to a total of 7% of U.S. production per year.  Imports from the exempted countries may increase as a result of
new plants under development. Since production costs for ethanol in these countries are estimated to be significantly less than what they are in the U.S., the duty-free import of ethanol through the countries exempted from the tariff may negatively
affect the demand for domestic ethanol and the price at which our ethanol plants sell their ethanol. In May 2006, bills were introduced in both the U.S. House of Representatives and U.S. Senate to repeal the &#36;0.54 per gallon tariff. We do not
know the extent to which the volume of imports would increase or the effect on U.S. prices for ethanol if this proposed legislation is enacted or if the tariff is not renewed beyond its current expiration in December 2008. Any changes in the tariff
or exemption from the tariff could have a material adverse effect on the results of our ethanol investments. In addition, the North American Free Trade Agreement, or NAFTA, which entered into force on January 1, 1994, allows Canada and Mexico to
export ethanol to the United States duty-free or at a reduced rate. Canada is exempt from duty under the current NAFTA guidelines, while Mexico&#146;s duty rate is &#36;0.10 per gallon. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">The effect of the RFS in the Energy Policy Act is uncertain.</FONT></I></B><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif"> The use of fuel oxygenates, including ethanol, was mandated through
regulation, and much of the forecasted growth in demand for ethanol was expected to result from additional mandated use of oxygenates. Most of this growth was projected to occur in the next few years as the remaining markets switch from MTBE to
ethanol. The Energy Policy Act, however, eliminated the mandated use of oxygenates and established minimum annual nationwide levels of renewable fuels to be included in gasoline.  The annual requirement grows to 7.5 billion gallons by 2012.
 Because biodiesel and other renewable fuels in addition to ethanol are counted toward the minimum usage requirements of the renewable fuel standard or RFS, the elimination of the oxygenate requirement for reformulated gasoline may result in a
decline in ethanol consumption, which in turn could have a material adverse effect on the results of our ethanol investments. The legislation also included provisions for trading of credits for use of renewable fuels and authorized potential
reductions in the RFS minimum by action of a governmental administrator.  As the rules for implementation of the RFS and the energy bill are under development, the impact of legislation is still uncertain. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Waivers of the RFS minimum levels of renewable fuels included in gasoline could have a material adverse affect on the results of our ethanol investments.</FONT></I></B><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif"> Under the Energy Policy Act, the U.S. Department of Energy, in consultation with the Secretary of Agriculture and the Secretary of Energy, may waive the renewable fuels mandate with respect to one or more states if the
Administrator of the U.S. Environmental Protection Agency, or U.S. EPA, determines that implementing the requirements would severely harm the economy or the environment of a state, a region or the U.S., or that there is inadequate supply to meet the
requirement. Any waiver of the RFS with respect to one or more states would adversely offset demand for ethanol and could have a material adverse effect on the results of our ethanol investments. </FONT></P>
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<FONT size=2 face="serif">22</FONT></P>

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<B><FONT size=2 face="serif">Item 1B. </FONT></B><B><U><FONT size=2 face="serif">Unresolved Staff Comments</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">None. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Item 2.&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">Properties</FONT></U></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The information required by this Item 2 is set forth in Item 1 of this report under &#147;Store Operations--Stores,&#148; &#147;Distribution&#148; and &#147;Facilities&#148; and is incorporated herein by reference.
</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Item 3.&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">Legal Proceedings</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We are involved in various legal proceedings incidental to the conduct of our business. We believe that these proceedings will not have a material adverse effect on our financial condition or results of operations.
</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Item 4.&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">Submission of Matters to a Vote of Security Holders</FONT></U></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None. </FONT></P>
<P align="center">
<B><U><FONT size=2 face="serif">Executive Officers of the Company</FONT></U></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is certain information about each of our executive officers. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="20%" align=left nowrap> <center>
    <B><U><FONT size=2 face="serif">Name</FONT></U></B>
  </center></TD>
  <TD width="10%">&nbsp;
  </TD>
  <TD width="2%" align=center nowrap>
<B><U><FONT size=2 face="serif">Age</FONT></U></B>
  </TD>
  <TD width="12%">&nbsp;
  </TD>
  <TD width="24%" align=left nowrap> <center>
    <B><U><FONT size=2 face="serif">Position</FONT></U></B>
  </center></TD>
  <TD width="30%">&nbsp;
  </TD>
  <TD width="2%" align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=7>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Stuart Rose</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">52</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chairman of the Board and Chief Executive Officer*</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">David Bearden</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">56</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">President and Chief Operating Officer</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Douglas Bruggeman</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">46</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Vice President-Finance, Chief Financial Officer and</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Treasurer</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Edward Kress</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">57</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Secretary*</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">David Fuchs</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">53</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Vice President-Management Information Systems</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Philip Kellar</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">52</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Vice President-Store Operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Keith Magby</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">48</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Vice President-Operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Zafar Rizvi</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">57</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Vice President</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
</TABLE>
<table width="100" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div style="border-bottom:1px solid #000000">
        <p><font size="1">&nbsp;</font></p>
    </div></td>
  </tr>
  <tr>
    <td><p><font size="1">&nbsp;</font></p></td>
  </tr>
</table>
<FONT size=2 face="serif">*Also serves as a director. </FONT>
<P align="justify">
<I><FONT size=2 face="serif">Stuart Rose</FONT></I><FONT size=2 face="serif"> has been our Chairman of the Board and Chief Executive Officer since our incorporation in 1984 as a holding company to succeed to the ownership of Rex Radio and
Television, Inc., Kelly &amp; Cohen Appliances, Inc. and Stereo Town, Inc.  Prior to 1984, Mr. Rose was Chairman of the Board and Chief Executive Officer of Rex Radio and Television, Inc., which he founded in 1980 to acquire the stock of a
corporation which operated four retail stores. </FONT></P>
<P align="justify">
<I><FONT size=2 face="serif">David Bearden </FONT></I><FONT size=2 face="serif">has been our President and Chief Operating Officer since October 2005. Mr. Bearden joined us from Panasonic Company where he held several senior management positions
over 24 years, most recently as Group President of Panasonic&#146;s Consumer Electronics Sales Group.</FONT><I><FONT size=2 face="serif"> </FONT></I></P>
<P align="justify">
<I><FONT size=2 face="serif">Douglas Bruggeman</FONT></I><FONT size=2 face="serif"> has been our Vice President - Finance and Treasurer since 1989 and was elected Chief Financial Officer in 2003. From 1987 to 1989, Mr. Bruggeman was our Manager of
Corporate Accounting. Mr. Bruggeman was employed with the accounting firm of Ernst &amp; Young prior to joining us in 1986. </FONT></P>
<P align="center">
<FONT size=2 face="serif">23</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<I><FONT size=2 face="serif">Edward Kress</FONT></I><FONT size=2 face="serif"> has been our Secretary since 1984 and a director since 1985. Mr. Kress has been a partner of the law firm of Chernesky, Heyman &amp; Kress P.L.L., our legal counsel,
since 1988. Mr. Kress has practiced law in Dayton, Ohio since 1974. </FONT></P>
<P align="justify">
<I><FONT size=2 face="serif">David Fuchs </FONT></I><FONT size=2 face="serif">has been our Vice President &#150; Management Information Systems since 1989. From 1985 to 1989, Mr. Fuchs was our Manager of Management Information Systems. </FONT></P>
<P align="justify">
<I><FONT size=2 face="serif">Philip Kellar </FONT></I><FONT size=2 face="serif">has been our Vice President &#150; Store Operations since 2005. From 1990 to 2004, Mr. Kellar was our Vice President of the Northern and Midwestern regions. </FONT></P>
<P align="justify">
<I><FONT size=2 face="serif">Keith Magby</FONT></I><FONT size=2 face="serif"> has been our Vice President &#150; Operations since 1991.  From 1982 to 1991, Mr. Magby was employed in the consumer electronics/appliance retailing industry in a variety
of management positions. </FONT></P>
<P align="justify">
<I><FONT size=2 face="serif">Zafar Rizvi</FONT></I><FONT size=2 face="serif"> has been our Vice President since 2006. From 1991 to 2006, Mr. Rizvi was our Vice President &#150; Loss Prevention.  Mr. Rizvi is also responsible for identifying,
evaluating and managing our alternative energy investments. From 1986 to 1991, Mr. Rizvi was employed in the video retailing industry in a variety of management positions. </FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">PART II </FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">Item 5. </FONT></B><B><U><FONT size=2 face="serif">Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B><B><U><FONT size=2 face="serif">Equity Securities</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">SHAREHOLDER INFORMATION </FONT></P>
<P align="justify">
<U><FONT size=2 face="serif">Common Share Information and Quarterly Share Prices</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our common stock is traded on the New York Stock Exchange under the symbol RSC. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=53% align=left nowrap>
<B><FONT size=2 face="serif">Fiscal Quarter ended</FONT></B>
  </TD>
  <TD width=4%>&nbsp;
  </TD>
  <TD width=20% align=right nowrap>
<B><FONT size=2 face="serif">High</FONT></B>
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD width=15% align=right nowrap>
<B><FONT size=2 face="serif">Low</FONT></B>
  </TD>
  <TD width=7% align=right nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">April 30, 2005</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;15.50</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;12.60</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">July 31, 2005</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">16.65</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">13.21</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">October 31, 2005</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">16.08</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">12.55</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">January 31, 2006</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">17.37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">13.20</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">April 30, 2006</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;19.95</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;14.15</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">July 31, 2006</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">20.23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">13.17</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">October 31, 2006</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">17.14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">13.38</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">January 31, 2007</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">18.49</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15.68</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="justify">
<FONT size=2 face="serif">As of April 13, 2007, there were 153 holders of record of our common stock, including shares held in nominee or street name by brokers.</FONT></P>
<P align="justify">
<U><FONT size=2 face="serif">Dividend Policy</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Under our revolving credit agreement, we are permitted to pay dividends only if the bank determines that we have and will maintain at least &#36;25 million of excess borrowing availability for the 12 months immediately
preceding and following the dividend payment. We did not pay dividends in the current or prior years. </FONT></P>
<P align="center">
<FONT size=2 face="serif">24</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">The following graph compares the yearly percentage change in the cumulative total shareholder return on our Common Stock against the cumulative total return of the S&amp;P 500 Stock Index and a peer group comprised of
selected publicly traded consumer electronics retailers (*) for the period commencing January 31, 2002 and ended January 31, 2007. The graph assumes an investment of &#36;100 in our Common Stock and each index on January 31, 2002 and reinvestment of
all dividends.</FONT></P>
<P align="justify"><IMG src="c47932_10kx25x1.jpg" border=0>
  <BR>
</P>
<P align="justify">
<FONT size=2 face="serif">* The peer group is comprised of Best Buy Co., Inc. Tweeter Home Entertainment Group, Inc., Circuit City Stores, Inc. and Conn&#146;s, Inc.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Item 6. </FONT></B><B><U><FONT size=2 face="serif">Selected Financial Data</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The following statements of operations and balance sheet data have been derived from our consolidated financial statements and should be read in conjunction with Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations and the Consolidated Financial Statements and related Notes. Prior period amounts applicable to the statement of operations have been adjusted to recognize the reclassification of the results of certain stores to
discontinued operations as a result of store closings and certain other reclassifications. See Item 7. </FONT><U><FONT size=2 face="serif">Management&#146;s Discussion and Analysis of Financial Condition</FONT></U><FONT size=2 face="serif">
</FONT><U><FONT size=2 face="serif">and Results of Operations</FONT></U><FONT size=2 face="serif"> for a discussion of income from synthetic fuel investments and long-term debt. These items have fluctuated significantly in recent years and may
affect comparability of years. </FONT></P>
<P align="center">
<FONT size=2 face="serif">25</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Five Year Financial Summary</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">(In Thousands, Except Per</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="14" align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="sans-serif">Years Ended January 31,</FONT></B>
    </center></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=2 face="sans-serif">Share Amounts)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="sans-serif">2007</FONT></B>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="sans-serif">2006</FONT></B>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="sans-serif">2005</FONT></B>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">2004</FONT></B>
    </center></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">2003</FONT></B>
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Net sales and revenue</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">347,334</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">374,451</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">358,098</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">370,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">376,973</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Income from continuing operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,865</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">28,814</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">28,355</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">28,005</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">22,199</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Net income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">11,351</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">28,269</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">27,549</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">27,440</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">22,932</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Basic income per share from</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">continuing operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1.06</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2.69</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2.56</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2.58</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1.83</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Diluted income per share from</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">continuing operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.94</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2.36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2.23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2.21</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1.56</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Basic net income per share</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1.10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2.64</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2.49</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2.53</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1.89</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Diluted net income per share</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.98</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2.31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2.17</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2.17</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1.61</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Total assets</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">335,208</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">295,245</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">310,951</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">313,411</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">310,922</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Long-term debt, net of current</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">maturities</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">31,236</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">21,462</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div align="left"><FONT size=2 face="serif">&#36;</FONT>
</div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">30,501</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">53,548</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">64,426</FONT>
  </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">26</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">Quarterly Financial Data (Unaudited) </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="11" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Quarters Ended</FONT></B>
    </center></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="11" align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="sans-serif">(In Thousands, Except Per Share Amounts)</FONT></B>
    </center></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">April 30,</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">July 31,</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap colspan=2>
    <center>
      <B><FONT size=2 face="sans-serif">October 31,</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD colspan="2" align=right nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">January 31,</FONT></B>
    </center></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">2006</FONT></B>
    </center></TD>
  <TD>
    <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">2006</FONT></B>
    </center></TD>
  <TD>
    <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">2006</FONT></B>
    </center></TD>
  <TD>
    <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
  <TD colspan="2" align=right nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">2007</FONT></B>
    </center></TD>
  </TR>
<TR>
  <TD colspan=13>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Net sales and revenue (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">81,872</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">78,631</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">82,390</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">104,441</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Cost of sales (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">58,899</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">56,997</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">60,618</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">77,489</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Net income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,489</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,497</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,815</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,550</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Basic net income per share (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.47</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.34</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Diluted net income per share</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.42</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.30</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=13>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="11" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Quarters Ended</FONT></B>
    </center></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="11" align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="sans-serif">(In Thousands, Except Per Share Amounts)</FONT></B>
    </center></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">April 30,</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">July 31,</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap colspan=2>
    <center>
      <B><FONT size=2 face="sans-serif">October 31,</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD colspan="2" align=right nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">January 31,</FONT></B>
    </center></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">2005</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">2005</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">2005</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD colspan="2" align=right nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">2006</FONT></B>
    </center></TD>
  </TR>
<TR>
  <TD colspan=13>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Net sales and revenue (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">83,745</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">78,691</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">88,507</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">123,508</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Cost of sales (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">60,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">55,220</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">63,994</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">91,042</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Net income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8,721</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,882</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,566</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Basic net income per share</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.55</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.80</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.65</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.64</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Diluted net income per share (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.48</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.70</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.58</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">0.57</FONT>
  </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Amounts differ from those previously reported as a result of certain stores being reclassified into discontinued operations and certain other reclassifications. See Note 15 of the Notes to the
Consolidated Financial Statements for further discussion and analysis of discontinued operations.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">b)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">The total of the quarterly net income per share amounts is greater than the annual net income per share amount primarily due to the impact of more shares and options outstanding earlier in the year
resulting in greater dilution from stock options versus the full year.</FONT></P>
  </TD>
</TR>
</TABLE>
<P align="justify">
<B><FONT face="serif">Item 7. </FONT></B><B><U><FONT face="serif">Management&#146;s Discussion and Analysis of Financial Condition and Results of</FONT></U></B><B><FONT face="serif">  </FONT></B><B><U><FONT face="serif">Operations</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="justify">
<B><FONT face="serif">Overview </FONT></B></P>
<P align="justify"><B><FONT size=2 face="serif">Retail </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We are a specialty retailer in the consumer electronics/appliance industry.  As of January 31, 2007, we operated 193 stores in 35 states under the "REX" trade name. By offering a broad selection of brand name products at
guaranteed lowest prices, we believe we have become a leading consumer electronics/appliance retailer in our markets. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our comparable store sales decreased 5.0% for fiscal 2006, increased 5.0% for fiscal 2005, and decreased 2.0% for fiscal 2004.  We believe our comparable store sales have recently been negatively affected by increased
competition and rapid change in television technology, resulting in the loss of CRT and projection television sales.  We consider a store to be comparable after it has been open six full fiscal quarters. Comparable store sales comparisons do not
include sales of extended service contracts or sales from stores classified in discontinued operations. </FONT></P>
<P align="center">
<FONT size=2 face="serif">27</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">Our extended service contract revenues, net of sales commissions, are deferred and amortized on a straight-line basis over the life of the contracts after the expiration of applicable manufacturers' warranty periods. Terms
of coverage, including the manufacturers' warranty periods, are usually for periods of 12 to 60 months. Extended service contract revenues represented 3.4% of net sales and revenue for fiscal 2006,</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">2.9% of net sales and revenue for fiscal 2005 and 3.4% of net sales and revenue for fiscal 2004. Service contract repair costs are charged to operations as incurred. </FONT></P>
<P align="justify">
<B><FONT face="serif">Investments in Alternative Energy</FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">In fiscal 2006, we entered the alternative energy industry by investing in several entities organized to construct and, subsequently operate, ethanol producing plants. As we continue to seek to diversify sources of revenue
and earnings we have invested in four entities as of January 31, 2007 utilizing both debt and equity investments. We expect three of the entities to begin generating operating revenue approximately 14 to 20 months after construction of the plants
has begun. Big River Resources, LLC has a 52 million gallon dry-mill ethanol manufacturing facility and is currently generating operating revenue. We continue to evaluate other potential ethanol investments.  The following table is a summary of our
ethanol investments (amounts in thousands, except ownership percentages): </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=36% align=left nowrap>&nbsp;

  </TD>
  <TD width=14%>&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap>
    <FONT size=2 face="serif">Equity</FONT>
  </TD>
  <TD width=8%>&nbsp;
  </TD>
  <TD width=5% align=center nowrap>
    <div align="left"><FONT size=2 face="serif">Ownership</FONT>
    </div></TD>
  <TD width=1% align=left nowrap>&nbsp;

  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Debt</FONT>
  </TD>
  <TD width=8%>&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap>
    <FONT size=2 face="serif">Contingent</FONT>
  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Entity</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap>
    <FONT size=2 face="serif">Investment</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">%</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="serif">Investment</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap>
    <FONT size=2 face="serif">Commitment</FONT>
  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap colspan=2>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Levelland/Hockley County Ethanol, LLC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=2% align=left nowrap>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD width=5% align=right nowrap>
<FONT size=2 face="serif">11,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">47.1</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=1% align=left nowrap>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD width=5% align=left nowrap>
    <div align="right"><FONT size=2 face="serif">5,000</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width=2% align=left nowrap>&nbsp;

  </TD>
  <TD width=6% align=left nowrap>
    <div align="right"><FONT size=2 face="serif">-</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Millennium Ethanol, LLC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="right"><FONT size=2 face="serif">-</FONT>
  </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">14,000</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">-</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Big River Resources, LLC (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4.3</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">10,000</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Patriot Renewable Fuels, LLC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">16,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">23.3</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">-</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">One Earth Energy, LLC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="right"><FONT size=2 face="serif">-</FONT>
  </div></TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">24,900</FONT>
    </div></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="justify"><FONT size=2 face="serif">On January 25, 2007, we invested an additional &#36;5.0 million in Big River Resources, LLC (included in other assets). This investment was effective February 1, 2007 and our ownership percentage increased from 4.3% to
6.9%.</FONT></P>
  </TD>
</TR>
</TABLE>
<P align="justify">
<B><FONT face="serif">Investment in Synthetic Fuel Partnerships </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">In fiscal 1998, we invested in two limited partnerships which owned four facilities producing synthetic fuel. The partnerships earn federal income tax credits under Section 29/45K of the Internal Revenue Code based on the
tonnage and content of solid synthetic fuel produced and sold to unrelated parties. Our share of the credits generated may be used to reduce our federal income tax liability down to the alternative minimum tax (AMT) rate. Under current law, credits
under Section 29/45K are available for qualified fuels sold before January 1, 2008. The tax credits begin to phase out if the reference price of a barrel of oil exceeds certain levels adjusted annually for inflation. The 2006 phase-out started at
&#36;56.71 per barrel and based upon the price of oil to date, we estimated the phase out for calendar 2006 to be approximately 40%. See Notes 4 and 16 of the Notes to the Consolidated Financial Statements for further discussion. </FONT></P>
<P align="center">
<FONT size=2 face="serif">28</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">We initially held a 30% interest in Colona Synfuel Limited Partnership, L.L.L.P. (Colona) and an 18.75% interest in Somerset Synfuel, L.P. (Somerset).  We sold our ownership in the Colona and Somerset partnerships as
described below. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Effective February 1, 1999, we sold 13% of our interest in the Colona partnership, reducing our ownership percentage from 30% to 17%. Payments are contingent upon and equal to 75% of the federal income tax credits
attributable to the 13% interest sold and are subject to certain annual limitations.  The maximum amount of cash that can be received varies by year. The maximum that can be received for calendar 2007 is approximately &#36;9.9 million.  Effective
July 31, 2000, we sold an additional portion of our interest in the Colona partnership, reducing our ownership percentage from 17% to 8%. Effective May 31, 2001, we sold our remaining 8% ownership in the Colona partnership.  For the 2000 and 2001
sales, payments are contingent upon and equal to the greater of 82.5% of the federal income tax credits attributable to the interest sold subject to annual limitations or 74.25% of the federal income tax credits amounts attributable to the interest
sold with no annual limitations. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Because the purchase price for the Colona sales is based on the value of Section 29/45K tax credits generated, they are subject to production levels and to possible reduction or elimination to the extent the credit is
limited.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Effective October 1, 2005, we sold our entire ownership interest in the Somerset partnership. We received &#36;1.2 million, net of commissions, at closing along with a secured contingent payment note that could provide
additional investment income. We expect to receive quarterly payments through 2007 equal to 80% of the Section 29/45K tax credits attributable to the ownership interest sold. Because the purchase price is based on the value of Section 29/45K tax
credits generated, it is subject to production levels and to possible reduction or elimination to the extent the credit is limited.  With this sale, we have divested all of our ownership interests in facilities that produce synthetic fuel which
qualifies for Section 29/45K tax credits. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">On September 5, 2002, we purchased a plant located in Gillette, Wyoming designed and constructed for the production of synthetic fuel, which qualifies for tax credits under Section 29/45K of the Internal Revenue Code.  We
obtained a Private Letter Ruling from the Internal Revenue Service, which allowed for the disassembly, and reconstruction, of the facility. On March 30, 2004, we sold our membership interest in the limited liability company that owned the Gillette
facility to an outside party. We received &#36;2,750,000 at the time of sale, resulting in pre-tax income of approximately &#36;468,000 along with a secured contingent payment note that could provide additional investment income. The facility
resumed commercial operations during the second quarter of fiscal 2005; as such, we received &#36;3</FONT><FONT size=2 face="serif">.</FONT><FONT size=2 face="serif">5 million as a one-time payment per the terms of the purchase agreement. In
addition, we are eligible to receive &#36;1.50 per ton of &#147;qualified production&#148; produced by the facility. The plant was subsequently sold and during the third quarter of fiscal 2006, we modified our agreement with the owners and operators
of the synthetic fuel facility. Based on the terms of the modified agreement, we currently are not able to determine the likelihood and timing of collecting payments related to production occurring after September 30, 2006. Thus, we cannot currently
determine the timing of income recognition, if any, related to production occurring subsequent to September 30, 2006.  Our proceeds are subject to possible reduction to the extent future production decreases. At January 31, 2007, we estimate that
there is approximately 1.8 million tons of production for which we did not recognize income.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Tax credits generated from the Somerset partnership were applied to reduce tax expense in the amounts of approximately &#36;0.2 million, &#36;6.4 million and &#36;8.0 million in fiscal 2006, 2005 and 2004, respectively.
</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Although the Section 29/45K tax credit program is expected to continue through calendar year 2007, recent market conditions and events have increased the volatility and level of oil prices that could limit the amount of
those credits or eliminate them entirely for calendar year 2007. This possibility is due to a provision of Section 29/45K that provides that if the average wellhead price per barrel for unregulated domestic crude oil for the year (the "Annual
Average Price") exceeds a certain threshold value (the "Threshold Price"), the Section 29/45K tax credits are subject to phase out. For calendar year 2006, the Threshold Price was &#36;56.71 </FONT></P>
<P align="center">
<FONT size=2 face="serif">29</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">per barrel and the Phase Out Price was &#36;71.19 per barrel. This resulted in a partial tax credit phase out for calendar year 2006 which we estimate to be 40%. The Threshold Price and the Phase Out Price are adjusted annually as a result of inflation. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We cannot determine the Annual Average Price for 2007. Therefore, we cannot determine, with absolute certainty, whether the price of oil will have a material effect on our synthetic fuel business after 2006. However, if
during 2007, oil prices remain at historically high levels or increase, our synthetic fuel income may be adversely affected. Based upon the price of oil to date, we estimate the tax credits and related income for calendar 2007 would not be subject
to a phase out as of January 31, 2007. Because synthetic fuel is not economical to produce absent the associated tax credits and the fact that we have no control or decision involvement with production levels, we cannot determine the impact of
possible production reduction or elimination on our financial results. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">See Item 1A Risk Factors for further discussion of the risks involved with our synthetic fuel investments. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Results of Operations </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The following table sets forth, for the periods indicated, the relative percentages that certain income and expense items bear to net sales and revenue: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=52% align=left nowrap>&nbsp;

  </TD>
  <TD width=4%><div style="border-bottom:1px solid #000000">&nbsp;</div>
  </TD>
  <TD align=right nowrap colspan=7 style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="sans-serif">Years Ended January 31,</FONT></B>
    </center></TD>
  <TD width=3% align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=7% align=right nowrap>
<B><FONT size=2 face="sans-serif">2007</FONT></B>
  </TD>
  <TD width=3% align=left nowrap>&nbsp;

  </TD>
  <TD width=7%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=7% align=right nowrap>
<B><FONT size=2 face="sans-serif">2006</FONT></B>
  </TD>
  <TD width=3% align=left nowrap>&nbsp;

  </TD>
  <TD width=7%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=7% align=right nowrap>
<B><FONT size=2 face="sans-serif">2005</FONT></B>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Net sales and revenue</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">100.0</FONT>
  </TD>
  <TD align=left nowrap>
<FONT face="serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">100.0</FONT>
  </TD>
  <TD align=left nowrap>
<FONT face="serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">100.0</FONT>
  </TD>
  <TD align=left nowrap>
<FONT face="serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Cost of sales</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">73.1</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">72.4</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">71.8</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Gross profit</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">26.9</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">27.6</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">28.2</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Selling, general and administrative expenses</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">26.2</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">25.6</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">26.3</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Interest income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">0.6</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">0.1</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="right"><FONT face="serif">-</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Interest expense</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">(0.5</FONT>
  </TD>
  <TD align=left nowrap>
<FONT face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">(0.6</FONT>
  </TD>
  <TD align=left nowrap>
<FONT face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">(0.9</FONT>
  </TD>
  <TD align=left nowrap>
<FONT face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Loss on early termination of debt</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 <div align="right"><FONT face="serif">-</FONT>
  </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap><div align="right"><FONT face="serif">-</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">(0.2</FONT>
  </TD>
  <TD align=left nowrap>
<FONT face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Gain on sale of real estate</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">0.6</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">0.1</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">0.1</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Equity in unconsolidated affiliates</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">0.1</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap><div align="right"><FONT face="serif">-</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="right"><FONT face="serif">-</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Income from synthetic fuel investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">3.1</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">8.1</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">5.2</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Income from continuing operations before income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">taxes and discontinued operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">4.6</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">9.7</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">6.1</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Provision (benefit) for income taxes</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">1.5</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">2.0</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">(1.8</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT face="serif">)</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Income from continuing operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">3.1</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">7.7</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">7.9</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Loss from discontinued operations, net of tax</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">(0.1</FONT>
  </TD>
  <TD align=left nowrap>
<FONT face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">(0.2</FONT>
  </TD>
  <TD align=left nowrap>
<FONT face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">(0.3</FONT>
  </TD>
  <TD align=left nowrap>
<FONT face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Gain on disposal of discontinued operations, net of tax</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">0.3</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><FONT face="serif">-</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">0.1</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Net income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">3.3</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT face="serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">7.5</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT face="serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">7.7</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT face="serif">%</FONT>
  </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">30</FONT></P>

<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>

<P align="justify">
<B><FONT size=2 face="serif">Business Segment Results </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">As discussed in Note 17 of the Notes to the Consolidated Financial Statements our chief operating decision maker (as defined by SFAS No. 131, &#147;Disclosures about Segments of an Enterprise and Related Information&#148;)
evaluates the operating performance of our business segments using a measure we call segment profit. Segment profit excludes income taxes, interest expense, discontinued operations, indirect interest income and certain other items that are included
in net income determined in accordance with accounting principles generally accepted in the United States of America. Management believes these are useful financial measures; however, they should not be construed as being more important than other
comparable GAAP measures. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Items excluded from segment profit generally result from decisions made by corporate executives. Financing, divestiture and tax structure decisions are generally made by corporate executives.  Excluding these items from our
business segment performance measure enables us to evaluate business segment operating performance based upon current economic conditions.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The following table sets forth, for the periods indicated, sales and profits by segments for the periods indicated (amounts in thousands): </FONT></P>
<TABLE width="85%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap colspan=9>
    <center>
      <B><U><FONT size=2 face="sans-serif">Years Ended January 31,</FONT></U></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
    <center>
      <B><U><FONT size=2 face="sans-serif">2007</FONT></U></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
    <center>
      <B><U><FONT size=2 face="sans-serif">2006</FONT></U></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
    <center>
      <B><U><FONT size=2 face="sans-serif">2005</FONT></U></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Net sales and revenues:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Retail</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">347,334</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="sans-serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">374,451</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="sans-serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">358,098</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Alternative energy</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"> <div align="right"><FONT size=2 face="sans-serif">-</FONT>
  </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><FONT size=2 face="sans-serif">-</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><FONT size=2 face="sans-serif">-</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Total net sales and revenues</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">347,334</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=2 face="sans-serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">374,451</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=2 face="sans-serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">358,098</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=13>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Segment profit:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Retail segment profit</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,818</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div align="left"><FONT size=2 face="sans-serif">&#36;</FONT>
</div></TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">11,965</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div align="left"><FONT size=2 face="sans-serif">&#36;</FONT>
</div></TD>
  <TD align=right nowrap><font size="2" face="sans-serif">9,892</font></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Alternative energy segment profit</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">168</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=center nowrap>
    <div align="right"><FONT size=2 face="sans-serif">-</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=center nowrap>
    <div align="right"><FONT size=2 face="sans-serif">-</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Corporate expenses</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">(2,138</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">(3,896</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">(3,229</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Interest expense</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">(1,893</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">(2,650</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">(3,740</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Interest income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,521</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">308</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">178</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Income from synthetic fuel investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,764</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">30,515</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">18,615</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Income from continuing operations before income taxes</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">16,240</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><div align="left"><FONT size=2 face="sans-serif">&#36;</FONT>
</div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">36,242</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><div align="left"><FONT size=2 face="sans-serif">&#36;</FONT>
</div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><font size="2" face="sans-serif">21,716</font></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT face="serif">Comparison of Fiscal Years Ended January 31, 2007 and 2006 </FONT></B></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Net Sales and Revenue</FONT></I></B><FONT size=2 face="serif"> &#150; All of our net sales and revenue was generated by our retail segment, as the only ethanol entity we consolidate did not have an operating plant in
fiscal 2006. Net sales and revenue in fiscal 2006 were &#36;347.3 million, a 7.2% decrease from &#36;374.5 million in fiscal 2005. This decrease was due to a decrease in comparable store sales of</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">5.0% for fiscal 2006.  In addition, the decrease was caused by a reduction of 25 stores (14 of which were classified as discontinued operations) since the end of the fiscal 2005. The reduction in stores accounted for approximately
&#36;5.7 million of the decrease. We consider a store to be comparable after it has been open six full fiscal quarters. Comparable store sales comparisons do not include sales of extended service contracts. We closed 25 stores (14 of which were
classified as discontinued operations) during fiscal 2006 and 16 stores during fiscal 2005. We did not open any new stores in fiscal years 2006 and 2005. We had 193 stores open at January 31, 2007 compared to 218 stores at January 31,
2006</FONT><FONT size=2 face="serif">. </FONT></P>
<P align="center">
<FONT size=2 face="serif">31</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">The appliance category was our strongest product category for fiscal 2006, positively impacting comparable store sales by 3.5%. The appliance category performance was primarily due to improved sales across most of the
appliance category products as we continue to emphasize a broader selection of appliance products. The television category negatively impacted comparable store sales by 4.0%. This resulted from gains in LCD and plasma television sales being offset
by declines in high definition projection, light engine and traditional tube televisions. The audio and video categories negatively impacted comparable store sales by 2.2% and 1.8%, respectively. Both the audio and video categories have been
impacted by lower price points of their respective products and these products becoming more of a commodity item with very high levels of competition.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The following table reflects the approximate percent of net sales and revenue for each product group for the periods presented: </FONT></P>
<TABLE width="80%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=28% align=left nowrap>&nbsp;

  </TD>
  <TD width=4%>&nbsp;
  </TD>
  <TD width=10% align=left nowrap>&nbsp;

  </TD>
  <TD colspan="9"><div style="border-bottom:1px solid #000000">
    <center>
      <B><FONT size=2 face="serif">Fiscal Year</FONT></B>
    </center></div></TD>
  </TR>
<TR>
  <TD colspan=12>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left nowrap>
    <center>
      <B><U><FONT size=2 face="serif">Product Category</FONT></U></B>
    </center></TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD width=3% align=right nowrap>
<B><U><FONT size=2 face="serif">2006</FONT></U></B>
  </TD>
  <TD width=6% align=left nowrap>&nbsp;

  </TD>
  <TD width=10%>&nbsp;
  </TD>
  <TD width=4% align=right nowrap>
<B><U><FONT size=2 face="serif">2005</FONT></U></B>
  </TD>
  <TD width=6% align=left nowrap>&nbsp;

  </TD>
  <TD width=12%>&nbsp;
  </TD>
  <TD width=4% align=right nowrap>
<B><U><FONT size=2 face="serif">2004</FONT></U></B>
  </TD>
  <TD width=6% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Televisions</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">55</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">56</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">55</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Appliances</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">26</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">22</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">19</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Audio</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">11</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Video</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4</FONT>
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6</FONT>
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7</FONT>
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Other</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7</FONT>
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8</FONT>
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">100</font> </div></TD>
  <TD align=left valign="middle" nowrap>
<FONT size=2 face="serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">100</font> </div></TD>
  <TD align=left valign="middle" nowrap> <FONT size=2 face="serif">%</FONT> </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">100</font> </div></TD>
  <TD align=left valign="middle" nowrap> <FONT size=2 face="serif">%</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">Lease income was approximately &#36;1.8 million, a 100% increase from &#36;0.9 million in fiscal 2005.  The increase resulted primarily from more properties being leased during fiscal 2006. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Gross Profit</FONT></I></B><FONT size=2 face="serif"> &#150; Gross profit was &#36;93.3 million in fiscal 2006, or 26.9% of net sales and revenue, versus &#36;103.5 million for fiscal 2005 or 27.6% of net sales and
revenue.  Gross profit for fiscal 2006 was negatively impacted by approximately &#36;4.0 million as a result of having 11 fewer stores classified in continuing operations compared to fiscal 2005. Gross profit margin for fiscal 2006 was negatively
impacted by a change in product mix, a competitive market environment and a focused effort to sell slow moving or aged inventory at a discount.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Selling, General and Administrative Expenses</FONT></I></B><FONT size=2 face="serif"> &#150; Selling,
general and administrative expenses for 2006 were &#36;91.0 million, or 26.2%
of net sales and revenue, a &#36;4.8
million decrease from &#36;95.8 million, or 25.6% of net sales and revenue, for
fiscal 2005. The decrease in expenditures was primarily due to an impairment
charge of &#36;1.2 million related to company owned real estate incurred in fiscal
2005,  lower advertising expenses of &#36;1.7 million as we had fewer markets
to serve after our store closings, an emphasis on cost control this year and
lower accruals for executive incentive pay of &#36;1.2 million associated with
lower profitability  levels in the current year. This was partially offset as
we recognized stock based compensation expense in fiscal 2006 of &#36;1.7 million. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Interest Income</FONT></I></B><FONT size=2 face="serif"> &#150; Interest income increased to &#36;2,374,000, or 0.6% of net sales and revenue, for fiscal 2006 from &#36;308,000, or 0.1% of net sales and revenue for
fiscal 2005 primarily as a result of more excess cash available for investment in fiscal 2006 and &#36;853,000 of interest income from our ethanol investments in Millennium and Levelland/Hockley. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Interest Expense</FONT></I></B><FONT size=2 face="serif"> &#150; Interest expense decreased to &#36;1.9 million, or 0.5% of net sales and revenue, for fiscal 2006 from &#36;2.5 million, or 0.6% of net sales and
revenue, for fiscal 2005. The decline in interest expense was </FONT></P>
<P align="center">
<FONT size=2 face="serif">32</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">primarily caused by a reduction in the average amount of mortgage debt outstanding and the capitalization of &#36;373,000 of interest related to our equity investments in ethanol entities. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Loss on Early Termination of Debt</FONT></I></B><FONT size=2 face="serif"> &#150; During fiscal 2005, we completed the early payoff of mortgages for 14 retail locations totaling approximately &#36;6.9 million. We
incurred a charge of approximately &#36;22,000 related to this termination of debt.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Gain on Sale of Real Estate</FONT></I></B><FONT size=2 face="serif"> &#150; During fiscal 2006, we completed a sale and leaseback for one property and sold one additional property for a total gain of &#36;2,197,000.
In fiscal 2005, we sold one parcel of land attached to an owned property for a gain of &#36;253,000.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Equity in Income of Unconsolidated Ethanol Affiliates</FONT></I></B><FONT size=2 face="serif"> &#150; During fiscal 2006, we recognized income of &#36;499,000 from our equity investment in an ethanol producing
facility, Big River Resources, LLC. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Income from Synthetic Fuel Investments</FONT></I></B><FONT size=2 face="serif"> &#150; Results for fiscal years 2006 and 2005 reflect the impact of our equity investment in two limited partnerships, Colona Synfuel
Limited Partnership L.L.L.P. (Colona) and Somerset Synfuel, L.P. (Somerset), which produce synthetic fuels. We expect to receive payments from the three separate sales of our interests in Colona through 2007, which will range from 74.25% to 82.5% of
the federal income tax credits attributable to the interest sold subject to certain annual limitations and production levels. We expect to receive payments of approximately &#36;5.9 million related to 2006 production which were deferred based upon
an agreement with the owner and operator of the facility. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Effective October 1, 2005, we sold our entire ownership interest in the Somerset limited partnership that owned two synthetic fuel facilities. We received &#36;1.2 million, net of commissions, at closing along with a
secured contingent payment note that could provide additional investment income.  We expect to receive quarterly payments through 2007 equal to 80% of the Section 29/45K tax credits attributable to the ownership interest sold, subject to production
levels. With this sale, we have divested all of our ownership interests in facilities that produce synthetic fuel which qualifies for Section 29/45K tax credits. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Income from synthetic fuel investments for fiscal years 2006 and 2005 also includes income related to our sale of our membership interest in the limited liability company that owned a synthetic fuel facility in Gillette,
Wyoming. We received &#36;2.8 million at the time of sale on March 30, 2004 along with a secured contingent payment note that could provide additional investment income to us.  The facility resumed commercial operations during the second quarter of
fiscal 2005; as such, we received &#36;3.5 million as a one-time payment per the terms of the purchase agreement. In addition, we are eligible to receive &#36;1.50 per ton of &#147;qualified production&#148; produced by the facility and sold through
2007. The plant was subsequently sold and during the third quarter of fiscal 2006, we modified our agreement with the owners and operators of the synthetic fuel facility. Based on the terms of the modified agreement, we currently are not able to
determine the likelihood and timing of collecting payments related to production occurring after September 30, 2006. Thus, we cannot currently determine the timing of income recognition, if any, related to production occurring subsequent to
September 30, 2006.  At January 31, 2007, we estimate that there is approximately 1.8 million tons of production for which we did not recognize income. Because the purchase price of all our synthetic fuel sales is based on the value of Section
29/45K tax credits generated, it is subject to production levels and to possible reduction or elimination to the extent the credit is limited. </FONT></P>
<P align="center">
<FONT size=2 face="serif">33</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">Below is a table (amounts in thousands) summarizing the income from the sales, net of certain expenses, of our interests in synthetic fuel entities. </FONT></P>
<TABLE width="55%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD colspan="5" align=right nowrap>
    <center>
   <B><U><FONT size=2 face="serif">Years Ended January 31,</FONT></U></B>
  </center></TD>
  </TR>
<TR>
  <TD colspan=7>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <center>
      <B><U><FONT size=2 face="serif">2007</FONT></U></B>
    </center></TD>
  <TD width=15%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <center>
      <B><U><FONT size=2 face="serif">2006</FONT></U></B>
    </center></TD>
  </TR>
<TR>
  <TD colspan=7>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">February 1, 1999 Colona sale</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=3% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD width=15% align=left nowrap>
    <div align="right"><FONT size=2 face="serif">1,928</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width=2% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD width=13% align=left nowrap>
    <div align="right"><FONT size=2 face="serif">8,516</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">July 31, 2000 Colona sale</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left"></div></TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">1,805</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left"></div></TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">7,552</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">May 31, 2001 Colona sale</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left"></div></TD>
  <TD align=left nowrap><div align="right"><FONT size=2 face="serif">1,604</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left"></div></TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">6,713</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">March 30, 2004 Gillette sale</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left"></div></TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">1,058</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left"></div></TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">6,125</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">October 1, 2005 Somerset sale</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left">
      <div style="border-bottom:1px solid #000000">&nbsp;</div>
    </div></TD>
  <TD align=left nowrap>
    <div align="right">
      <div style="border-bottom:1px solid #000000"><font size=2 face="serif">4,369</font> </div>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left">
      <div style="border-bottom:1px solid #000000">&nbsp;</div>
    </div></TD>
  <TD align=left nowrap>
    <div align="right">
      <div style="border-bottom:1px solid #000000"><font size=2 face="serif">1,609</font> </div>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Total</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left">
      <div style="border-bottom:3px double #000000"><font size=2 face="serif">&#36;</font> </div>
    </div></TD>
  <TD align=left nowrap>
    <div align="right">
      <div style="border-bottom:3px double #000000"><font size=2 face="serif">10,764</font> </div>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left">
      <div style="border-bottom:3px double #000000"><font size=2 face="serif">&#36;</font> </div>
    </div></TD>
  <TD align=left nowrap>
    <div align="right">
      <div style="border-bottom:3px double #000000"><font size=2 face="serif">30,515</font> </div>
    </div></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><I><FONT size=2 face="serif">Income Taxes</FONT></I></B><FONT size=2 face="serif"> &#150; Our effective tax rate was 33.1% and 20.5% for fiscal years 2006 and 2005, respectively, after reflecting our share of federal tax credits earned by the
Somerset limited partnership. Our effective tax rate increased for fiscal 2006, as we no longer receive federal tax credits for synthetic fuel produced subsequent to September 30, 2005. We received &#36;6.4 million in tax credits generated by
Somerset for fiscal 2005 and recognized &#36;0.2 million in fiscal 2006 based upon final published IRS rates for 2005.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Income from Continuing Operations</FONT></I></B><FONT size=2 face="serif"> &#150; As a result of the foregoing, income from continuing operations was &#36;10.9 million for fiscal 2006 versus &#36;28.8 million for
fiscal 2005. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Discontinued Operations &#150; </FONT></I></B><FONT size=2 face="serif">During fiscal 2006, we closed 14 stores that were classified as discontinued operations.  In addition, we closed three stores subsequent to
January 31, 2007 that are also classified as discontinued operations.  As a result of these underperforming stores, we had a loss from discontinued operations, net of tax benefit, of &#36;620,000 in fiscal 2006 compared to &#36;754,000 in fiscal
2005. We sold six store locations classified as discontinued operations in fiscal 2006 compared to selling two properties in fiscal 2005.  As a result, we had a gain from disposal of discontinued operations, net of a tax provision, of &#36;1,106,000
in fiscal 2006 compared to &#36;209,000 in fiscal 2005. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Net Income</FONT></I></B><FONT size=2 face="serif"> &#150; As a result of the foregoing, net income was &#36;11.4 million for fiscal 2006 versus &#36;28.3 million for fiscal 2005. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In addition to the information discussed above, the following sections discuss the results of operations for each of our business segments and corporate and other. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Retail </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The retail segments includes all of our store and distribution center operations, our real estate sales and leasing activities and certain administrative expenses. It excludes results from discontinued operations.
</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The net sales and revenue are discussed under </FONT><B><I><FONT size=2 face="serif">Net Sales and Revenue</FONT></I></B><FONT size=2 face="serif">&#151;Comparison of Fiscal Years Ended January 31, 2007 and 2006. </FONT></P>
<P align="justify">
     <FONT size=2 face="serif">Segment profit declined &#36;4.2 million (35.0%)
to &#36;7.8 million in fiscal 2006 from &#36;12.0 million in fiscal 2005. The
decline in segment profit was primarily related to lower gross profit of
&#36;10.3 million. Selling, general and administrative expenses of &#36;87.7
million in fiscal 2006 were &#36;4.2 million (4.6%) lower than the &#36;91.9
million in fiscal 2005. Lower advertising expenditures were the primary reason
for the decline in selling,
</FONT></P>
<P align="center">
<FONT size=2 face="serif">34</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">general and administrative expenses. During fiscal 2006, we completed a sale and leaseback for one property and sold one additional property for a total gain of &#36;2.2 million. Approximately &#36;0.7 million</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">of the gain from the sale and leaseback transaction was deferred. In fiscal 2005, we sold one parcel of land attached to an owned property for a gain of &#36;0.2 million. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Alternative Energy </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The alternative energy segment includes the consolidated financial statements of Levelland/Hockley County Ethanol, LLC, our other investments in ethanol facilities, the interest income related to those investments and
certain administrative expenses. No sales or revenue is attributable to this segment as Levelland/Hockley is a development stage enterprise and income related to equity method investments is not reported as sales or revenue. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Interest income attributable to alternative energy increased to &#36;0.8 million in fiscal 2006; while equity in unconsolidated affiliates increased &#36;0.5 million in fiscal 2006.  Expenses were &#36;1.2 in fiscal 2006,
which represented &#36;1.0 million of allocated general and administrative expenses and &#36;0.2 million of expenses from Levelland/Hockley County Ethanol, LLC. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Corporate and Other </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Corporate and other includes certain administrative expenses of the corporate headquarters, interest expense, interest income not directly allocated to the retail or alternative energy segments and income from synthetic
fuel investments.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Income from synthetic fuel investments declined &#36;19.8 million as production was halted at the Gillette and Colona facilities for a majority of fiscal 2006. Selling, general and administrative expenses were &#36;2.1
million in fiscal 2006, compared to &#36;3.9 million in fiscal 2005, primarily a result of lower executive incentive payroll expense.  Unallocated interest income was &#36;1.5 million in fiscal 2006, compared to &#36;0.3 million in fiscal 2005.
</FONT></P>
<P align="justify">
<B><FONT face="serif">Comparison of Fiscal Years Ended January 31, 2006 and 2005 </FONT></B></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Net Sales and Revenue</FONT></I></B><FONT size=2 face="serif">&#151;Net sales and revenue in fiscal 2005 were &#36;374.5 million, a 4.6% increase from &#36;358.1 million in fiscal 2004. This increase was primarily due
to an increase in comparable store sales of 5.0% for fiscal 2005, which was partially offset by a reduction in store count. We believe that our fiscal 2005 comparable store sales were positively affected by hurricanes, our increased efforts on
expanding appliance product selection and consumer demand for flat screen and light engine televisions.  We closed 16 stores during fiscal 2005 and 14 stores during fiscal 2004. We did not open any new stores in fiscal years 2005 and 2004. We had
218 stores open at January 31, 2006 compared to 234 stores at January 31, 2005. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The television and appliance categories were our strongest product categories for fiscal 2005. Both categories positively impacted comparable store sales by 4.0%. The television category performance was primarily due to
increased sales of LCD, DLP, plasma and other high definition ready televisions. The appliance category performance was primarily due to air conditioner sales and generally improved sales across most of the appliance category products. The audio and
video categories negatively impacted comparable store sales by 2.2% and 0.8%, respectively. Both the audio and video categories have been impacted by lower price points of their respective products and these products becoming more of a commodity
item with very high levels of competition.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Lease income was approximately &#36;942,000, a 16.4% increase from &#36;809,000 in fiscal 2004. The increase results primarily from more properties being leased during fiscal 2005. </FONT></P>
<P align="center">
<FONT size=2 face="serif">35</FONT></P>

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<P align="justify">
<B><I><FONT size=2 face="serif">Gross Profit</FONT></I></B><FONT size=2 face="serif">&#151;Gross profit was &#36;103.5 million in fiscal 2005, or 27.6% of net sales and revenue, versus &#36;100.8 million for fiscal 2004 or 28.2% of net sales and
revenue. The primary factors impacting the gross profit margin have been an increase in promotional activity and recognizing a reduced amount of extended service contracts sales, which generally have higher gross profit margin associated with them.
Demand for extended service contracts has declined, which is partially due to lower prices on many products we sell. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Selling, General and Administrative Expenses</FONT></I></B><FONT size=2 face="serif">&#151;Selling, general and administrative expenses for fiscal 2005 were &#36;95.8 million, or 25.6% of net sales and revenue, a 1.5%
increase from &#36;94.4 million, or 26.3% of net sales and revenue, for fiscal 2004. The increase in expenditures was primarily due to an impairment charge of &#36;1.2 million related to company owned real estate, higher payroll costs of &#36;1.8
million, reflecting higher commission cost to the sales staff due to higher sales and higher accruals for executive incentive pay associated with higher corporate profitability. These increases were partially offset by lower advertising costs of
&#36;1.5 million as we had fewer markets to serve after our store closings and we emphasized cost control this year. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Interest Income</FONT></I></B><FONT size=2 face="serif">&#151;Interest income increased to &#36;308,000 in fiscal 2005 from &#36;178,000 in fiscal 2004 primarily as a result of more excess cash available for
investment in the latter half of fiscal 2005. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Interest Expense</FONT></I></B><FONT size=2 face="serif">&#151;Interest expense decreased to &#36;2.5 million, or 0.6% of net sales and revenue, for fiscal 2005 from &#36;3.1 million, or 0.9% of net sales and revenue,
for fiscal 2004. The decline in interest expense was primarily caused by a reduction in the amount of mortgage debt outstanding.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Loss on Early Termination of Debt</FONT></I></B><FONT size=2 face="serif"> &#150; During fiscal 2005, we completed the early payoff of mortgages for 14 retail locations totaling approximately &#36;6.9 million. We
incurred a charge of approximately &#36;22,000 related to this termination of debt.  During fiscal 2004, we completed the early payoff of mortgages for 43 retail locations totaling approximately &#36;21.6 million. We incurred a charge of
approximately &#36;679,000 related to this termination of debt.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Gain on Sale of Real Estate</FONT></I></B><FONT size=2 face="serif"> &#150; During fiscal 2005, we sold one parcel of land attached to an owned property for a gain of &#36;253,000. In fiscal 2004, we sold three
parcels of land attached to owned properties for a gain of &#36;246,000. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Income from Synthetic Fuel Investments</FONT></I></B><FONT size=2 face="serif">&#151;Results for fiscal years 2005 and 2004 reflect the impact of our equity investment in two limited partnerships, Colona Synfuel
Limited Partnership L.L.L.P. and Somerset Synfuel, L.P., which produce synthetic fuels. We expect to receive payments from the three separate sales of our interests in Colona, on a quarterly basis through 2007, which will range from 74.25% to 82.5%
of the federal income tax credits attributable to the interest sold, subject to production levels.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Effective October 1, 2005, we sold our entire ownership interest in the Somerset limited partnership that owned two synthetic fuel facilities. We received &#36;1.2 million, net of commissions, at closing along with a
secured contingent payment note that could provide additional investment income.  We expect to receive quarterly payments through 2007 equal to 80% of the Section 29/45K tax credits attributable to the ownership interest sold, subject to production
levels. With this sale, we have divested all of our ownership interests in facilities that produce synthetic fuel which qualifies for Section 29/45K tax credits. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Income from synthetic fuel investments for fiscal 2005 also includes income related to our sale of our membership interest in the limited liability company that owned a synthetic fuel facility in Gillette, Wyoming. We
received &#36;2.8 million at the time of sale on March 30, 2004 along with a secured contingent payment note that could provide additional investment income to us. The facility resumed commercial operations during the second quarter of fiscal 2005;
as such, we received &#36;3.5 million as a one-time payment per the terms of the purchase agreement.  In addition, we are eligible to receive &#36;1.50 per ton of &#147;qualified production&#148; produced by the facility and sold through
2007.</FONT></P>
<P align="center">
<FONT size=2 face="serif">36</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">Below is a table (amounts in thousands) summarizing the income from the sales, net of certain expenses, of our interests in synthetic fuel entities. </FONT></P>
<TABLE width="55%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="5" align=right nowrap>
    <center>
      <B><U><FONT size=2 face="serif">Years Ended January 31,</FONT></U></B>
    </center></TD>
  </TR>
<TR>
  <TD colspan=7>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">2006</FONT></B>
    </center></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <center>
        <B><FONT size=2 face="serif">2005</FONT></B>
      </center></TD>
  </TR>
<TR>
  <TD colspan=7>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">February 1, 1999 Colona sale</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=left nowrap><div align="right"><FONT size=2 face="serif">8,516</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,181</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">July 31, 2000 Colona sale</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left"></div></TD>
  <TD align=left nowrap> <div align="right"><FONT size=2 face="serif">7,552</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,831</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">May 31, 2001 Colona sale</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left"></div></TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">6,713</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,134</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">March 30, 2004 Gillette sale</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left"></div></TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=2 face="serif">6,125</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">469</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">October 1, 2005 Somerset sale</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left">
      <div style="border-bottom:1px solid #000000">&nbsp;</div>
    </div></TD>
  <TD align=left nowrap>
    <div align="right">
      <div style="border-bottom:1px solid #000000"><font size=2 face="serif">1,609</font> </div>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>

    <div align="left">
      <div style="border-bottom:1px solid #000000">&nbsp;</div>
    </div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">-</font> </div></TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=2 face="serif">Total</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left">
      <div style="border-bottom:3px double #000000"><font size=2 face="serif">&#36;</font> </div>
    </div></TD>
  <TD align=left nowrap>
    <div align="right">
      <div style="border-bottom:3px double #000000"><font size=2 face="serif">30,515</font> </div>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left">
      <div style="border-bottom:3px double #000000"><font size=2 face="serif">&#36;</font> </div>
    </div></TD>
  <TD align=center nowrap>
    <div align="right">
      <div style="border-bottom:3px double #000000"><font size=2 face="serif">18,615</font> </div>
    </div></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><I><FONT size=2 face="serif">Income Taxes</FONT></I></B><FONT size=2 face="serif"> &#150; Our effective tax rate was approximately 20.5% and (30.6%) for fiscal years 2005 and 2004, respectively, after reflecting our share of federal tax credits
earned by the Somerset limited partnership. Our effective tax rate increased for fiscal 2005, as we no longer receive federal tax credits for synthetic fuel produced subsequent to September 30, 2005. We received &#36;6.4 million in tax credits
generated by Somerset for fiscal 2005. Our effective tax rate was reduced for fiscal 2004 as a result of &#36;8.0 million in tax credits generated by Somerset and a &#36;6.6 million net reduction in our valuation allowance on the alternative minimum
tax carryforwards due to the favorable resolution of the IRS audits of the Somerset limited partnership and of REX.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Income from Continuing Operations</FONT></I></B><FONT size=2 face="serif"> &#150; As a result of the foregoing, income from continuing operations was &#36;28.8 million for fiscal 2005 versus &#36;28.4 million for
fiscal 2004. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Discontinued Operations &#150;</FONT></I></B><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">During fiscal 2005, we closed nine stores that were classified as discontinued operations.  In addition,
we closed one store subsequent to January 31, 2006 that was classified as discontinued operations.  As a result of these underperforming stores, we had a loss from discontinued operations, net of tax benefit, of &#36;754,000 in fiscal 2005 compared
to &#36;1,036,000 in fiscal 2004. We sold two of these store locations and as a result had a gain from disposal of discontinued operations, net of a tax provision, of &#36;209,000 in fiscal 2005 compared to &#36;230,000 in fiscal 2004.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Net Income</FONT></I></B><FONT size=2 face="serif"> &#150; As a result of the foregoing, net income was &#36;28.3 million for fiscal 2005 versus &#36;27.5 million for fiscal 2004. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In addition to the information discussed above, the following sections discuss the results of operations for each of our business segments and corporate and other. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Retail </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The net sales and revenue are discussed under </FONT><B><I><FONT size=2 face="serif">Net Sales and Revenue</FONT></I></B><FONT size=2 face="serif">&#151;Comparison of Fiscal Years Ended January 31, 2006 and 2005. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Segment profit increased &#36;2.0 million (20.2%) to &#36;11.9
million in fiscal 2005 from &#36;9.9 million in fiscal 2004. The increase in
segment profit was primarily related to higher gross profit of &#36;2.8 million.
 Selling, general and administrative expenses of &#36;91.9 million in fiscal
 2005 were &#36;0.7 million (0.8%) higher than the &#36;91.0 million in fiscal
 2004. Higher sales commissions were the primary reason for the increase in selling,
 general and  administrative expenses.</FONT></P>
<P align="center">
<FONT size=2 face="serif">37</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">Corporate and Other</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Income from synthetic fuel investments increased &#36;11.9 million as a result of higher production at all plants. Selling, general and administrative expenses were &#36;3.9 million in fiscal 2005, compared to &#36;3.2
million in fiscal 2004, primarily a result of higher executive incentive payroll expense.</FONT></P>
<P align="justify">
<B><FONT face="serif">Liquidity and Capital Resources </FONT></B><FONT face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our primary sources of financing have been income from operations and our investment in synthetic fuel limited partnerships, supplemented by mortgages on owned properties. We also use borrowings under our revolving line of
credit to fund our seasonal working capital needs. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Outlook</FONT></I></B><FONT size=2 face="serif"> &#150; We consider our inventory balance of &#36;70.1 million at January 31, 2007 to be a lower than normal balance for that time of the year excluding the impact of
possible store closings.  Based upon industry conditions, we managed our inventory at lower than normal in late fiscal 2006. In addition, we are carrying a lower level of air conditioners.  Our inventory levels are subject to seasonal fluctuations,
with January 31 traditionally a time of lower inventory levels.  Our cash levels will tend to fluctuate inversely with our inventory levels.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our pending ethanol investments could require a significant amount, if not all, of our available cash. Consequently, we may be forced to borrow amounts under our revolving line of credit exceeding our historically normal
levels.  This would result in our incurring additional interest expense.  We cannot estimate the
potential impact of the phase-out of Section 29/45K tax credits, and the resulting reduction in our income, cannot be accurately determined. Should our income from synthetic fuel investments decline significantly, then we anticipate a resulting
increase in amounts borrowed under our revolving line of credit and a corresponding increase in interest expense. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">On February 8, 2007, we entered into a Purchase and Sale Agreement with Coventry Real Estate Investments, LLC. Pursuant to the Agreement, we have agreed to sell 94 of our current and former store locations for approximately
&#36;84.0 million, before selling expenses, and to leaseback a minimum of 40 of the properties for an initial lease term expiring January 31, 2010.  The leases will contain renewal options for up to 15 additional years. Either party may terminate a
lease after the initial six months of the initial lease term on 23 to 30 of the sites as selected by us. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We are in the process of analyzing the allocation of the purchase price to individual properties which have a carrying value of approximately &#36;66.5 million, thus, the resulting gain to be recognized cannot currently be
determined.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Cash of approximately &#36;17.1 million held by Levelland/Hockley will be used primarily to fund the construction of a 40 million gallon ethanol plant and to provide working capital until the plant commences operations. In
addition, Levelland/Hockley intends to borrow up to &#36;43.7 million to fund construction costs. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Operating Activities</FONT></I></B><FONT size=2 face="serif"> &#150; Net cash provided by operating activities was &#36;31.8 million for fiscal 2006 compared to &#36;19.0 million in fiscal 2005. For fiscal 2006,
operating cash flow was provided by net income of &#36;11.4 million adjusted for the impact of a &#36;10.8 million gain on sales of partnership interest, &#36;1.7 million of stock based compensation expense and non-cash items of &#36;5.8 million,
which consist of deferred income, the deferred income tax provision, impairment charges, gain on disposal of fixed assets, income from ethanol investments and depreciation and amortization.  Cash was provided by a decrease in inventory of &#36;27.3
million, primarily due to managing our inventory at lower than normal in late fiscal 2006. In addition, we are carrying a lower level of air conditioners.  Additionally, cash was provided by a decrease in accounts receivable of &#36;1.5 million and
an increase in accounts payable of &#36;2.3 million. The largest uses of cash were an increase in other assets of &#36;4.1 million and a decrease in other liabilities of &#36;3.2 million.</FONT></P>
<P align="center">
<FONT size=2 face="serif">38</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">For fiscal 2005, operating cash flow was provided by net income of &#36;28.3 million adjusted for the impact of a &#36;30.5 million gain on sales of partnership interest and non-cash items of &#36;6.5 million, which consist
of deferred income, the deferred income tax provision, impairment charges and depreciation and amortization. Cash was provided by a decrease in inventory of &#36;26.8 million, primarily due to a shortage in the supply of certain televisions and
lower levels of air conditioners.  Additionally, cash was provided by a decrease in accounts receivable of &#36;2.0 million. The largest use of cash was a decrease in accounts payable of &#36;12.5 million. Cash was also used by an increase in other
assets of &#36;0.7 million and a decrease in other liabilities of &#36;0.4 million.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Investing Activities</FONT></I></B><FONT size=2 face="serif"> &#150; Net cash was used by investing activities of &#36;22.2 million for fiscal 2006. We paid &#36;16.0 million and &#36;5.0 million for equity
investments in Patriot and Big River, respectively. We paid &#36;14.0 million for a debt investment in Millennium.  The acquisition and resulting consolidation of Levelland/Hockley provided cash of &#36;1.7 million as Levelland/Hockley&#146;s cash
balance of &#36;13.2 million exceeded the purchase price of &#36;11.5 million which resulted in us to acquiring a 47.1% ownership interest in Levelland/Hockley. Cash of &#36;3.7 million was provided by proceeds from the sale of our partnership
interest in synthetic fuel and &#36;9.3 million from the sale of real estate and buildings. Capital expenditures in fiscal 2006 totaled &#36;1.7 million.  Expenditures included approximately &#36;1.0 million for the construction of the
Levelland/Hockley ethanol plant and &#36;0.5 million of improvements to existing stores. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Net cash was provided by investing activities of &#36;29.8 million for fiscal 2005. Cash of &#36;30.5 million was provided by proceeds from the sale of our partnership interest in synthetic fuel and &#36;1.5 million from
the sale of real estate and buildings. Capital expenditures in fiscal 2005 totaled &#36;2.2 million. Expenditures included approximately &#36;0.7 million for the purchase of one store, approximately &#36;0.5 million towards a store being relocated
and approximately &#36;1.2 million for improvements at existing locations.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Financing Activities</FONT></I></B><FONT size=2 face="serif"> &#150; Cash provided by financing activities was &#36;12.1 million for fiscal 2006. During fiscal 2006, we borrowed &#36;13.8 million in long term mortgage
debt. Scheduled repayments of debt totaled &#36;3.7 million during fiscal 2006. Stock option exercises in fiscal 2006 generated cash of &#36;2.6 million. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Cash used in financing activities was &#36;32.2 million for fiscal 2005.  During fiscal 2005, we acquired 1,956,400 shares of our common stock in open market transactions for approximately &#36;28.3 million. During fiscal
2004, we acquired 717,435 shares of our common stock in open market transactions for approximately &#36;7.5 million. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">At January 31, 2007, we had a remaining authorization from our Board of Directors to purchase 496,645 shares of our common stock. All acquired shares will be held in treasury for possible future use. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">At January 31, 2007, we had approximately &#36;33.9 million of mortgage debt outstanding at a weighted average interest rate of 7.14%, with maturities from February 1, 2008 to December 28, 2021. During fiscal 2006,
we</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">paid off &#36;3.7 million of long-term mortgage debt from scheduled repayments. During fiscal 2005, we paid off &#36;9.5 million of long-term mortgage debt from scheduled
repayments and the early extinguishment of debt for 14 retail locations. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We received proceeds of approximately &#36;2.6 million and &#36;5.7 million for fiscal years 2006 and 2005, respectively, from the exercise of stock options by employees and directors. The exercise of non-qualified stock
options resulted in a tax benefit of approximately &#36;1.0 million and &#36;2.2 million for fiscal years 2006 and 2005, respectively, which was reflected as an increase in additional paid-in capital. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">On September 14, 2004, we entered into an Amended and Restated Loan Agreement (the &#147;Loan Agreement&#148;) with four banks. The Loan Agreement provides for a &#36;115,000,000 five-year revolving credit facility, with a
&#36;50,000,000 sub-limit for letters of credit, through September 14, 2009. Amounts available for borrowing are based upon the sum of specific percentages of eligible accounts receivable, eligible inventories, and certain real estate assets as
defined.  Amounts available for borrowing are reduced by any letter of credit </FONT></P>
<P align="center">
<FONT size=2 face="serif">39</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">commitments outstanding.  Borrowings on the revolving credit agreement accrue interest at prime minus .50% or LIBOR plus 1.75%. Borrowings are secured by certain fixed assets, accounts receivable, inventories and the
capital stock of our subsidiaries. Aggregate commitments under the loan agreement may be increased by up to an additional &#36;50,000,000. This loan agreement replaced our prior &#36;130,000,000 bank credit facility. The loan agreement requires the
maintenance of excess borrowing availability of 10% of the borrowing base, contains covenants limiting indebtedness, liens, mergers and permitted acquisitions, asset divestitures, dividends, loans, investments and transactions with affiliates, and
contains customary default provisions including, but not limited to, failure to pay interest or principal when due and failure to comply with covenants. We are in compliance with all covenants at January 31, 2007. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We had no borrowings outstanding on the line of credit at January 31, 2007 or January 31, 2006. A total of approximately &#36;52.2 million was available at January 31, 2007, net of letters of credit outstanding of &#36;0.9
million. Borrowing levels vary during the course of a year based upon our seasonal working capital needs. The maximum direct borrowings outstanding during fiscal 2006 were approximately &#36;3.2 million.  The weighted average interest rate was 7.4%
(261.3% including commitment fees) for fiscal 2006.</FONT></P>
<P align="justify">
<B><FONT face="serif">Tabular Disclosure of Contractual Obligations </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">In the ordinary course of business, we enter into agreements
under which we are obligated to make legally enforceable future cash payments.
These agreements include those related to purchasing inventory, mortgaging and
 leasing retail space. The following table summarizes by category expected future
cash outflows associated with contractual obligations in effect as of January
31, 2007 (amounts in thousands): </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="14" align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="sans-serif">Payment due by period</FONT></B>
    </center></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD colspan="2" align=left nowrap>      <center>
        <B><FONT size=2 face="sans-serif">Less</FONT></B>
      </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD colspan="2" align=left nowrap>      <center>
        <B><FONT size=2 face="sans-serif">than 1</FONT></B>
      </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">1-3</FONT></B>
    </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
   <B><FONT size=2 face="sans-serif">3-5</FONT></B>
  </center></TD>
  <TD>
    <center>
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">More than</FONT></B>
    </center></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Contractual Obligations </FONT></B><FONT size=2 face="sans-serif">(a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap>      <center>
        <B><FONT size=2 face="sans-serif">Total</FONT></B>
      </center></TD>
  <TD>
    <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
  <TD colspan="2" align=left nowrap>    <center>
      <B><FONT size=2 face="sans-serif">Year</FONT></B>
    </center></TD>
  <TD>
    <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Years</FONT></B>
    </center></TD>
  <TD>
    <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Years</FONT></B>
    </center></TD>
  <TD>
    <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">5 Years</FONT></B>
    </center></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Operating lease obligations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT face="serif">9,817</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT face="serif">4,212</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT face="serif">4,904</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT face="serif">701</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT face="serif">-</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Long-term debt obligations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">33,914</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">2,678</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">7,462</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">7,929</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">15,845</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Inventory purchase orders</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">16,948</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">16,948</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=center nowrap>
    <div align="right"><FONT face="serif">-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=center nowrap>
    <div align="right"><FONT face="serif">-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=center nowrap>
    <div align="right"><FONT face="serif">-</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Interest on variable rate debt</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">794</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">266</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">359</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">169</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Interest on fixed rate debt</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">13,053</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">2,159</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">3,760</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">2,845</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">4,289</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Other (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">56,550</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">56,550</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><FONT face="serif">-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><FONT face="serif">-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><FONT face="serif">-</FONT>
    </div></TD>
</TR>
<TR>
  <TD colspan=16>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Total</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">131,076</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">82,813</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">16,485</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">11,644</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">20,134</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="justify"><FONT size=2 face="serif">Contractual obligations exclude contingent commitments to invest in three ethanol entities. See Note 13 of the Notes to the Consolidated Financial Statements for further discussion of these
commitments</FONT><B><FONT face="serif">.</FONT></B></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT></TD>
  <TD>
<P align="justify"><FONT size=2 face="serif">Amounts represent construction and related commitments of Levelland/Hockley County Ethanol, LLC for construction of its ethanol producing plant.</FONT></P>  </TD>
</TR>
</TABLE>
<P align="justify">
<B><FONT face="serif">Seasonality and Quarterly Fluctuations </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Our retail business is seasonal. As is the case with many other retailers, our net sales and revenue and net income are generally greatest in our fourth fiscal quarter, which includes the Christmas selling season. The
fourth fiscal quarter accounted for 30.1% and 33.0% of net sales and revenue for fiscal 2006 and 2005, </FONT></P>
<P align="center">
<FONT size=2 face="serif">40</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">respectively. The fourth fiscal quarter accounted for 31.3% and 23.2% of net income in fiscal 2006 and 2005, respectively. Year to year comparisons of quarterly results of operations and comparable store sales can be
affected by a variety of factors, including the duration of the holiday selling season, weather conditions, the timing of new ethanol investments and fluctuations in synthetic fuel production. </FONT></P>
<P align="justify">
<B><FONT face="serif">Impact of Inflation </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The impact of inflation has not been material to our results of operations for the past three fiscal years. </FONT></P>
<P align="justify">
<B><FONT face="serif">Critical Accounting Policies </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We believe the application of the following accounting policies, which are important to our financial position and results of operations, require significant assumptions, judgments and estimates on the part of management.
We base our assumptions, judgments and estimates on historical experience, current trends and other factors that management believes to be relevant at the time our consolidated financial statements are prepared.  On a regular basis, management
reviews the accounting policies, assumptions, estimates and judgments to ensure that our financial statements are presented in accordance with generally accepted accounting principles (GAAP). However, because future events and their effects cannot
be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. Further, if different assumptions, judgments and estimates had been used, the results could have been different and
such differences could be material.  For a summary of all of our accounting policies, including the accounting policies discussed below, see Note 1 of the Notes to the Consolidated Financial Statements. Management believes that the following
accounting policies are the most critical to aid in fully understanding and evaluating our reported financial results, and they require management&#146;s most difficult, subjective or complex judgments, resulting from the need to make estimates
about the effect of matters that are inherently uncertain.</FONT><B><FONT face="serif"> </FONT></B></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Revenue Recognition</FONT></I></B><FONT size=2 face="serif"> &#150; We recognize sales of products upon receipt by the customer. We will honor returns from customers within seven days from the date of sale. We
establish liabilities for estimated returns at the point of sale. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We also sell extended service contracts covering periods beyond the normal manufacturers&#146; warranty periods, usually with terms of coverage (including manufacturers&#146; warranty periods) of between 12 to 60 months.
Contract revenues, net of sales commissions, are deferred and amortized on a straight-line basis over the life of the contracts after the expiration of applicable manufacturers&#146; warranty periods. We retain the obligation to perform warranty
service and such costs are charged to operations as incurred. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We recognize income from synthetic fuel partnership sales as the synthetic fuel is produced and sold except for operations at the Gillette facility as we do not believe that collection of our proceeds is reasonably assured.
We estimate the impact of oil prices and the likelihood of any phase out of Section 29/45K credits and the resulting reduction of synthetic fuel income quarterly. See Note 4 of the Notes to the Consolidated Financial Statements for a further
discussion of synthetic fuel partnership sales. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We include income from our real estate leasing activities in net sales and revenue.  We account for these leases as operating leases. Accordingly, minimum rental revenue is recognized on a straight-line basis over the term
of the lease.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Goodwill &#150;</FONT></I></B><FONT size=2 face="serif"> Goodwill represents the cost in excess of the fair value of net assets acquired. Under Statement of Financial Accounting Standards (SFAS) No. 142, Goodwill and
Other Intangible Assets (&#147;SFAS 142&#148;) we are required to identify reporting units for purposes of assessing impairment of goodwill.  We conduct impairment assessments annually or when events indicate a triggering event has occurred.
</FONT></P>
<P align="center">
<FONT size=2 face="serif">41</FONT></P>

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<B><I><FONT size=2 face="serif">Investments -</FONT></I></B><FONT size=2 face="serif"> From time to time, in advance of making an investment in debt or equity securities of investees, such as the investments we have in ethanol entities, we may enter
into a commitment for such investment which is contingent upon future events occurring, including but not limited to, the investee raising additional financing and/or equity. These commitments may be backed by letters of credit or other means as
mutually agreed to by us and the investee. Generally, because commitments are contingently exercisable and represent the potential acquisition of a minority position in the investee, we believe that we are not the primary beneficiary of the investee
under the guidance in FASB Interpretation Number 46R (&#147;FIN 46R&#148;). When, and if the commitment is exercised and we make our investment, we are required to re-evaluate whether we are the primary beneficiary under the guidance in FIN 46R.
</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or
influence over the operations of the investee and also includes the identification of any variable interests in which we are the primary beneficiary.  The evaluation of consolidation under FIN 46R is complex and requires judgments to be made.  We
have concluded that we are the primary beneficiary of Levelland/Hockley. See Note 5 of the Notes to the Consolidated Financial Statements for a further discussion of the acquisition of Levelland/Hockley.  Investments in businesses that we do not
control, or maintain a majority voting interest or maintain a primary beneficial interest, but we have the ability to exercise significant influence over operating and financial matters, are accounted for using the equity method. Investments in
which we do not have the ability to exercise significant influence over operating and financial matters are accounted for using the cost method.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Investments in debt securities are considered &#147;held to maturity&#148;, &#147;available for sale&#148;, or &#147;trading securities&#148; under Statement of Financial Accounting Standards (SFAS) No. 115, Accounting for
Certain Investments in Debt and Equity Securities (&#147;SFAS 115&#148;). Under SFAS 115, held to maturity securities are required to be carried at their cost; while available-for-sale securities are required to be carried at their fair value, with
unrealized gains and losses, net of income taxes, that are considered temporary in nature recorded in accumulated other comprehensive income (loss) in the accompanying consolidated balance sheets. The fair values of our investments in debt
securities are determined based upon market quotations and various valuation techniques, including discounted cash flow analysis.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We periodically evaluate our investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, general
economic and company-specific evaluations. If we determine that a decline in market value is other than temporary, then a charge to earnings is recorded in investment and other income (expense), net in the accompanying consolidated income statements
for all or a portion of the unrealized loss, and a new cost basis in the investment is established.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Vendor allowances </FONT></I></B><FONT size=2 face="serif">&#150; Vendors often fund, up front, certain advertising costs and exposure to general changes in pricing to customers due to technological change. Allowances
are deferred as received from vendors and recognized into income as an offset to the cost of merchandise sold when the related product is sold.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Inventory Reserves</FONT></I></B><FONT size=2 face="serif"> &#150; Inventory is recorded at the lower of cost or market, net of reserves established for estimated technological obsolescence.  The market value of
inventory is often dependent upon changes in technology resulting in significant changes in customer demand. If these estimates are inaccurate, we may be exposed to market conditions that require an additional reduction in the value of certain
inventories affected. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Income Taxes</FONT></I></B><FONT size=2 face="serif"> &#150; Income taxes are recorded based on the current year amounts payable or refundable, as well as the consequences of events that give rise to deferred tax
assets and liabilities based on differences in how those events are treated for tax purposes, net of valuation allowances. We base our estimate of deferred tax assets and liabilities on current tax laws and rates and other expectations about future
outcomes, including the outcome of tax credits under Section 29/45K of the Internal Revenue Code. Changes in existing regulatory </FONT></P>
<P align="center">
<FONT size=2 face="serif">42</FONT></P>

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<FONT size=2 face="serif">tax laws and rates may affect our ability to successfully manage regulatory matters, and future business results may affect the amount of deferred tax liabilities or the valuation of deferred tax assets over time.  Our
accounting for deferred tax consequences represents management's best estimate of future events that can be appropriately reflected in the accounting estimates. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Recoverability of Long-Lived Assets</FONT></I></B><FONT size=2 face="serif"> &#150; Given the nature of our business, each income producing property must be evaluated separately when events and circumstances indicate
that the value of that asset may not be recoverable. We recognize an impairment loss when the estimated future undiscounted cash flows expected to result from the use of the asset and its value upon disposal are less than its carrying amount.
Changes in the real estate market for particular locations could result in changes to our estimates of the property&#146;s value upon disposal. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Costs Associated with Exit Activities</FONT></I></B><FONT size=2 face="serif"> &#150; We occasionally vacate stores prior to the expiration of the related lease. For vacated locations that are under long-term leases, we
record an expense for the difference between our future lease payments and related costs (real estate taxes, maintenance, etc.) from the date of closure through the end of the remaining lease term, net of expected future sublease rental income. If
actual results related to sublease income, vacancy periods and the payment of settlements and repairs differ from our estimates, we may be exposed to gains and or losses that could be material. </FONT></P>
<P align="justify">
<B><FONT face="serif">New Accounting Pronouncements </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">In May 2005, the Financial Accounting Standards Board (&#147;FASB&#148;) issued SFAS No. 154, &#147;Accounting Changes and Error Corrections &#150; A Replacement of APB Opinion No. 20 and FASB Statement No. 3&#148;
(&#147;SFAS 154&#148;).  SFAS 154 requires retrospective application to prior periods&#146; financial statements for a change in accounting principle, unless it is impracticable to determine either the period-specific effects or the cumulative
effect of the change.  Additionally, retrospective application is not required when explicit transition requirements specific to newly adopted accounting principles exist.  Retrospective application requires the cumulative effect of the change on
periods prior to those presented to be reflected in the carrying amounts of assets and liabilities as of the beginning of the first period presented, and the offsetting adjustments to be recorded to beginning retained earnings. SFAS 154 retains the
guidance contained in APB Opinion No. 20 for reporting both the correction of an error in previously issued financial statements and a change in accounting estimate. We adopted the provisions of SFAS 154 as applicable, at the beginning of fiscal
year 2006, and its adoption had no effect on our financial condition or results of operations. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In December 2004, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Statement of Financial Accounting Standards (&#147;SFAS&#148;) No. 123 (revised 2004), Share-Based Payment (&#147;SFAS 123(R)&#148;),
which requires the recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements and measurement based on the grant-date fair value of the award. It also requires the cost to be
recognized over the period during which an employee is required to provide service in exchange for the award (presumptively the vesting period). SFAS 123(R) replaces SFAS No. 123, Accounting for Stock-Based Compensation, and supersedes Accounting
Principles Board Opinion No. 25, Accounting for Stock Issued to Employees (&#147;APB 25&#148;), and its related interpretations. The Company adopted SFAS 123(R) on February 1, 2006. We chose the Modified Prospective Application (&#147;MPA&#148;)
method for implementing SFAS 123(R).  Under the MPA method, new awards, if any, are valued and accounted for prospectively upon adoption.  Outstanding prior awards that are unvested as of February 1, 2006 will be recognized as compensation cost over
the remaining requisite service period.  Prior periods have not been restated. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In July 2006, the Financial Accounting Standards Board (&#147;FASB&#148;) issued FASB Interpretation No. 48 (&#147;FIN 48&#148;) &#147;Accounting for Uncertainty in Income Taxes&#148; which prescribes a recognition
threshold and measurement process for recording in the financial statements uncertain tax positions taken or expected to be taken in a tax return. Additionally, FIN 48 provides guidance on the derecognition, classification, accounting </FONT></P>
<P align="center">
<FONT size=2 face="serif">43</FONT></P>

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<FONT size=2 face="serif">in interim periods and disclosure requirements for uncertain tax positions. The provisions of FIN 48 will be effective for the Company beginning February 1, 2007. We estimate the effect of adopting FIN 48 will result in a
decrease to beginning retained earnings of less than &#36;1 million. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements, (&#147;SFAS 157&#148;). SFAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted
accounting principles, and expands disclosures about fair value measurements.  This statement does not require any new fair value measurements; rather, it applies to other accounting pronouncements that require or permit fair value measurements. The
provisions of this statement are to be applied prospectively as of the beginning of the fiscal year in which this statement initially applies, with any transition adjustment recognized as a cumulative-effect adjustment to the opening balance of
retained earnings. The provisions of SFAS 157 are effective for the fiscal years beginning after November 15, 2007. We anticipate adopting this standard as of February 1, 2008. We have not determined the effect, if any, the adoption of this
statement will have on our financial condition or results of operations. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In September 2006, the SEC issued Staff Accounting Bulletin No. 108 (&#147;SAB 108&#148;), &#147;Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements.&#148;
SAB 108 provides interpretative guidance on the process of quantifying financial statement misstatements and is effective for fiscal years ending after November 15, 2006. We applied the provisions of SAB 108 in the third quarter of fiscal 2006 and
there was no impact to the financial statements. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">There were no other new accounting standards issued during fiscal 2006 that had or are expected to have a material impact on our financial position, results of operations, or cash flows. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Item 7A.&nbsp; </FONT></B><B><U><FONT size=2 face="serif">Quantitative and Qualitative Disclosures About Market Risk</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">As of January 31, 2007, we had financial instruments which were sensitive to changes in interest rates. These financial instruments consist of a revolving credit agreement and various mortgage notes payable secured by
certain land, buildings and leasehold improvements. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The revolving credit agreement is with four banks through September 14, 2009, with interest at prime minus .50% or LIBOR plus 1.75% and commitment fees of 1/4% payable on the unused portion. Amounts available for borrowing
are based upon the sum of specific percentages of eligible accounts receivable and eligible inventories, as defined, and certain real estate assets. Amounts available for borrowing are reduced by any letter of credit commitments outstanding.
Borrowings are secured by certain fixed assets, accounts receivable, inventories and the capital stock of our subsidiaries. At January 31, 2007, a total of approximately &#36;52.2 million was available for borrowings under the revolving credit
agreement, net of one letter of credit outstanding of &#36;0.9 million.  We had no outstanding borrowings under the revolving credit agreement at January 31, 2007. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Approximately &#36;30.3 million of the mortgage debt
consists of fixed rate debt. The interest rates range from 3.7% to 8.5%. The
remaining &#36;3.6 million of mortgage debt is variable rate mortgage debt. In
general, the  rate on the variable rate debt ranges from the one month LIBOR
plus 1.75% to prime less 0.25%. If the variable interest rate increased 1%, we
estimate our annual interest cost would increase approximately &#36;36,000 for
the variable rate mortgage  debt. Principal and interest are payable monthly
over terms which generally range from 5 to 15 years. The fair value of our long-term
debt at January 31, 2007 was approximately &#36;34.1 million. The fair value
was estimated based on rates  available to us for debt with similar terms and
maturities. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We anticipate managing our risk with respect to the volatility of commodity prices inherent in the ethanol industry by using forward purchase and sale contracts and other similar instruments. Levelland Hockley has
agreements with Lansing Trade Group, LLC (&#147;Lansing&#148;) for grain procurement and distillers grains </FONT></P>
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<FONT size=2 face="serif">marketing and consulting services. Levelland will have the ability to determine grain purchase prices through cash grain forward sales contracts with Lansing. Distillers grains sales prices will be determined through cash
forward distillers sales contracts entered into with Lansing. There are no outstanding forward purchase or sales contracts at January 31, 2007. </FONT></P>
<P align="center">
<FONT size=2 face="serif">45</FONT></P>

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<B><FONT size=2 face="serif">Item8.&nbsp; </FONT></B><B><U><FONT size=2 face="serif">Financial Statements and Supplementary Data</FONT></U></B></P>
<div align="justify">
<B><FONT face="sans-serif">REX STORES CORPORATION <br>
AND SUBSIDIARIES<br>
</FONT></B><B><FONT size=1 face="sans-serif">CONSOLIDATED BALANCE SHEETS <br>
JANUARY 31, 2007 AND 2006<br>
(Amounts in thousands)</FONT></B></div>
<TABLE width="70%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="9" align=left nowrap><div style="border-top:1px solid #000000">&nbsp;</div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">ASSETS</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=1 face="sans-serif">2007</FONT></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=1 face="sans-serif">2006</FONT></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">CURRENT ASSETS:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Cash and cash equivalents</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">43,008</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">21,363</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Accounts receivable&#151;net of allowance for doubtful accounts of &#36;116 and &#36;159 in</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">2007 and 2006, respectively</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,975</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">3,457</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Synthetic fuel receivable</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">8,838</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,680</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Merchandise inventory&#151;Net</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">70,078</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">97,371</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Prepaid expenses and other</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,915</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,052</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Future income tax benefits</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">9,192</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">9,361</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Total current assets</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">136,006</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">135,284</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">PROPERTY AND EQUIPMENT&#151;Net</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">122,769</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">125,245</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">ASSETS HELD FOR SALE&#151;Net</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,009</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,497</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">OTHER ASSETS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">8,752</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">760</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">GOODWILL</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,322</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=1 face="serif">-</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">FUTURE INCOME TAX BENEFITS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">26,245</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">30,031</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">INVESTMENTS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">35,699</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=1 face="serif">-</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">RESTRICTED INVESTMENTS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,406</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,318</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">TOTAL ASSETS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">335,208</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">295,135</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">CURRENT LIABILITIES:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Current portion of long-term debt</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,678</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,389</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Accounts payable&#151;trade</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">23,254</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">20,396</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Accrued income taxes</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">593</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">541</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Current portion of deferred income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">11,473</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">10,883</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Accrued payroll and related items</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">4,528</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">7,183</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Other current liabilities</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,389</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,863</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Total current liabilities</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">47,915</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">47,255</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">LONG-TERM LIABILITIES:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Long-term mortgage debt</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">31,236</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">21,462</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Deferred income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">13,825</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">12,213</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Total long-term liabilities</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">45,061</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">33,675</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">COMMITMENTS AND CONTINGENCIES</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">11,443</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=1 face="serif">-</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">SHAREHOLDERS' EQUITY:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Common stock, 45,000 shares authorized, 29,513 and 29,390 shares issued at par</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">295</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">294</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Paid-in capital</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">139,337</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">135,775</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Retained earnings</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">252,249</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">240,898</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Treasury stock, 19,089 and 19,289 shares</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(161,092</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(162,762</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Total shareholders' equity</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">230,789</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">214,205</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">335,208</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">295,135</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">See notes to consolidated financial statements.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">46</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT face="sans-serif">REX STORES CORPORATION AND SUBSIDIARIES</FONT></B></P>
 <b><font size=2 face="sans-serif">CONSOLIDATED
      STATEMENTS OF INCOME<br>
  </font></b><b><font size=2 face="sans-serif">FOR THE YEARS ENDED JANUARY 31,
  2007, 2006 AND 2005
</font></b><b></b><b></b>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap><div style="border-bottom:1px solid #000000"><b><font size=2 face="sans-serif">(Amounts
    in Thousands, Except Per Share Amounts)</font></b></div></TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">
    <center>
      <b><font size=2 face="sans-serif">2007</font></b>
    </center>
  </div></TD>
  <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">
    <center>
      <b><font size=2 face="sans-serif">2006</font></b>
    </center>
  </div></TD>
  <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">
    <center>
      <b><font size=2 face="sans-serif">2005</font></b>
    </center>
  </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">NET SALES AND REVENUE</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=1 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">347,334</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">374,451</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">358,098</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">COST OF SALES (EXCLUDING DEPRECIATION)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">254,003</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">270,956</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">257,276</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">GROSS PROFIT</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">93,331</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">103,495</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">100,822</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">SELLING, GENERAL AND ADMINISTRATIVE EXPENSES</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(91,032</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(95,783</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(94,405</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">INTEREST INCOME</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,374</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">308</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">178</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">INTEREST EXPENSE</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(1,893</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(2,524</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(3,061</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">LOSS ON EARLY TERMINATION OF DEBT</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(22</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(679</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">GAIN ON SALE OF REAL ESTATE</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,197</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">253</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">246</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">EQUITY IN INCOME OF UNCONSOLIDATED ETHANOL AFFILIATES</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">499</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">INCOME FROM SYNTHETIC FUEL INVESTMENTS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,764</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">30,515</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">18,615</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">16,240</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">36,242</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">21,716</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">PROVISION (BENEFIT) FOR INCOME TAXES</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,375</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">7,428</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(6,639</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">INCOME FROM CONTINUING OPERATIONS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">10,865</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">28,814</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">28,355</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(620</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(754</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(1,036</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">GAIN ON DISPOSAL OF DISCONTINUED OPERATIONS, NET OF TAX</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,106</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">209</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">230</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">NET INCOME</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=1 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">11,351</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">28,269</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">27,549</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">WEIGHTED AVERAGE SHARES OUTSTANDING&#151;BASIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">10,291</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">10,688</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">11,081</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">BASIC INCOME PER SHARE FROM CONTINUING OPERATIONS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=1 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1.06</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2.69</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2.56</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">BASIC LOSS PER SHARE FROM DISCONTINUED OPERATIONS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(0.06</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(0.07</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(0.09</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">BASIC GAIN ON DISPOSAL OF DISCONTINUED OPERATIONS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0.10</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0.02</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0.02</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">BASIC NET INCOME PER SHARE</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=1 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">1.10</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">2.64</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">2.49</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">WEIGHTED AVERAGE SHARES OUTSTANDING&#151;DILUTED</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">11,576</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">12,220</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">12,714</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">DILUTED INCOME PER SHARE FROM CONTINUING OPERATIONS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=1 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">0.94</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2.36</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2.23</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">DILUTED LOSS PER SHARE FROM DISCONTINUED OPERATIONS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(0.05</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(0.06</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(0.08</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">DILUTED GAIN ON DISPOSAL OF DISCONTINUED OPERATIONS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0.09</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0.01</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0.02</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">DILUTED NET INCOME PER SHARE</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=1 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">0.98</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">2.31</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">2.17</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">See notes to consolidated financial statements.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

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

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

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

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

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

  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">47</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">REX
      STORES CORPORATION AND SUBSIDIARIES </font></b><b><font size=1 face="sans-serif"><br>
  CONSOLIDATED STATEMENTS OF CASH FLOWS <br>
  YEARS ENDED JANUARY 31, 2007, 2006 AND 2005<br>
  (Amounts in thousands)</font></b></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=1 face="sans-serif">2007</FONT></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=1 face="sans-serif">2006</FONT></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=1 face="sans-serif">2005</FONT></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=13>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">CASH FLOWS FROM OPERATING ACTIVITIES:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Net income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=1 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">11,351</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=1 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">28,269</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">27,549</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Depreciation and amortization</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">4,190</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">4,645</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">4,158</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Stock based compensation expense</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,660</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Impairment charges</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">346</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,345</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">875</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Income from equity method investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(499</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Minority interest in consolidated subsidiaries</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(6</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Income from synthetic fuel investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(10,764</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(30,515</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(18,615</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Gain on disposal of real estate and property and equipment</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(3,775</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(375</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(60</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Loss on early termination of debt</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">22</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">284</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Deferred income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,548</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">961</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(871</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Excess tax benefits from stock option exercises</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(27</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Deferred income tax</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">3,955</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(485</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(15,559</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Changes in assets and liabilities, net of acquisitions:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Accounts receivable</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,507</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,003</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(654</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Merchandise inventory</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">27,293</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">26,817</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(7,433</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Other current assets</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">151</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(844</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(33</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Other long term assets</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(4,199</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">81</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,636</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Accounts payable&#151;trade</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,281</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(12,446</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">97</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Other current liabilities</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(3,187</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(435</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(600</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Net cash provided by (used in) operating activities</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">31,825</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">19,043</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(8,226</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">CASH FLOWS FROM INVESTING ACTIVITIES:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Capital expenditures</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(1,668</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(2,171</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(6,919</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Proceeds from sale of synthetic fuel investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">3,716</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">30,510</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">20,038</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Purchase of investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(40,795</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Repayment of note receivable and sale of investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">5,595</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">7,000</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Acquisition, net of cash acquired</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,665</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Proceeds from sale of real estate and property and equipment</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">9,339</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,523</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,346</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Restricted investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(88</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(48</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(13</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Net cash (used in) provided by investing activities</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(22,236</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">29,814</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">21,452</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">CASH FLOWS FROM FINANCING ACTIVITIES:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Proceeds from long-term debt</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">13,812</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Payments of long-term debt</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(3,749</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(9,547</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(25,408</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Loan fees</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(593</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Stock options exercised</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,559</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">5,696</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">4,557</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Excess tax benefits from stock option exercises</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">27</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Treasury stock acquired</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">-</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(28,314</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(7,484</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Net cash provided by (used in) financing activities</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">12,056</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(32,165</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(28,335</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">21,645</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">16,692</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(15,109</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">CASH AND CASH EQUIVALENTS&#151;Beginning of year</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">21,363</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=1 face="serif">4,671</font> </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">19,780</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">CASH AND CASH EQUIVALENTS&#151;End of year</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=1 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">43,008</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=1 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">21,363</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">4,671</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">See notes to consolidated financial statements.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">48</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font face="sans-serif">REX
      STORES CORPORATION AND SUBSIDIARIES<br>
        <br>
  </font></b><b><font size=2 face="sans-serif">CONSOLIDATED STATEMENTS OF SHAREHOLDERS'
  EQUITY <br>
  FOR THE YEARS ENDED JANUARY 31, 2007, 2006 AND 2005 <br>
  (Amounts in thousands)</font></b></div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="11" align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="sans-serif">Common Shares</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap>
    <center>
        <B><FONT size=2 face="sans-serif">Total</FONT></B>
      </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap colspan=4 style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="sans-serif">Issued</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap colspan=6 style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="sans-serif">Treasury</FONT></B>
    </center>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Paid-In</FONT></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Retained</FONT></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan=2 align=left nowrap><center>
      <B><FONT size=2 face="sans-serif"> Shareholders'</FONT></B>
  </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Shares </FONT></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan=2 align=left nowrap><center>
    <B><FONT size=2 face="sans-serif">Amount </FONT></B>
  </center></TD>
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left nowrap><center>
    <B><FONT size=2 face="sans-serif">Shares</FONT></B>  </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Amount</FONT></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Capital</FONT></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Earnings</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Equity</FONT></B>
    </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan=2 align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">BALANCE&#151;February 1, 2005</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">28,308</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">283</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">17,214</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">(127,555</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">126,124</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;
</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">185,080</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">183,932</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Net income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">27,549</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">27,549</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Treasury stock acquired</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">902</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">(12,174</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">(12,174</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Stock options exercised</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and related tax effects</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">730</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">7</font> </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(251</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=2 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,890</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,350</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><FONT size=2 face="serif">-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,247</FONT>
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">BALANCE&#151;January 31, 2005</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">29,038</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">290</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">17,865</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">(137,839</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">133,474</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">212,629</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">208,554</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Net income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">28,269</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">28,269</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Treasury stock acquired</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,088</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">(30,186</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">(30,186</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Stock options exercised</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and related tax effects</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">352</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">4</font> </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(664</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=2 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,263</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,301</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><FONT size=2 face="serif">-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,568</FONT>
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">BALANCE&#151;January 31, 2006</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">29,390</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">294</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">19,289</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">(162,762</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">135,775</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">240,898</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">214,205</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Net income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">11,351</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">11,351</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Stock based compensation</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,660</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,660</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Stock options exercised</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

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

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

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and related tax effects</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">123</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">1</font> </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(200</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=2 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,670</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,902</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><FONT size=2 face="serif">-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,573</FONT>
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD align=right nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD align=right nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD align=right nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD align=left nowrap>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">BALANCE&#151;January 31, 2007</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">29,513</font> </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">295</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">19,089</font> </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(161,092</FONT>
  </TD>
  <TD align=left nowrap valign=middle>
<FONT size=2 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">139,337</font> </div></TD>
  <TD align=left nowrap>&nbsp;
</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">252,249</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">230,789</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="serif">See notes to consolidated financial statements</FONT></P>
<P align="center">
<FONT size=2 face="serif">49</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=4 face="serif">REX STORES CORPORATION AND SUBSIDIARIES </FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </FONT></B></P>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<P align="justify"><B><FONT size=2 face="serif">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </FONT></B></P>
<div style="margin-left:28px">
  <p align="justify"><b><i><font size=2 face="serif">Principles of Consolidation &#150; </font></i></b><font size=2 face="serif">The
      accompanying financial statements consolidate the operating results and
      financial position of REX Stores Corporation, its wholly-owned subsidiaries
      and entities in which REX maintains a primary beneficial interest (the &#147;Company&#148;).
      All significant intercompany balances and transactions have been eliminated.
      As of January 31, 2007, the Company operated 193 retail consumer electronics
      and appliance stores under the REX name in 35 states and maintains ownership
      interests in three ethanol entities. The Company operates in two reportable
      segments, retail and alternative energy. </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Reclassifications</font></i></b><font size=2 face="serif"> &#150; The
      Company reclassified &#36;1.3 million of outstanding checks from accounts
      payable to cash at January 31, 2006 to conform to current year presentation. </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Fiscal Year &#150; </font></i></b><font size=2 face="serif">All
      references in these consolidated financial statements to a particular fiscal
      year are to the Company&#146;s fiscal year ended January 31. For example, &#147;fiscal
      2006&#148; means the period February 1, 2006 to January 31, 2007. </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Use of Estimates &#150; </font></i></b><font size=2 face="serif">The
      preparation of consolidated financial statements in conformity with accounting
      principles generally accepted in the United States of America requires
      management to make estimates and assumptions that affect the reported amounts
      of assets and liabilities and disclosure of contingent assets and liabilities
      at the date of the consolidated financial statements and the reported amounts
      of revenues and expenses during the reporting period. Actual results could
      differ from those estimates. </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Cash Equivalents &#150; </font></i></b><font size=2 face="serif">Cash
      equivalents are principally short-term investments with original maturities
      of less than three months. The carrying amount of cash equivalents approximate
      fair value. </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Merchandise Inventory &#150; </font></i></b><font size=2 face="serif">Inventories
      are carried at the lower of cost or market on a first-in, first-out (&#147;FIFO&#148;)
      basis and includes certain costs associated with purchasing, warehousing
      and transporting merchandise. Reserves are established for estimated technological
      obsolescence. The market value of inventory is often dependent upon changes
      in technology resulting in significant changes in customer demand. In the
      fourth quarter of fiscal 2006, the Company changed its method of accounting
      for inventory of an acquired subsidiary, Kelly &amp; Cohen (K&amp;C) from
      the last-in, first-out (&#147;LIFO&#148;) method to the FIFO method (see
      note 2). Nine suppliers accounted for approximately 86% of the Company&#146;s
      purchases in fiscal 2006. Eleven suppliers accounted for approximately
      81% of the Company&#146;s purchases in fiscal 2005. Three suppliers represented
      approximately 45% and 40% of the Company&#146;s inventory purchases in
      fiscal 2006 and 2005, respectively. The Company has reserves for obsolete
      inventory of &#36;5,107,000 and &#36;5,211,000 at January 31, 2007 and
      2006, respectively. </font></p>
  <p align="justify"> <font size=2 face="serif">The Company has inventory that
      it does not have legal title but maintains constructive title to of &#36;2,825,000
      at January 31, 2007. This inventory is subject to a product financing agreement
      with one vendor. This agreement transfers the risk and rewards of ownership
      to the Company. Such inventory cannot be encumbered or otherwise pledged
      as collateral by the Company.</font><font size=2 face="serif"> </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Property and Equipment &#150; </font></i></b><font size=2 face="serif">Property
      and equipment is recorded at cost. Depreciation is computed using the straight-line
      method. Estimated useful lives are 15 to 40 years for buildings and improvements,
      and 3 to 12 years for fixtures and equipment. Leasehold improvements are
      depreciated over the initial lease </font></p>
</div>
<P align="center"><FONT size=2 face="serif">50</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">term and one renewal term when
      exercise of the renewal term is reasonably assured or the life of the improvement,
      whichever is shorter. </font></p>
  <p align="justify"> <font size=2 face="serif">The components of property and
      equipment at January 31, 2007 and 2006 are as follows (amounts in thousands): </font></p>
  <table width="55%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><font size=1 face="sans-serif">2007</font></b>
      </center></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><font size=1 face="sans-serif">2006</font></b>
      </center></td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=9>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Land</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="serif">36,304</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="serif">38,269</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Buildings and improvements</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">99,001</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">103,525</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Fixtures and equipment</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">16,397</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">17,431</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Leasehold improvements</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">7,067</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">8,296</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Construction in progress</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">6,834</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=center nowrap style="border-bottom:1px solid #000000;">
        <div align="right"><font size=2 face="serif">-</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=9>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">165,603</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">167,521</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Less: accumulated depreciation</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">(42,834</font> </td>
      <td align=left nowrap valign=middle> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">(42,276</font> </td>
      <td align=left nowrap valign=middle> <font size=2 face="serif">)</font> </td>
    </tr>
    <tr>
      <td colspan=9>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">122,769</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">125,245</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">In accordance with SFAS No. 144, &#147;Accounting
      for the Impairment or Disposal of Long-Lived Assets&#148;, the carrying
      value of long-lived assets is assessed for recoverability by management
      when changes in circumstances indicate that the carrying amount may not
      be recoverable, based on an analysis of undiscounted future expected cash
      flows from the use and ultimate disposition of the asset. The Company recorded
      an impairment charge included in selling, general and administrative expenses
      in the accompanying consolidated statements of income of &#36;168,000, &#36;1,200,000
      and &#36;875,000 in the fiscal years ended January 31, 2007, 2006 and 2005,
      respectively. In addition, the Company recorded an impairment charge included
      in discontinued operations in the accompanying consolidated statements
      of income of &#36;85,000, &#36;100,000 and &#36;0 in the fiscal years ended
      January 31, 2007, 2006 and 2005 respectively.</font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Goodwill &#150;</font></i></b><font size=2 face="serif"> Goodwill
      represents the cost in excess of the fair value of net assets acquired.
      Under Statement of Financial Accounting Standards (SFAS) No. 142, Goodwill
      and Other Intangible Assets (&#147;SFAS 142&#148;) the Company is required
      to identify reporting units for purposes of assessing impairment of goodwill.
      The Company conducts impairment assessments annually or when events indicate
      a triggering event has occurred.</font><b><i><font size=2 face="serif"> </font></i></b></p>
  <p align="justify"> <b><i><font size=2 face="serif">Investments &#150; </font></i></b><font size=2 face="serif">Restricted
      investments, which are principally marketable debt securities of a federal
      government agency, are stated at cost plus accrued interest, which approximates
      market. Restricted investments at January 31, 2007 and 2006 are required
      by two states to cover possible future claims under product service contracts.
      In accordance with SFAS No. 115, &#147;Accounting for Certain Investments
      in Debt and Equity Securities&#148;, the Company has classified the investments
      as held-to-maturity. The investments had maturity dates of less than one
      year at January 31, 2007 and 2006. The Company has the intent and ability
      to hold these securities to maturity. </font></p>
  <p align="justify"> <font size=2 face="serif">From time to time, in advance
      of making an investment in debt or equity securities of investees, such
      as the contingent investments the Company has in ethanol entities, the
      Company may enter into a commitment for such investment which is contingent
      upon future events occurring, including but not limited to, the investee
      raising additional financing and/or equity. These commitments may be backed
      by letters of credit or other means as mutually agreed to by the Company
      and the investee. Generally, because commitments are contingently exercisable
      and represent the potential acquisition of a minority position in the investee,
      the Company believes that it is not the primary beneficiary of the investee
      under the guidance in FASB Interpretation Number 46R (&#147;FIN 46R&#148;).
      When, and if the commitment is </font></p>
</div>
<P align="center"><FONT size=2 face="serif">51</FONT></P>
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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">exercised and the Company makes
      its investment, it is required to re-evaluate whether it is the primary
      beneficiary under the guidance in FIN 46R. </font></p>
  <p align="justify"> <font size=2 face="serif">The method of accounting applied
      to long-term investments, whether consolidated, equity or cost, involves
      an evaluation of the significant terms of each investment that explicitly
      grant or suggest evidence of control or influence over the operations of
      the investee and also includes the identification of any variable interests
      in which the Company is the primary beneficiary. The Company has concluded
      that it is the primary beneficiary of Levelland/Hockley. Results for Levelland/Hockley
      are accounted for on a one month lag. See Note 5 for
      a further discussion of the acquisition of Levelland/Hockley. Investments
      in businesses that the Company does not control, but has the ability to
      exercise significant influence over operating and financial matters, are
      accounted for using the equity method. Investments in which the Company
      does not have the ability to exercise significant influence over operating
      and financial matters are accounted for using the cost method.</font></p>
  <p align="justify"> <font size=2 face="serif">Investments in debt securities
      are considered &#147;held to maturity&#148;, &#147;available for sale&#148;,
      or &#147;trading securities&#148; under Statement of Financial Accounting
      Standards (SFAS) No. 115, Accounting for Certain Investments in Debt and
      Equity Securities (&#147;SFAS 115&#148;). Under SFAS 115, held to maturity
      securities are required to be carried at their cost; while available-for-sale
      securities are required to be carried at their fair value, with unrealized
      gains and losses, net of income taxes, that are considered temporary in
      nature recorded in accumulated other comprehensive income (loss) in the
      accompanying consolidated balance sheets. The fair values of investments
      in debt securities are determined based upon market quotations and various
      valuation techniques, including discounted cash flow analysis. </font></p>
  <p align="justify"> <font size=2 face="serif">The Company periodically evaluates
      its investments for impairment due to declines in market value considered
      to be other than temporary. Such impairment evaluations include, in addition
      to persistent, declining market prices, general economic and company-specific
      evaluations. If the Company determines that a decline in market value is
      other than temporary, then a charge to earnings is recorded in investment
      and other income (expense), net in the accompanying consolidated income
      statements for all or a portion of the unrealized loss, and a new cost
      basis in the investment is established.</font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Revenue Recognition &#150; </font></i></b><font size=2 face="serif">The
      Company recognizes sales of products upon receipt by the customer. The
      Company will honor returns from customers within seven days from the date
      of sale. The Company establishes liabilities for estimated returns at the
      point of sale. </font></p>
  <p align="justify"> <font size=2 face="serif">The Company also sells product
      service contracts covering periods beyond the normal manufacturers&#146; warranty
      periods, usually with terms of coverage (including manufacturers&#146; warranty
      periods) of between 12 to 60 months. Contract revenues, net of sales commissions,
      are deferred and amortized on a straight-line basis over the life of the
      contracts after the expiration of applicable manufacturers&#146; warranty
      periods. The Company retains the obligation to perform warranty service
      and such costs are charged to operations as incurred. </font></p>
  <p align="justify"> <font size=2 face="serif">The Company recognizes amounts
      billed to a customer for shipping and handling as revenue and actual costs
      incurred for shipping as selling, general and administrative expense in
      the income statement. Amounts classified as selling, general and administrative
      expense were &#36;2,885,000, &#36;3,192,000 and &#36;3,281,000 in fiscal
      2006, 2005 and 2004, respectively. </font></p>
  <p align="justify"> <font size=2 face="serif">Merchandise sold under interest-free
      financing arrangements is recorded as a sale when the customer receives
      the merchandise. In general, the Company receives payment within three
      to ten business days from the third-party lender. The amount the Company
      receives from the third-party lender is generally discounted for the interest
      free financing option, which is recorded as a marketing expense in selling,
      general and administrative expense. The net expense for third party financing
      was approximately &#36;1,071,000, &#36;1,191,000, and &#36;1,490,000 in
      fiscal 2006, 2005 and 2004, respectively. </font></p>
</div>
<P align="center"><FONT size=2 face="serif">52</FONT></P>
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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">

  <p align="justify"><font size=2 face="serif">The Company recognizes income
      from synthetic fuel partnership sales as production is completed and collectibility
      of receipts is reasonably assured. The Company is paid for actual tax credits
      earned as the synthetic fuel is produced with the exception of production
      at the Pine Mountain (Gillette) facility. The Company estimates the impact
      of oil prices and the likelihood of any phase out of Section 29/45K credits
      and the resulting reduction of synthetic fuel income quarterly. See Note
      4 for a further discussion of synthetic fuel partnership sales. </font></p>
  <p align="justify"> <font size=2 face="serif">The Company includes income from
      its real estate leasing activities in net sales and revenue. The Company
      accounts for these leases as operating leases. Accordingly, minimum rental
      revenue is recognized on a straight-line basis over the term of the lease.</font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Costs of Sales</font></i></b><font size=2 face="serif"> &#150; Cost
      of sales includes the cost of merchandise, inventory reserves and inventory
      shortage, receiving, warehousing and freight charges to get merchandise
      to retail stores, service repair bills as well as cash discounts and rebates.
      Due to this classification, the Company&#146;s gross margins may not be
      comparable to those of other retailers that include costs related to their
      distribution network in selling, general and administrative expense. The
      Company classifies purchasing costs as selling, general and administrative
      expenses. </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Selling, General and Administrative
          Expenses</font></i></b><font size=2 face="serif"> &#150; The Company
          includes store expenses (such as payroll and occupancy costs), advertising,
          buying, depreciation, insurance and overhead costs in selling, general
          and administrative expenses. </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Vendor Allowances</font></i></b><font size=2 face="serif"> </font><b><i><font size=2 face="serif">and
          Advertising Costs </font></i></b><font size=2 face="serif">&#150; Vendors
          often fund, up front, certain advertising costs, display allowances
          and exposure to general changes in pricing to customers due to technological
          change. Allowances are deferred as received from vendors and recognized
          into income as an offset to the cost of merchandise sold when the related
          product is sold. Advertising costs are expensed as incurred. Advertising
          expense was approximately &#36;21,560,000, &#36;23,238,000 and &#36;25,287,000
          for the years ended January 31, 2007, 2006 and 2005, respectively and
          was not offset by vendor allowances. </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Interest Cost &#150; </font></i></b><font size=2 face="serif">Interest
      expense of &#36;1,893,000, &#36;2,524,000 and &#36;3,061,000 for the years
      ended January 31, 2007, 2006 and 2005, respectively, is net of approximately &#36;373,000, &#36;15,000
      and &#36;37,000 of interest capitalized related to equity investments,
      store, ethanol plant or warehouse construction. Cash paid for interest
      in fiscal years 2006, 2005 and 2004 was approximately &#36;2,118,000, &#36;2,525,000
      and &#36;3,392,000, respectively; such amounts include &#36;0, &#36;0 and &#36;394,000
      of prepayment penalties recorded as loss on early termination of debt for
      fiscal 2006, 2005 and 2004, respectively. </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Loss on Early Termination
          of Debt </font></i></b><i><font size=2 face="serif">&#150;</font></i><font size=2 face="serif"> Unamortized
          deferred financing costs and associated prepayment penalties related
          to the early payoff of loans are charged to loss on early termination
          of debt. </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Deferred Financing Costs &#150; </font></i></b><font size=2 face="serif">Direct
      expenses and fees associated with obtaining notes payable or long-term
      mortgage debt are capitalized and amortized to interest expense over the
      life of the loan using the effective interest method. </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Store Opening and Closing
          Costs &#150; </font></i></b><font size=2 face="serif">Store opening
          costs are expensed as incurred. Store opening costs incurred in the
          fiscal years ended January 31, 2007, 2006 and 2005 were not material.
          The costs associated with closing stores are accrued when the decision
          is made to close a location. Expenses related to store closing incurred
          in the fiscal years ended January 31, 2007, 2006 and 2005 were not
          material. </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Stock Compensation </font></i></b><font size=2 face="serif">&#150; The
      Company has stock-based compensation plans under which stock options have
      been granted to directors, officers and key employees at the market price
      on the date of the grant.</font></div>
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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">In December 2004, the Financial
      Accounting Standards Board (&#147;FASB&#148;) issued Statement of Financial
      Accounting Standards (&#147;SFAS&#148;) No. 123 (revised 2004), Share-Based
      Payment (&#147;SFAS 123(R)&#148;), which requires the recognition of the
      cost of employee services received in exchange for an award of equity instruments
      in the financial statements and measurement based on the grant-date fair
      value of the award. It also requires the cost to be recognized over the
      period during which an employee is required to provide service in exchange
      for the award (presumptively the vesting period). SFAS 123(R) replaces
      SFAS No. 123, Accounting for Stock-Based Compensation, and supersedes Accounting
      Principles Board Opinion No. 25, Accounting for Stock Issued to Employees
      (&#147;APB 25&#148;), and its related interpretations. The Company adopted
      SFAS 123(R) on February 1, 2006. The Company chose the Modified Prospective
      Application (&#147;MPA&#148;) method for implementing SFAS 123(R). Under
      the MPA method, new awards, if any, are valued and accounted for prospectively
      upon adoption. Outstanding prior awards that are unvested as of February
      1, 2006 will be recognized as compensation cost over the remaining requisite
      service period. Prior periods have not been restated. </font></p>
  <p align="justify"> <font size=2 face="serif">Prior to its adoption of SFAS
      123(R), the Company accounted for stock-based compensation in compliance
      with APB 25, under which no compensation cost was recognized. The Company
      provided disclosures based on the fair value as permitted by SFAS 123.
      In fiscal 2006, the adoption of SFAS 123(R) resulted in incremental stock-based
      compensation expense of approximately &#36;1,660,000 (&#36;1,112,000 net
      of tax, or &#36;0.11 per basic share and &#36;0.10 per diluted share).
      Prior to the adoption of SFAS 123(R), the Company reported all tax benefits
      resulting from the exercise of non-qualified stock options as operating
      cash flows in its consolidated statements of cash flows. In accordance
      with SFAS 123(R), the Company revised its current year statement of cash
      flows presentation to report the excess tax benefits from the exercise
      of non-qualified stock options as financing cash flows. There were approximately &#36;27,000
      of excess tax benefits from the exercise of non-qualified stock options
      for the year ended January 31, 2007. </font></p>
  <p align="justify"> <font size=2 face="serif">SFAS 123(R) also requires the
      Company to establish the beginning balance of the additional paid in capital
      pool (&#147;APIC pool&#148;) related to actual tax deductions from the
      exercise of stock options. This APIC pool is available to absorb tax shortfalls
      (actual tax deductions less than recognized compensation expense) recognized
      subsequent to the adoption of SFAS 123(R). On November 10, 2005, the FASB
      issued FASB Staff Position No. FAS 123R-3, &#147;Transition Election Related
      to Accounting for Tax Effects of Share-Based Payment Awards.&#148; This
      FASB Staff Position provided companies with the option to use either the
      transition method prescribed by SFAS 123(R) or a simplified alternative
      method described in the staff position. The Company chose to utilize the
      transition method prescribed by SFAS 123(R), which requires the calculation
      of the APIC pool as if the Company had adopted SFAS 123 for fiscal years
      beginning after December 15, 1994. </font></p>
  <p align="justify"> <font size=2 face="serif">SFAS 123 requires the presentation
      of pro forma information for the comparative period prior to the adoption
      as if all of the Company&#146;s employee stock options had been accounted
      under the fair value method of the original SFAS 123. Had compensation
      cost for these plans been determined at fair value consistent with SFAS
      123, </font><i><font size=2 face="serif">Accounting for Stock-Based Compensation</font></i><font size=2 face="serif">,
      the Company&#146;s net income and net income per share would have been
      reduced to the following pro forma amounts for the years ended January
      31, 2006, and 2005 (amounts in thousands, except per-share amounts):</font></div>
<P align="center">
<FONT size=2 face="serif">54</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <table width="80%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><font size=1 face="sans-serif">2006</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><font size=1 face="sans-serif">2005</font></b>
      </center></td>
    </tr>
    <tr>
      <td colspan=9>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Net income</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">As reported</font> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">28,269</font> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">27,549</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=right nowrap colspan=3> <font size=2 face="serif">Compensation
          cost, net of tax</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">3,590</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">3,370</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">Pro forma</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">24,679</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">24,179</font> </td>
    </tr>
    <tr>
      <td colspan=9>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Basic net income per share</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">As reported</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">2.64</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">2.49</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=right nowrap colspan=3> <font size=2 face="serif">Compensation
          cost, net of tax</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">0.33</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">0.31</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">Pro forma</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">2.31</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">2.18</font> </td>
    </tr>
    <tr>
      <td colspan=9>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Diluted net income per
          share</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">As reported</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">2.31</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">2.17</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=right nowrap colspan=3> <font size=2 face="serif">Compensation
          cost, net of tax</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">0.29</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">0.27</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">Pro forma</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">2.02</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1.90</font> </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">The fair values of options granted
      were estimated as of the date of grant using a Black-Scholes option pricing
      model with the following weighted average assumptions used for grants in
      the fiscal year ended January 31, 2005: risk-free interest rate of 4.7%,
      expected volatility of 65.4% and a weighted average stock option life of
      nine years. No options were granted in the fiscal years ended January 31,
      2007 or January 31, 2006. In accordance with the provisions of SFAS 123,
      the fair value method of accounting was not applied to options granted
      prior to February 1, 1995 in estimating the pro forma amounts.</font></p>
  <p align="justify"> <font size=2 face="serif">The following table summarizes
      options granted, exercised and canceled or expired during the fiscal year
      ended January 31, 2007: </font></p>
  <table width="80%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width=36% align=left nowrap>&nbsp; </td>
      <td width=23%>&nbsp; </td>
      <td colspan="9" align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">2007</font></b>
        </center>  </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td width="4%" align=left nowrap>&nbsp; </td>
      <td width="1%" align=left nowrap>&nbsp; </td>
      <td width="3%">&nbsp; </td>
      <td colspan="2" align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">Weighted</font></b>
      </center></td>
      <td width="5%">&nbsp; </td>
      <td width="9%" align=center nowrap> <b><font size=1 face="sans-serif">Weighted Average</font></b> </td>
      <td width="4%">&nbsp; </td>
      <td width="9%" align=center nowrap> <b><font size=1 face="sans-serif">Aggregate</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">Average</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td align=center nowrap> <b><font size=1 face="sans-serif">Remaining</font></b> </td>
      <td>&nbsp; </td>
      <td align=center nowrap> <b><font size=1 face="sans-serif">Intrinsic</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=center nowrap> <b><font size=1 face="sans-serif">Shares</font></b> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">Exercise</font></b>
      </center></td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=center nowrap> <b><font size=1 face="sans-serif">Contractual
            Term</font></b> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=center nowrap> <b><font size=1 face="sans-serif">Value</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><font size=1 face="sans-serif">(000's)</font></b>
      </center></td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">Price</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td align=center nowrap> <b><font size=1 face="sans-serif">(in years)</font></b> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><font size=1 face="sans-serif">(000's)</font></b>
      </center></td>
    </tr>
    <tr>
      <td colspan=11>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=11>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Outstanding&#151;Beginning
          of year</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">4,674</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td width="1%" align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td width="5%" align=right nowrap> <font size=2 face="serif">8.15</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Granted</font> </td>
      <td>&nbsp; </td>
      <td align=center nowrap>
        <div align="right"><font size=2 face="serif">-</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=center nowrap>
        <div align="right"><font size=2 face="serif">-</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Exercised</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(323</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">7.69</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Canceled or expired</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">(14</font> </td>
      <td align=left nowrap valign=middle> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">12.65</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=11>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=11>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Outstanding&#151;End of
          year</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">4,337</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">8.18</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">3.8</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;&nbsp;36,018</font> </td>
    </tr>
    <tr>
      <td colspan=11>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=11>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Exercisable&#151;End of
          year</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">4,007</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">7.81</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">3.5</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;&nbsp;34,753</font> </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif"> The total intrinsic value of
      options exercised during fiscal 2006, 2005 and 2004, was approximately &#36;3.0
      million, &#36;9.1 million and &#36;8.6 million, respectively, resulting
      in tax deductions to realize benefits of approximately &#36;1.0 million, &#36;2.2
      million and &#36;3.0 million, respectively.</font></p>
  <p align="justify"> <font size=2 face="serif">At January 31, 2007, there was
      approximately &#36;2.8 million (pre-tax) of unrecognized compensation cost
      related to nonvested stock options, which is expected to be recognized
      over a weighted average period of 2.0 years. </font></div>
<FONT size=2 face="serif"></FONT><P align="center">
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<div style="margin-left:28px">

  <p align="justify"><b><i><font size=2 face="serif">Extended Service Contracts</font></i></b><font size=2 face="serif"> &#150; Extended
      service contract revenues, net of sales commissions, are deferred and amortized
      on a straight-line basis over the life of the contracts after the expiration
      of applicable manufacturers' warranty periods. Terms of coverage, including
      the manufacturers' warranty periods, are usually for periods of 12 to 60
      months. Extended service contract revenues represented 3.4%, 2.9% and 3.4%
      of net sales and revenue for fiscal 2006, 2005 and 2004, respectively.
      Service contract repair costs are charged to operations as incurred.</font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Income Taxes</font></i></b><font size=2 face="serif"> &#150; The
      Company provides for deferred tax liabilities and assets for the future
      tax consequences attributable to differences between the financial statement
      carrying amounts of existing assets and liabilities and their respective
      tax bases and operating loss and tax credit carryforwards. The Company
      provides for a valuation allowance if, based on the weight of available
      evidence, it is more likely than not that some or all of the deferred tax
      assets will not be realized. </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">Discontinued Operations</font></i></b><font size=2 face="serif"> &#150;The
      Company classifies closed or sold stores in discontinued operations when
      the operations and cash flows of the store have been (or will be) eliminated
      from ongoing operations and when the Company will not have any significant
      continuing involvement in the operation of the store after disposal. To
      determine if cash flows had been or would be eliminated from ongoing operations,
      the Company evaluates a number of qualitative and quantitative factors,
      including, but not limited to, proximity to remaining open stores and estimates
      of sales migration from the closed store to any stores remaining open.
      The estimated sales migration is based on the Company&#146;s historical
      estimates of sales migration upon opening a new store in a similar market
      and geographical considerations. For purposes of reporting the operations
      of stores meeting the criteria for discontinued operations, the Company
      reports net sales and revenue, gross profit and related selling, general
      and administrative expenses that are specifically identifiable to those
      stores operations as discontinued operations. Certain corporate level charges,
      such as general office expense, certain interest expense, and other &#147;fixed&#148; expenses
      are not allocated to discontinued operations because the Company believes
      that these expenses are not specific to the store&#146;s operations. </font></p>
  <p align="justify"> <b><i><font size=2 face="serif">New Accounting Pronouncements</font></i></b><font size=2 face="serif"> &#150; In
      May 2005, the Financial Accounting Standards Board (&#147;FASB&#148;) issued
      SFAS No. 154, Accounting Changes and Error Corrections &#150; A Replacement
      of APB Opinion No. 20 and SFAS No. 3 (&#147;SFAS 154&#148;). SFAS 154 requires
      retrospective application to prior periods&#146; financial statements for
      a change in accounting principle, unless it is impracticable to determine
      either the period-specific effects or the cumulative effect of the change.
      Additionally, retrospective application is not required when explicit transition
      requirements specific to newly adopted accounting principles exist. Retrospective
      application requires the cumulative effect of the change on periods prior
      to those presented to be reflected in the carrying amounts of assets and
      liabilities as of the beginning of the first period presented and the offsetting
      adjustments to be recorded to opening retained earnings. SFAS 154 retains
      the guidance contained in APB Opinion No. 20 for reporting both the correction
      of an error in previously issued financial statements and a change in accounting
      estimate. The Company adopted the provisions of SFAS 154, as applicable,
      at the beginning of fiscal 2006, and its adoption had no effect on the
      Company&#146;s financial condition or results of operations. </font></p>
  <p align="justify"> <font size=2 face="serif">In July 2006, the FASB issued
      FASB Interpretation No. 48 (&#147;FIN 48&#148;) &#147;Accounting for Uncertainty
      in Income Taxes&#148; which prescribes a recognition threshold and measurement
      process for recording in the financial statements uncertain tax positions
      taken or expected to be taken in a tax return. Additionally, FIN 48 provides
      guidance on the derecognition, classification, accounting in interim periods
      and disclosure requirements for uncertain tax positions. The provisions
      of FIN 48 will be effective for the Company beginning February 1, 2007.
      The Company expects the adoption of FIN 48 to reduce beginning retained
      earnings by less than &#36;1 million. </font></p>
  <p align="justify"> <font size=2 face="serif">In September 2006, the FASB issued
      SFAS No. 157, Fair Value Measurements, (&#147;SFAS 157&#148;). SFAS 157
      defines fair value, establishes a framework for measuring fair value in
      accordance with generally</font></div>
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<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">accepted accounting principles,
      and expands disclosures about fair value measurements. This statement does
      not require any new fair value measurements; rather, it applies to other
      accounting pronouncements that require or permit fair value measurements.
      The provisions of this statement are to be applied prospectively as of
      the beginning of the fiscal year in which this statement initially applies,
      with any transition adjustment recognized as a cumulative-effect adjustment
      to the opening balance of retained earnings. The provisions of SFAS 157
      are effective for the fiscal years beginning after November 15, 2007. The
      Company anticipates adopting this standard as of February 1, 2008. The
      Company has not determined the effect, if any, the adoption of this statement
      will have on its financial condition or results of operations. </font></p>
  <p align="justify"> <font size=2 face="serif">In September 2006, the SEC issued
      Staff Accounting Bulletin No. 108 (&#147;SAB 108&#148;), &#147;Considering
      the Effects of Prior Year Misstatements when Quantifying Misstatements
      in Current Year Financial Statements.&#148; SAB 108 provides interpretative
      guidance on the process of quantifying financial statement misstatements
      and is effective for fiscal years ending after November 15, 2006. The Company
      applied the provisions of SAB 108 in the third quarter of fiscal 2006 and
      there was no impact to the financial statements. </font></p>
</div>
<P align="justify"><B><FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACCOUNTING CHANGES </FONT></B></P>
<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">During the fourth quarter of fiscal
      2006, the Company changed its method of accounting for the inventory of
      an acquired subsidiary, Kelly &amp; Cohen Appliances, Inc. (&#147;K&amp;C&#148;).
      K&amp;C inventory was historically valued at the lower of cost or market
      using the last-in, first-out (&#147;LIFO&#148;) method. The Company changed
      its method of accounting for the inventory of K&amp;C from the LIFO method
      to the first-in, first-out (&#147;FIFO&#148;) method. The Company believes
      the FIFO method is preferable because it conforms all of the Company&#146;s
      inventory to a single costing method and it is comparable with its major
      competitors. In accordance with FAS 154, &#147;Accounting Changes and Error
      Corrections&#148; (FAS 154), the change from the LIFO method has been applied
      retrospectively. However, the change to the FIFO method for the K&amp;C
      inventory does not result in either a current period or retrospective adjustment
      to any historical consolidated balance sheets, statements of income or
      statements of cash flow as the lower of cost or market inventory value
      using the LIFO method has been equivalent to the lower of cost or market
      inventory value using the FIFO method for all periods presented.</font></p>
</div>
<P align="justify"><B><FONT size=2 face="serif">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENTS</FONT></B></P>
<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">The Company has debt and equity
      investments. The debt investments are accounted for under FAS 115, &#147;Accounting
      for Certain Investments in Debt and Equity Securities&#148; (FAS 115) while
      the equity investments are accounted for under Accounting Principles Board
      Opinion No. 18, &#147;The Equity Method of Accounting for Investments in
      Common Stock&#148; (APB 18).</font></p>
</div>
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<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">The following tables summarize
      investments at January 31, 2007 and 2006 (amounts in thousands): </font></p>
  <p align="justify"> <b><font size=2 face="serif">Debt Securities January 31,
        2007 </font></b></p>
  <table width="90%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">Coupon</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap> <font size=2 face="serif">Fair Market</font> </td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap> <font size=2 face="serif">Carrying</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Investment</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">Rate</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td><font size=2 face="serif">Maturity</font></td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td align=left nowrap> <font size=2 face="serif"> Classification</font> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=left nowrap> <font size=2 face="serif">Value</font> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=left nowrap> <font size=2 face="serif">Amount</font> </td>
    </tr>
    <tr>
      <td colspan=14>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Federal National Mortgage</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Association Note</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">5.04</font> </td>
      <td align=left nowrap> <font size=2 face="serif">%</font> </td>
      <td>&nbsp; </td>
      <td><font size=2 face="serif">2/16/2007</font></td>
      <td>&nbsp;</td>
      <td align=left nowrap> <font size=2 face="serif">Held to Maturity</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">1,473</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> &nbsp;<font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">1,473</font> </td>
    </tr>
    <tr>
      <td colspan=14>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=14>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Millennium Ethanol, LLC</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Convertible Note</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">15.60</font> </td>
      <td align=left nowrap> <font size=2 face="serif">%</font> </td>
      <td>&nbsp; </td>
      <td><font size=2 face="serif">4/1/2015</font></td>
      <td>&nbsp;</td>
      <td align=left nowrap> <font size=2 face="serif"> Available for Sale</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">14,000</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">14,000</font> </td>
    </tr>
    <tr>
      <td colspan=14>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Total Debt Securities</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">15,473</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> &nbsp;<font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">15,473</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td colspan="8" align=left nowrap> <b><font size=2 face="serif">Debt Securities
            January 31, 2006 </font></b></td>
      <td>&nbsp;</td>
      <td colspan="2" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap> <font size=2 face="serif">Fair</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">Coupon</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap colspan=2> <font size=2 face="serif">Market</font> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=left nowrap> <font size=2 face="serif">Carrying</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Investment</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">Rate</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td><font size=2 face="serif">Maturity</font></td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td align=left nowrap> <font size=2 face="serif"> Classification</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap colspan=2> <font size=2 face="serif">Value</font> </td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap> <font size=2 face="serif">Amount</font> </td>
    </tr>
    <tr>
      <td colspan=14>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Federal Home Loan</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Bank Note</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">3.95</font> </td>
      <td align=left nowrap> <font size=2 face="serif">%</font> </td>
      <td>&nbsp; </td>
      <td><font size=2 face="serif">2/10/2006</font></td>
      <td>&nbsp;</td>
      <td align=left nowrap> <font size=2 face="serif">Held to Maturity</font> </td>
      <td>&nbsp; </td>
      <td align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">1,406</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">
        <div align="right"><font size=2 face="serif">1,406</font> </div></td>
    </tr>
    <tr>
      <td colspan=14>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Total Debt Securities</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=center nowrap style="border-bottom:3px double #000000;">
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">1,406</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=left nowrap style="border-bottom:3px double #000000;">
        <div align="right"><font size=2 face="serif">1,406</font> </div></td>
    </tr>
  </table>
  <p align="justify"> <font size=2 face="serif">There were no realized or unrealized
      holding gains or losses in fiscal 2006 and 2005. </font></p>
  <p align="justify"> <font size=2 face="serif">On March 17, 2006, the Company
      entered into an agreement to purchase a note in the principal amount of &#36;14
      million to be issued by Millennium Ethanol, LLC (&#147;Millennium&#148;)
      which has commenced construction of an ethanol producing facility in Marion,
      South Dakota. The facility is expected to have a design capacity of 100
      million gallons annually. The Company funded the note on December 18, 2006.
      The note agreement provides the Company rights to purchase a minority equity
      interest in Millennium in exchange for the note. Monthly payments of principal
      and interest are scheduled to begin on the earlier of the date the ethanol
      plant is certified ready for production or April 1, 2008. Accrued interest
      receivable was &#36;256,000 at January 31, 2007. </font></p>
  <p align="justify"> <font size=2 face="serif">The Company has &#36;933,000
      and &#36;912,000 at January 31, 2007 and 2006, respectively, on deposit
      with the Florida Department of Financial Services to secure its obligation
      to fulfill future obligations related to extended warranty contracts sold
      in the state of Florida. The deposits earned 5.7% and 3.2% at January 31,
      2007 and 2006, respectively</font><b><font size=2 face="serif">.</font></b></div>
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<div style="margin-left:28px">
  <p align="justify"><b><font size=2 face="serif">Equity Securities January 31,
        2007: </font></b></p>
  <table width="65%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width=90% align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=center nowrap> <font size=2 face="serif">Ownership</font> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=left nowrap> <font size=2 face="serif">Carrying</font> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=left nowrap> <font size=2 face="serif">Initial</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=90% align=left nowrap> <font size=2 face="serif">Entity</font> </td>
      <td>&nbsp; </td>
      <td colspan="2" align=center nowrap> <font size=2 face="serif">Percentage</font> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=left nowrap> <font size=2 face="serif">Amount</font> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=left nowrap> <font size=2 face="serif">Investment</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=90% align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=center nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=right>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width=90% align=left nowrap> <font size=2 face="serif">Big River Resources,
          LLC</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">4.3</font> </td>
      <td align=left nowrap> <font size=2 face="serif">%</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">5,499</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">5,000</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=90% align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width=90% align=left nowrap> <font size=2 face="serif">Patriot Renewable
          Fuels, LLC</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">23.3</font> </td>
      <td align=left nowrap> <font size=2 face="serif">%</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">16,200</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">16,000</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=90% align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width=90% align=left nowrap> <font size=2 face="serif">Total Equity
          Securities</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">21,699</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">21,000</font> </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">On October 1, 2006, the Company
      entered into an agreement to invest &#36;20 million in Big River Resources,
      LLC (&#147;Big River&#148;). Big River is an Iowa limited liability company
      and holding company for several entities including Big River Resources
      West Burlington, LLC which presently operates a 52 million gallon ethanol
      manufacturing facility</font><font size=2 face="serif">. </font><font size=2 face="serif">The
      Company has funded &#36;5 million of this investment in exchange for a
      4.3% ownership interest. On January 25, 2007, the Company advanced an additional &#36;5.0
      million to Big River Resources, LLC (see Note 6). This investment was effective February
      1, 2007 and increased the Company&#146;s ownership percentage from 4.3%
      to 6.9%. The remaining &#36;10 million investment is expected to occur
      in fiscal 2007. The Company&#146;s final ownership percentage will be determined
      once Big River has obtained all funding. During fiscal 2006, the Company
      recorded income of &#36;499,000 as its share of earnings from Big River. </font></p>
  <p align="justify"> <font size=2 face="serif">On June 8, 2006, the Company
      entered into an agreement to invest &#36;16 million in Patriot Renewable
      Fuels, LLC (&#147;Patriot&#148;) which has commenced construction of an
      ethanol producing facility in Annawon, Illinois. The facility is expected
      to have a design capacity of 100 million gallons annually. The Company
      funded this investment on December 4, 2006 in exchange for a 23.3% ownership
      interest. Patriot is a development stage enterprise; the Company has capitalized
      interest of &#36;200,000 at January 31, 2007 as Patriot is constructing
      its ethanol plant.</font></div>
<P align="justify">
<B><FONT size=2 face="serif">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SYNTHETIC FUEL LIMITED PARTNERSHIPS </FONT></B></P>
<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">During fiscal 1998, the Company
      invested in two limited partnerships that produce synthetic fuels. The
      limited partnerships earned Federal income tax credits under Section 29/45K
      of the Internal Revenue Code based upon the quantity and content of synthetic
      fuel production and sales. Under current law, credits under Section 29/45K
      are available for qualified fuels sold before January 1, 2008 (see Note
      16). The Company accounts for its share of the income tax credits as a
      reduction of the income tax provision in the period earned and such credits
      totaled approximately &#36;200,000, &#36;6,400,000, and &#36;8,000,000
      in fiscal 2006, 2005 and 2004, respectively (see Note 14). </font></p>
  <p align="justify"> <font size=2 face="serif">Effective February 1, 1999, the
      Company sold a 13% interest in Colona Synfuel Limited Partnership, L.L.L.P
      (Colona) reducing its initial 30% ownership interest to 17%. The Company
      expects to receive cash payments from the sale on a quarterly basis through
      December 31, 2007, subject to production levels. These payments are contingent
      upon and equal to 75% of the federal income tax credits attributable to
      the 13% interest sold and are subject to certain annual limitations, as
      specified in the sale agreement. The Company earned and reported as income
      approximately &#36;1.9 million, &#36;8.5 million and &#36;7.2 million for
      fiscal years 2006, 2005 and 2004, respectively. The maximum that can be
      received for calendar 2007 is approximately &#36;9.5 million. </font></p>
</div>
<P align="center"><FONT size=2 face="serif">59</FONT></P>
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<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">Effective July 31, 2000, the Company
      sold an additional portion of its interest in the Colona partnership, reducing
      its ownership percentage from 17% to 8%. The Company expects to receive
      payments from the sale on a quarterly basis through December 31, 2007,
      subject to production levels. These payments are contingent upon and equal
      to the greater of 82.5% of the federal income tax credits attributable
      to the 9% interest sold subject to annual limitations or 74.25% of the
      federal income tax credits attributable to the 9% interest sold with no
      annual limitations. The amount earned and reported as income was approximately &#36;1.8
      million, &#36;7.6 million and &#36;5.8 million for fiscal 2006, 2005 and
      2004, respectively.</font></p>
  <p align="justify"> <font size=2 face="serif">Effective May 31, 2001, the Company
      sold its remaining 8% ownership in the Colona partnership. The Company
      expects to receive payments from the sale on a quarterly basis through
      December 31, 2007, subject to production levels. These payments are contingent
      upon and equal to the greater of 82.5% of the federal income tax credits
      attributable to the 8% interest sold, subject to annual limitations or
      74.25% of the federal income tax credits attributable to the 8% interest
      sold with no annual limitations. The amount earned and reported as income
      was approximately &#36;1.6 million, &#36;6.7 million and &#36;5.1 million
      for fiscal 2006, 2005 and 2004, respectively.</font></p>
  <p align="justify"> <font size=2 face="serif">Effective October 1, 2005, the
      Company sold its entire ownership interest in Somerset Synfuel, L.P., a
      limited partnership that owned two synthetic fuel facilities. The Company
      received &#36;1.2 million, net of commissions, at closing along with a
      secured contingent payment note that could provide additional investment
      income. The Company expects to receive quarterly payments through 2007
      equal to 80% of the Section 29/45K tax credits attributable to the ownership
      interest sold, subject to production levels. The amount earned and reported
      as income was approximately &#36;4.4 million and &#36;1.6 million for fiscal
      2006 and 2005, respectively. With this sale, the Company has divested all
      of its ownership interests in facilities that produce synthetic fuel which
      qualifies for Section 29/45K tax credits.</font><font size=2 face="serif"> </font></p>
  <p align="justify"> <font size=2 face="serif">The IRS has completed an audit
      on the Colona partnership. The audit was finalized in February 2004 and
      a closing agreement was signed with the IRS with no impact on tax credits
      generated. In June 2004, the IRS concluded its examination of the Somerset
      partnership&#146;s Section 29/45K federal income tax credits for calendar
      year 2001 reporting no changes in the credits. In January 2005, the IRS
      concluded its examination of the Company&#146;s federal tax return for
      the year ended January 31, 2002 with no changes in taxable income for that
      year. </font></p>
  <p align="justify"> <font size=2 face="serif">Income from synthetic fuel investments
      also includes income related to the sale of the Company&#146;s membership
      interest in the limited liability company that owned a synthetic fuel facility
      in Gillette, Wyoming. The Company received &#36;2.8 million (resulting
      in &#36;0.5 million in pre tax investment income) at the time of sale on
      March 30, 2004 along with a secured contingent payment note that could
      provide additional investment income. The facility resumed commercial operations
      during the second quarter of fiscal 2005; as such, the Company received &#36;3.5
      million as a one-time payment per the terms of the purchase agreement.
      In addition, the Company is eligible to receive &#36;1.50 per ton of &#147;qualified
      production&#148; produced by the facility and sold through 2007. The plant
      was subsequently sold and during the third quarter of fiscal 2006, the
      Company modified its agreement with the owners and operators of the synthetic
      fuel facility. Based on the terms of the modified agreement, the Company
      currently is not able to determine the likelihood and timing of collecting
      payments related to production occurring after September 30, 2006. Thus,
      the Company cannot currently determine the timing of income recognition,
      if any, related to production occurring subsequent to September 30, 2006.
      The Company recognized approximately &#36;1.1 million and &#36;6.1 million
      of pre-tax investment income from this sale during fiscal 2006 and 2005,
      respectively.</font></div>
<P align="justify">
<B><FONT size=2 face="serif">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS COMBINATIONS </FONT></B></P>
<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">On September 30, 2006, the Company
      acquired 47 percent of the outstanding membership units of Levelland/Hockley
      County Ethanol, LLC (&#147;Levelland/Hockley&#148;). Levelland/Hockley
      is a development </font></p>
</div>
<P align="center"><FONT size=2 face="serif">60</FONT></P>
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<P align="left" style="page-break-before:always"></P><PAGE>

<div style="margin-left:28px">

  <p align="justify"><font size=2 face="serif">stage entity that has commenced
      construction of an ethanol production facility in Levelland, Texas, which
      will have a design capacity of 40 million gallons of ethanol annually.
      The purchase, along with the Company&#146;s &#36;5 million convertible
      secured promissory note investment, enables the Company to secure a majority
      equity interest in Levelland/Hockley. </font></p>
  <p align="justify"> <font size=2 face="serif">The results of Levelland/Hockley&#146;s
      operations have been included in the consolidated financial statements
      subsequent to the acquisition date and are included in the Company&#146;s
      alternative energy segment. The Company has funded the majority of the
      at risk equity, therefore, under FIN 46R, the Company is considered to
      be the primary beneficiary. The aggregate purchase price was &#36;11.5
      million, all of which was cash. </font></p>
  <p align="justify"> <font size=2 face="serif">The acquisition was recorded
      by allocating the total purchase price to the assets acquired, including
      intangible assets, and liabilities assumed, based on their estimated fair
      values at the acquisition date. The excess of the cost of the acquisition
      over the net amounts assigned to the fair values of the assets acquired
      and liabilities assumed was recorded as goodwill. The acquired goodwill
      of &#36;1.3 million was the only change in goodwill for the years ended
      January 31, 2007, 2006 and 2005. </font></p>
  <p align="justify"> <font size=2 face="serif">The following table summarizes
      the estimated fair values of the assets acquired and liabilities assumed
      at the date of acquisition:</font></p>
  <table width="55%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width=73% align=left nowrap> <font size=2 face="serif">(In thousands)</font> </td>
      <td width=16%>&nbsp; </td>
      <td width=2% align=right nowrap>&nbsp; </td>
      <td width=6% align=left nowrap>&nbsp; </td>
      <td width=3% align=left nowrap>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=5>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Cash</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="serif">13,165</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Accrued interest receivable</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">24</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Property, plant and equipment</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">595</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Prepaid loan fees</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">3,200</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Deposits</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">5,220</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Goodwill</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></td>
      <td align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">1,322</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font size=2 face="serif">Total
          assets acquired</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">23,526</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Current liabilities</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(577</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Minority interest</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div></td>
      <td align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">(11,449</font> </div></td>
      <td align=left valign="top" nowrap> <font size=2 face="serif">)</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Net purchase price</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left">
          <div style="border-bottom:3px double #000000"><font size=2 face="serif">&#36;</font> </div>
      </div></td>
      <td align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">11,500</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">Prepaid loan fees and have an
      estimated useful life of 6 years. None of the goodwill is expected to be
      deductible for income tax purposes.</font></p>
  <p align="justify"> <font size=2 face="serif">The unaudited financial information
      in the table below summarizes the combined results of operations of the
      Company and Levelland/Hockley, on a pro forma basis, as though the companies
      had been combined as of the beginning of each of the periods presented
      (in thousands, except per share amounts): </font></p>
  <table width="55%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width=55% align=left nowrap>&nbsp; </td>
      <td width=27%>&nbsp; </td>
      <td align=right nowrap colspan=3>
        <center>
          <b><font size=2 face="serif">Years Ended</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap colspan=3>
        <center>
          <b><u><font size=2 face="serif">January 31,</font></u></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td width=7% align=left nowrap>
        <center>
          <b><u><font size=1 face="sans-serif">2007</font></u></b>
      </center></td>
      <td width=4%>&nbsp; </td>
      <td width=7% align=left nowrap>
        <center>
          <b><u><font size=1 face="sans-serif">2006</font></u></b>
      </center></td>
    </tr>
    <tr>
      <td colspan=5>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Net sales and revenue</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">&#36;347,334</font> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">&#36;374,451</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Net income</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">10,871</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">27,870</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Basic net income per share</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1.06</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">2.61</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Diluted net income per
          share</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">0.94</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">2.28</font> </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">The pro forma financial information
      is presented for informational purposes only and is not indicative of the
      results of operations that would have been achieved if the acquisition
      had taken place at the</font></div>
<P align="center">
<FONT size=2 face="serif">61</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">beginning of each of the periods
      presented. The pro forma financial information for all periods presented
      includes adjustments to interest income and expense and related income
      tax effects. </font></p>
</div>
<P align="justify"><B><FONT size=2 face="serif">6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER ASSETS </FONT></B></P>
<div style="margin-left:28px">

  <p align="justify"><font size=2 face="serif">The components of other assets
      at January 31, 2007 and 2006 are as follows (amounts in thousands): </font></p>
  <table width="55%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width=58% align=left nowrap>&nbsp; </td>
      <td width=6%>&nbsp; </td>
      <td width=2% colspan="5" align=left nowrap>
        <center>
          <b><u><font size=2 face="serif">January 31,</font></u></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap>
        <center>
          <b><u><font size=1 face="sans-serif">2007</font></u></b>
      </center></td>
      <td width=9%>&nbsp; </td>
      <td colspan="2" align=left nowrap>
        <center>
          <b><u><font size=1 face="sans-serif">2006</font></u></b>
      </center></td>
    </tr>
    <tr>
      <td colspan=7>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Prepaid loan fees</font> </td>
      <td>&nbsp; </td>
      <td width=2% align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td width=12% align=right nowrap> <font size=2 face="serif">4,377</font> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td width=4% align=left nowrap>&nbsp; </td>
      <td width=9% align=left nowrap>
        <div align="right"><font size=2 face="serif">646</font> </div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Advance equity investment</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">5,000</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">-</font> </div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Other</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">155</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">
        <div align="right"><font size=2 face="serif">237</font> </div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Total</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">9,532</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">883</font> </div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Less current portion</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">780</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">
        <div align="right"><font size=2 face="serif">123</font> </div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Long term</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">8,752</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=left nowrap style="border-bottom:3px double #000000;">
        <div align="right"><font size=2 face="serif">760</font> </div></td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">Advance equity investment represents
      a payment made to Big River Resources, LLC in January 2007, and effective
      February 1, 2007; this increased the Company&#146;s ownership percentage
      in Big River from 4.3% to 6.9%. Prepaid loan fees represent amounts paid
      to obtain both mortgage debt and borrowings under the Company&#146;s and
      Levelland/Hockley&#146;s line of credit. Such amounts are amortized as
      interest expense. Future amortization expense is as follows (amounts in
      thousands): </font></p>
  <table width="45%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width=66% align=left nowrap> <b><u><font size=2 face="serif">Year Ended
              January 31,</font></u></b> </td>
      <td colspan="4">
        <center>
          <b><u><font size=2 face="serif">Amortization</font></u></b>
      </center></td>
    </tr>
    <tr>
      <td colspan=5>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">2008</font> </td>
      <td width=11%>&nbsp; </td>
      <td width=2% align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td width=8% align=right nowrap> <font size=2 face="serif">780</font> </td>
      <td width=13% align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">2009</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">984</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">2010</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">830</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">2011</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">632</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">2012</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">579</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Thereafter</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">572</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Total</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">4,377</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
  </table>
</div>
<P align="justify">
<B><FONT size=2 face="serif">7. &nbsp;&nbsp;&nbsp;&nbsp;NET INCOME PER SHARE
FROM CONTINUING OPERATIONS </FONT></B></P>
<div style="margin-left:28px">

  <p align="justify"><font size=2 face="serif">The Company reports net income
      per share in accordance with SFAS No. 128, &#147;Earnings per Share&#148;.
      Basic net income per share is computed by dividing net income available
      to common shareholders by the weighted average number of common shares
      outstanding during the year. Diluted net income per share is computed by
      dividing net income available to common shareholders by the weighted average
      number of shares outstanding and dilutive common share equivalents during
      the year. Common share equivalents for each year include the number of
      shares issuable upon the exercise of outstanding options, less the shares
      that could be purchased with the proceeds from the exercise of the options,
      based on the average trading price of the Company&#146;s common stock for
      fiscal 2006, 2005 and 2004. </font></p>
  <p align="justify"> <font size=2 face="serif">The following table reconciles
      the basic and diluted net income per share from continuing operations computations
      for each year presented for the years ended January 31, 2007, 2006, and
      2005 (amounts in thousands, except per-share amounts): </font></p>
</div>
<P align="center"><FONT size=2 face="serif">62</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <table width="90%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="7" align=right nowrap style="border-bottom:1px solid #000000;">
        <center>
          <b><font size=2 face="sans-serif">2007</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2" align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2" align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="2" align=right nowrap>
        <center>
          <b><font size=2 face="sans-serif">Income</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td align=left nowrap>
        <center>
          <b><font size=2 face="sans-serif">Shares</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap>
        <center>
          <b><font size=2 face="sans-serif">Per Share</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2" align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2" align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Basic net income per share
          from continuing operations</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="serif">10,865</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">10,291</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">1.06</font> </div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Effect of stock options</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">
        <div align="right"><font size=2 face="serif">1,285</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="7" align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Diluted net income per
          share from continuing operations</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">10,865</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>
        <div align="right">
          <div style="border-bottom:3px double #000000"><font size=2 face="serif">11,576</font> </div>
      </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=left nowrap style="border-bottom:3px double #000000;">
        <div align="right"><font size=2 face="serif">0.94</font> </div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="7" align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="7" align=right nowrap style="border-bottom:1px solid #000000;">
        <center>
          <b><font size=2 face="sans-serif">2006</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2" align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2" align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="2" align=right nowrap>
        <center>
          <b><font size=2 face="sans-serif">Income</font></b>
      </center></td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap>
        <center>
          <b><font size=2 face="sans-serif">Shares</font></b>
      </center></td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=left nowrap>
        <center>
          <b><font size=2 face="sans-serif">Per Share</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2" align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2" align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Basic net income per share
          from continuing operations</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="serif">28,814</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">10,688</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">2.69</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Effect of stock options</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">
        <div align="right"><font size=2 face="serif">1,532</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="7" align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Diluted net income per
          share from continuing operations</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">28,814</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;">
        <div align="right"><font size=2 face="serif">12,220</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">2.36</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="7" align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="7" align=right nowrap style="border-bottom:1px solid #000000;">
        <center>
          <b><font size=2 face="sans-serif">2005</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2" align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2" align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="2" align=right nowrap>
        <center>
          <b><font size=2 face="sans-serif">Income</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td align=left nowrap>
        <center>
          <b><font size=2 face="sans-serif">Shares</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap>
        <center>
          <b><font size=2 face="sans-serif">Per Share</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2" align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="2" align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Basic net income per share
          from continuing operations</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="serif">28,355</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>
        <div align="right"><font size=2 face="serif">11,081</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">2.56</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Effect of stock options</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">
        <div align="right"><font size=2 face="serif">1,633</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="7" align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Diluted net income per
          share from continuing operations</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">28,355</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>
        <div align="right">
          <div style="border-bottom:3px double #000000"><font size=2 face="serif">12,714</font> </div>
      </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">2.23</font> </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">For the years ended January 31,
      2007, 2006 and 2005, a total of 468,779, 296,702 and 325,136 shares, respectively,
      subject to outstanding options were not included in the common equivalent
      shares outstanding calculation as the exercise prices were above the average
      trading price of the Company&#146;s common stock for those periods. Equivalent
      shares information herein was also used for purposes of determining earnings
      per share related to discontinued operations. </font></div>
<FONT size=2 face="serif"></FONT><P align="justify">
<B><FONT size=2 face="serif">8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SALE AND LEASEBACK TRANSACTION </FONT></B></P>
<div style="margin-left:28px">

  <p align="justify"><font size=2 face="serif">On July 28, 2006, the Company
      completed a transaction for the sale and leaseback of one of its stores
      under an initial three-year lease term. A pre-tax financial statement gain
      of &#36;1.7 million (net of expenses) resulted from this sale. The Company
      has also deferred &#36;0.6 million, which represents the present value
      of the minimum lease payments and will amortize this deferred gain as a
      reduction to lease expense over the lease term. The lease has been accounted
      for as an operating lease. </font></p>
</div>
<P align="justify"><B><FONT size=2 face="serif">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMMON STOCK </FONT></B></P>
<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">During the years ended January
      31, 2007, 2006 and 2005, the Company purchased 0 shares, 2,088,671 shares
      and 901,529 shares, respectively, of its common stock for &#36;0, &#36;30,186,000
      and &#36;12,174,000, respectively. Included in these amounts are shares
      the Company received totaling 0, 132,271 and 184,094 for the years ended
      January 31, 2007, 2006 and 2005, respectively, as tenders of the exercise
      price of stock options exercised by the Company&#146;s Chief Executive
      Officer, all pursuant to the Stock-for-Stock and Cashless Option Exercise
      Rules and Procedures adopted by the Company on June 4, 2001. The cost of
      these shares, determined as the fair market value on the date they were
      tendered, was approximately &#36;0, &#36;1,872,000 and &#36;2,800,000 for
      the years ended January 31, 2007, 2006 and 2005, </font></p>
</div>
<P align="center"><FONT size=2 face="serif">63</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">respectively. At January 31, 2007,
      the Company was authorized by its Board of Directors to purchase, in open
      market transactions, an additional 496,645 shares of its common stock.</font></p>
</div>
<P align="justify"><B><FONT size=2 face="serif">10. &nbsp;&nbsp;&nbsp;REVOLVING
      LINE OF CREDIT</FONT></B></P>
<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">The &#36;115,000,000 revolving
      credit agreement is with four banks and expires on September 14, 2009.
      Amounts available for borrowing under the loan agreement are subject to
      a borrowing base equal to the sum of 85% of net appraised liquidation value
      of eligible inventory, 85% of eligible receivables and 60% of the fair
      market value of certain real estate assets. Borrowings accrue interest
      at prime minus 0.5% or LIBOR plus 1.75%. Borrowings are guaranteed by
      the Company and are presently secured by all of the Company&#146;s inventory,
      receivables, certain real estate assets and the capital stock of the Company&#146;s
      subsidiaries. Aggregate commitments under the loan agreement may be increased
      by up to an additional &#36;50,000,000. The loan agreement does not contain
      any financial covenants. The loan agreement requires the maintenance of
      excess borrowing availability of 10% of the borrowing base, contains covenants
      limiting indebtedness, liens, mergers and permitted acquisitions, asset
      divestitures, dividends, loans, investments and transactions with affiliates,
      and contains customary default provisions including, but not limited to,
      failure to pay interest or principal when due and failure to comply with
      covenants. The Company was in compliance with all covenants as of January
      31, 2007. </font></p>
  <p align="justify"> <font size=2 face="serif">There were no borrowings outstanding
      on the line of credit at January 31, 2007 or January 31, 2006. A total
      of approximately &#36;52.2 million was available at January 31, 2007, net
      of one letter of credit outstanding of &#36;0.9 million at that time.</font></p>
  <p align="justify"> <font size=2 face="serif">Borrowing levels vary during
      the course of a year based upon seasonal working capital needs. The maximum
      direct borrowings outstanding during fiscal 2006 were approximately &#36;3.2
      million. The weighted average interest rate was 7.4% (261.3% including
      commitment fees) for fiscal 2006. </font></p>
</div>
<P align="justify"><B><FONT size=2 face="serif">11. &nbsp;&nbsp;&nbsp;LONG-TERM
      MORTGAGE DEBT </FONT></B></P>
<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">Long-term mortgage debt consists
      of notes payable secured by certain land, buildings and leasehold improvements.
      Interest rates ranged from 3.7% to 8.5% in fiscal years 2006 and 2005.
      Principal and interest are payable monthly over terms that generally range
      from 5 to 15 years. The following provides information on rates segregated
      as fixed or variable and by term for fiscal 2006 and fiscal 2005: </font></p>
  <table width="60%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width=31% align=left nowrap>&nbsp; </td>
      <td width=13%>&nbsp; </td>
      <td width=19% align=center nowrap> <b><font size=2 face="sans-serif">Fiscal
            2006</font></b> </td>
      <td width=24%>&nbsp; </td>
      <td width=1% align=left nowrap>&nbsp; </td>
      <td width=12% align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap>  <center>
      <font size=2 face="sans-serif">Balance</font>      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp;<font size=2 face="sans-serif">Interest
          Rates</font> </td>
      <td>&nbsp; </td>
      <td align=center nowrap> <font size=2 face="sans-serif">Maturity</font> </td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap>  <center>
      <font size=2 face="sans-serif">(in thousands)</font>      </center></td>
    </tr>
    <tr>
      <td colspan=6>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=center nowrap> <font size=2 face="sans-serif">Variable</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">7.07% - 8.00%</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Within five
          years</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">3,642</font> </td>
    </tr>
    <tr>
      <td colspan=6>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=6>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <center>
      <font size=2 face="sans-serif">Fixed</font>      </center></td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">6.75% - 8.50%</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Within five
          years</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">5,790</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">3.70% - 8.40%</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Five to ten
          years</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">22,264</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">7.75% - 7.95%</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Ten to fifteen
          years</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">2,218</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Total fixed</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">30,272</font> </td>
    </tr>
  </table>
</div>
<P align="center">
<FONT size=2 face="serif">64</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <table width="60%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width=32% align=left nowrap>&nbsp; </td>
      <td width=12%>&nbsp; </td>
      <td width=19% align=center nowrap> <b><font size=2 face="sans-serif">Fiscal
            2005</font></b> </td>
      <td width=24%>&nbsp; </td>
      <td width=1% align=left nowrap>&nbsp; </td>
      <td width=12% align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap> <center>
      <font size=2 face="sans-serif">Balance</font>      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=right nowrap>
        <center>
          <font size=2 face="sans-serif">Interest Rates</font>
      </center></td>
      <td>&nbsp; </td>
      <td align=center nowrap> <font size=2 face="sans-serif">Maturity</font> </td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap> <center>
      <font size=2 face="sans-serif">(in thousands)</font>      </center></td>
    </tr>
    <tr>
      <td colspan=6>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=center nowrap> <font size=2 face="sans-serif">Variable</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">6.26% - 7.25%</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Within five years</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">4,932</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">7.75%</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Five to ten years</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">782</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>
        <div align="left"></div></td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Total variable</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">5,714</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>
        <div align="left"></div></td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <font size=2 face="sans-serif">Fixed</font>
      </center></td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">5.75% - 8.50%</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Within five years</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">5,139</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">3.70% - 8.40%</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Five to ten years</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">12,157</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">6.85%</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Ten to fifteen years</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">841</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">Total fixed</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">18,137</font> </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">Maturities of long-term debt
      are as follows (amounts in thousands): </font></p>
  <table width="47%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width=33% align=left nowrap>&nbsp;</td>
      <td width=30% align=left nowrap> <b><font size=2 face="sans-serif">Years
            Ending</font></b> </td>
      <td width=29%>&nbsp; </td>
      <td width=2% align=left nowrap>&nbsp; </td>
      <td width=6% align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap> <b><font size=2 face="sans-serif">January
            31,</font></b> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=5>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap> <font face="serif">2008</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">2,678</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap> <font face="serif">2009</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">3,420</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap> <font face="serif">2010</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">4,042</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap> <font face="serif">2011</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">4,768</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap> <font face="serif">2012</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">3,161</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap> <font face="serif">Thereafter</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">15,845</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">33,914</font> </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">In fiscal 2005, the Company paid
      off approximately &#36;6.9 million in mortgage debt prior to maturity.
      As a result, the Company expensed unamortized financing cost of approximately &#36;22,000
      as loss on early termination of debt. </font></p>
  <p align="justify"> <font size=2 face="serif">In fiscal 2004, the Company paid
      off approximately &#36;22.0 million in mortgage debt prior to maturity.
      As a result, the Company expensed unamortized financing cost and prepayment
      penalties of approximately &#36;679,000 as loss on early termination of
      debt. </font></p>
  <p align="justify"> <font size=2 face="serif">The fair value of the Company&#146;s
      long-term debt at January 31, 2007 and 2006 was approximately &#36;34.1</font><font size=2 face="serif"> </font><font size=2 face="serif">million
      and &#36;24.1 million, respectively.</font></p>
  <p align="justify"> <font size=2 face="serif">On September 27, 2006, Levelland/Hockley
      entered into a construction and term loan agreement with Merrill Lynch
      Capital (&#147;MLC&#148;) for a principal sum up to &#36;43.7 million.
      Advances are available monthly at a minimum of &#36;2 million each, with
      usage restrictions limited to actual costs incurred for items agreed upon.
      The construction and term loan bears interest at a floating rate of 400
      basis points above the LIBO rate, adjusted monthly through the maturity
      date. The construction loan will be
      converted into a term loan on March 31, 2008, or earlier if certain terms
      of the construction and term loan agreement are fulfilled.</font></p>
  <p align="justify"> <font size=2 face="serif">Interest accrues upon the initial
      draw request through the conversion date, payments will be required monthly
      for accrued interest only. Beginning with the first monthly payment date
      following the conversion date, payments will be due in 59 equal monthly
      payments of principal and accrued interest </font>
</div>
<FONT size=2 face="serif"></FONT><P align="center">
<FONT size=2 face="serif">65</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">with the principal portion calculated
      based on a 120 month amortization schedule. One final installment will
      be required on the maturity date for the remaining unpaid principal balance
      with accrued interest. The maturity date for the term loan will be the
      fifth anniversary of the conversion date. </font></p>
  <p align="justify"> <font size=2 face="serif">The construction and term loan
      is secured by all property of Levelland/Hockley. As of January 31, 2007,
      no amounts were drawn on the construction and term loan. Levelland/Hockley
      paid approximately &#36;3.2 million for various fees associated with the
      construction and term loan agreement. This is recorded as prepaid loan
      fees and will be amortized ratably over the loan term. </font></p>
</div>
<P align="justify"><B><FONT size=2 face="serif">12. &nbsp;&nbsp;&nbsp;EMPLOYEE
      BENEFITS </FONT></B></P>
<div style="margin-left:28px">
  <p align="justify"><b><i><font size=2 face="serif">Stock Option Plans</font></i></b><font size=2 face="serif"> &#150; The
      Company maintains the REX Stores Corporation 1995 Omnibus Stock Incentive
      Plan and the REX Stores Corporation 1999 Omnibus Stock Incentive Plan (the
      Omnibus Plans). Under the Omnibus Plans, the Company may grant to officers
      and key employees awards in the form of non-qualified stock options, stock
      appreciation rights, restricted stock, other stock-based awards and cash
      incentive awards. The Omnibus Plans also provide for yearly grants of non-qualified
      stock options to directors who are not employees of the Company. The exercise
      price of each option must be at least 100% of the fair market value of
      the Company&#146;s common stock on the date of grant. A maximum of 4,500,000
      shares of common stock are authorized for issuance under each of the Omnibus
      Plans. On January 31, 2007, 108,011 and 2,038,032 shares remain available
      for issuance under the 1995 and 1999 Plans, respectively. </font></p>
  <p align="justify"> <font size=2 face="serif">On October 14, 1998, the Company&#146;s
      Board of Directors approved a grant of non-qualified stock options to two
      key executives for 1,462,500 shares at an exercise price of &#36;4.42,
      which represented the market price on the date of grant. These options
      are fully vested as of December 31, 2003. On January 31, 2007, 904,332</font><font size=2 face="serif"> </font><font size=2 face="serif">of
      these options remained outstanding. </font></p>
  <p align="justify"> <font size=2 face="serif">On April 17, 2001, the Company&#146;s
      Board of Directors approved a grant of non-qualified stock options to two
      key executives for 1,462,500 shares at an exercise price of &#36;8.01,
      which represented the market price on the date of grant. These are fully
      vested as of December 31, 2005. All of these options remained outstanding
      at January 31, 2007. </font></p>
  <p align="justify"> <font size=2 face="serif">On May 26, 2005, the Company&#146;s
      Board of Directors approved accelerating the vesting of out-of-the-money,
      unvested stock options held by current employees, including non-director
      executive officers. An option was considered out-of-the-money if the stated
      option exercise price was greater than &#36;13.82, which was the closing
      price of the Company&#146;s common stock on May 26, 2005. As a result,
      options to purchase approximately 118,000 shares, including options to
      purchase approximately 60,000 shares held by executive officers, became
      immediately exercisable. As a result of the acceleration, stock option
      expense was reduced by approximately &#36;723,000, (&#36;470,000, net of
      tax) during fiscal 2006 and will be reduced by approximately &#36;181,000,
      (&#36;118,000, net of tax) during fiscal 2007.</font></div>
<P align="center">
<FONT size=2 face="serif">66</FONT></P>

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<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">The following summarizes stock
      option activity for the years ended January 31, 2007, 2006 and 2005 (amounts
      in thousands, except per-share amounts): </font></p>
  <table width="95%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap colspan=5 style="border-bottom:1px solid #000000;">
        <center>
          <b><font size=1 face="sans-serif">2007</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td colspan="5" align=left nowrap style="border-bottom:1px solid #000000;">
        <center>
          <b><font size=1 face="sans-serif">2006</font></b>
      </center></td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="6" align=left nowrap style="border-bottom:1px solid #000000;">
        <center>
          <b><font size=1 face="sans-serif">2005</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan=2 align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">Weighted</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan=2 align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">Weighted</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap colspan=2>
        <center>
          <b><font size=1 face="sans-serif">Weighted</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan=2 align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">Average</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan=2 align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">Average</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap colspan=2>
        <center>
          <b><font size=1 face="sans-serif">Average</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=center nowrap> <b><font size=1 face="sans-serif">Shares</font></b> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan=2 align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">Exercise</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td align=center nowrap> <b><font size=1 face="sans-serif">Shares</font></b> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan=2 align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">Exercise</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">Shares</font></b>
      </center></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap colspan=2>
        <center>
          <b><font size=1 face="sans-serif">Exercise</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><font size=1 face="sans-serif">(000's)</font></b>
      </center></td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">Price</font></b>
      </center></td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><font size=1 face="sans-serif">(000's)</font></b>
      </center></td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">Price</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">(000's)</font></b>
      </center></td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=left nowrap>
        <center>
          <b><font size=1 face="sans-serif">Price</font></b>
      </center></td>
    </tr>
    <tr>
      <td colspan=20>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=20>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Outstanding&#151;Beginning
          of year</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">4,674</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=center nowrap>
        <div align="right"><font size=2 face="serif">8.15</font> </div></td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">5,751</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">7.70</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">6,391</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">7.24</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Granted</font> </td>
      <td>&nbsp; </td>
      <td align=center nowrap>
        <div align="right"><font size=2 face="serif">-</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=center nowrap>
        <div align="right"><font size=2 face="serif">-</font> </div></td>
      <td>&nbsp; </td>
      <td align=center nowrap>
        <div align="right"><font size=2 face="serif">-</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=center nowrap>
        <div align="right"><font size=2 face="serif">-</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">369</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">12.42</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Exercised</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(323</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=center nowrap>
        <div align="right"><font size=2 face="serif">7.69</font> </div></td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(1,016</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">5.29</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(981</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">6.37</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Canceled or expired</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">(14</font> </td>
      <td align=left nowrap valign=middle> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">12.65</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">(61</font> </td>
      <td align=left nowrap valign=middle> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=center nowrap style="border-bottom:1px solid #000000;">
        <div align="right"><font size=2 face="serif">12.75</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">(28</font> </td>
      <td align=left nowrap valign=middle> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">12.36</font> </td>
    </tr>
    <tr>
      <td colspan=20>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Outstanding&#151;End of
          year</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">4,337</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=center nowrap style="border-bottom:3px double #000000;">
        <div align="right"><font size=2 face="serif">8.18</font> </div></td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">4,674</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">8.15</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">5,751</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">7.70</font> </td>
    </tr>
    <tr>
      <td colspan=20>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Exercisable&#151;End of
          year</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">4,007</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=center nowrap style="border-bottom:3px double #000000;">
        <div align="right"><font size=2 face="serif">7.81</font> </div></td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">4,082</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">7.62</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">4,183</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">6.52</font> </td>
    </tr>
    <tr>
      <td colspan=20>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Weighted average fair
          value of</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> &nbsp;<font size=2 face="serif">options granted</font> </td>
      <td>&nbsp; </td>
      <td align=center nowrap style="border-bottom:3px double #000000;">
        <div align="right"><font size=2 face="serif">-</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=center nowrap style="border-bottom:3px double #000000;">
        <div align="right"><font size=2 face="serif">-</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">9.51</font> </td>
      <td>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">Price ranges and other information
      for stock options outstanding as of January 31, 2007 were as follows (amounts
      in thousands, except per share amounts): </font></p>
  <table width="95%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width=75% align=left nowrap>&nbsp; </td>
      <td width=16%>&nbsp; </td>
      <td colspan="7" align=left nowrap style="border-bottom:1px solid #000000;">
        <center>
          <b><font size=2 face="sans-serif">Outstanding</font></b>
      </center></td>
      <td width=8%>&nbsp; </td>
      <td align=left nowrap colspan=5 style="border-bottom:1px solid #000000;">
        <center>
          <b><font size=2 face="sans-serif">Exercisable</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td width=75% align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td width=4% align=left nowrap>&nbsp; </td>
      <td width=3% align=left nowrap>&nbsp; </td>
      <td width=6%>&nbsp; </td>
      <td colspan="2" align=right nowrap>
        <center>
          <b><font size=2 face="sans-serif">Weighted</font></b>
      </center></td>
      <td width=5%>&nbsp; </td>
      <td width=6% align=center nowrap> <b><font size=2 face="sans-serif">Weighted</font></b> </td>
      <td>&nbsp; </td>
      <td width=4% align=left nowrap>&nbsp; </td>
      <td width=2% align=left nowrap>&nbsp; </td>
      <td width=10%>&nbsp; </td>
      <td colspan="2" align=right nowrap>
        <center>
          <b><font size=2 face="sans-serif">Weighted</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td width=75% align=center nowrap>
        <div align="left"><b><font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range
              of</font></b> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=right nowrap>
        <center>
          <b><font size=2 face="sans-serif">Average</font></b>
      </center></td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=center nowrap> <b><font size=2 face="sans-serif">Average</font></b> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=right nowrap>
        <center>
          <b><font size=2 face="sans-serif">Average</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td width=75% align=center nowrap>
        <div align="left"><b><font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise</font></b> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap>
        <center>
          <b><font size=2 face="sans-serif">Shares</font></b>
      </center></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="2" align=right nowrap>
        <center>
          <b><font size=2 face="sans-serif">Exercise</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td align=center nowrap> <b><font size=2 face="sans-serif">Remaining</font></b> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>
        <center>
          <b><font size=2 face="sans-serif">Shares</font></b>
      </center></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="2" align=right nowrap>
        <center>
          <b><font size=2 face="sans-serif">Exercise</font></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td width=75% align=center nowrap>
        <div align="left"><b><font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prices</font></b> </div></td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><font size=2 face="sans-serif">(000's)</font></b>
      </center></td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp; </td>
      <td colspan="2" align=right nowrap>
        <center>
          <b><font size=2 face="sans-serif">Price</font></b>
      </center></td>
      <td>&nbsp; </td>
      <td align=center nowrap> <b><font size=2 face="sans-serif">Life</font></b> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><font size=2 face="sans-serif">(000's)</font></b>
      </center></td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp; </td>
      <td colspan="2" align=right nowrap>
        <center>
          <b><font size=2 face="sans-serif">Price</font></b>
      </center></td>
    </tr>
    <tr>
      <td colspan=15>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width=75% align=left nowrap> <font size=2 face="serif">&#36;4.42 to &#36;6.63</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1,390</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td width=1% align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td width=11% align=right nowrap> <font size=2 face="serif">4.64</font> </td>
      <td>&nbsp; </td>
      <td align=center nowrap>
        <div align="right"><font size=2 face="serif">1.60</font> </div></td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1,390</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td width=1% align=right nowrap>
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td width=6% align=right nowrap> <font size=2 face="serif">4.64</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=75% align=left nowrap> <font size=2 face="serif">&#36;8.01 to &#36;12.02</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">2,043</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">8.30</font> </td>
      <td>&nbsp; </td>
      <td align=center nowrap>
        <div align="right"><font size=2 face="serif">4.07</font> </div></td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">2,043</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">8.30</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=75% align=left nowrap> <font size=2 face="serif">&#36;12.04 to &#36;16.04</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">904</font> </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">13.32</font> </td>
      <td>&nbsp; </td>
      <td align=center nowrap>
        <div align="right">
          <div style="border-bottom:1px solid #000000"><font size=2 face="serif">6.46</font> </div>
      </div></td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">574</font> </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">13.70</font> </td>
    </tr>
    <tr>
      <td colspan=15>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width=75% align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">4,337</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">8.18</font> </td>
      <td>&nbsp; </td>
      <td align=center nowrap>
        <div align="right">
          <div style="border-bottom:3px double #000000"><font size=2 face="serif">3.78</font> </div>
      </div></td>
      <td>&nbsp; </td>
      <td align=right nowrap><div style="border-bottom:3px double #000000"> <font size=2 face="serif">4,007</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">
        <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">7.81</font> </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <b><i><font size=2 face="serif">Profit Sharing Plan</font></i></b><font size=2 face="serif"> &#150; The
      Company has a qualified, noncontributory profit sharing plan (the &#147;Plan&#148;)
      covering full-time employees who meet certain eligibility requirements.
      The Plan also allows for additional 401(k) saving contributions by participants,
      along with certain company matching contributions. Aggregate contributions
      to the Plan are determined annually by the Board of Directors and are not
      to exceed 15% of total compensation paid to all participants during such
      year. The Company contributed approximately &#36;26,000, &#36;27,000 and &#36;30,000
      for the years ended January 31, 2007, 2006 and 2005, respectively, under
      the Plan. </font></p>
</div>
<P align="justify"><B><FONT size=2 face="serif">13. &nbsp;&nbsp;&nbsp;LEASES
      AND COMMITMENTS </FONT></B></P>
<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">The Company is committed under
      operating leases for certain retail store locations. The lease agreements
      are for varying terms through 2012 and contain renewal options for additional
      periods. Real estate taxes, insurance and maintenance costs are generally
      paid by the Company. Contingent rentals </font></p>
</div>
<P align="center"><FONT size=2 face="serif">67</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">based on sales volume are not
      significant. Certain leases contain scheduled rent increases and rent expense
      is recognized on a straight-line basis over the term of the leases. </font></p>
  <p align="justify"> <font size=2 face="serif">On August 30, 1989, the Company
      completed a transaction for the sale and leaseback of the corporate office,
      distribution center and certain stores under an initial 15-year lease term.
      This transaction resulted in a pre-tax financial statement gain of &#36;15,600,000,
      which was deferred and amortized as a reduction to lease expense over the
      initial term of the leases, which ended August 31, 2004.</font></p>
  <p align="justify"> <font size=2 face="serif">During the year ended January
      31, 2002, the Company repurchased the building, which contains the corporate
      office, distribution center and retail store in Dayton, Ohio for approximately &#36;6.0
      million. For financial statement purposes, the purchase of this facility
      resulted in approximately &#36;600,000 of the deferred gain associated
      with the sale/leaseback being recorded as a reduction in the carrying value
      of the property. </font></p>
  <p align="justify"> <font size=2 face="serif">On July 28, 2006, the Company
      completed a transaction for the sale and leaseback of one of its stores
      under an initial three-year lease term. A pre-tax financial statement gain
      of &#36;1.7 million (net of expenses) resulted from this sale. The Company
      has also deferred &#36;0.6 million, which represents the present value
      of the minimum lease payments and will amortize this deferred gain as a
      reduction to lease expense over the lease term. The lease has been accounted
      for as an operating lease. </font></p>
  <p align="justify"> <font size=2 face="serif">The following is a summary of
      rent expense under operating leases (amounts in thousands): </font></p>
  <table width="90%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width=21% align=left nowrap> <b><font size=1 face="sans-serif">Years
            Ended</font></b> </td>
      <td width=3%>&nbsp; </td>
      <td colspan="3" align=left nowrap>  <center>
      <b><font size=1 face="sans-serif">Minimum</font></b>      </center></td>
      <td colspan="3" align=right nowrap>  <center>
      <b><font size=1 face="sans-serif">Gain</font></b>      </center></td>
      <td width=3%>&nbsp; </td>
      <td colspan="3" align=left nowrap>  <center>
      <b><font size=1 face="sans-serif">Sublease</font></b>      </center></td>
      <td width=3%>&nbsp; </td>
      <td width=5% align=left nowrap>&nbsp; </td>
      <td width=10% align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <b><font size=1 face="sans-serif">January
            31</font></b> </td>
      <td>&nbsp; </td>
      <td colspan="3" align=left nowrap>  <center>
      <b><font size=1 face="sans-serif">Rentals</font></b>      </center></td>
      <td colspan="3" align=right nowrap>  <center>
      <b><font size=1 face="sans-serif">Amortization</font></b>      </center></td>
      <td>&nbsp; </td>
      <td colspan="3" align=left nowrap>  <center>
      <b><font size=1 face="sans-serif">Income</font></b>      </center></td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap>  <center>
      <b><font size=1 face="sans-serif">Total</font></b>      </center></td>
    </tr>
    <tr>
      <td colspan=15>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">2007</font> </td>
      <td>&nbsp; </td>
      <td width=6% align=left nowrap> <div align="right"><font size=2 face="serif">&#36;</font> </div></td>
      <td width=5% align=right nowrap> <font size=2 face="serif">4,843</font> </td>
      <td width=7%>&nbsp; </td>
      <td width=9% align=right nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td width=4% align=right nowrap> <font size=2 face="serif">(50</font> </td>
      <td width=9% align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td width=4% align=left nowrap> <div align="right"><font size=2 face="serif">&#36;</font> </div></td>
      <td width=6% align=right nowrap> <font size=2 face="serif">(218</font> </td>
      <td width=5% align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <div align="right"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=left nowrap> <center>
      <font size=2 face="serif">4,575</font>      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">2006</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">5,104</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=center nowrap> <div align="right"><font size=2 face="serif">-</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(133</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap> <center>
      <font size=2 face="serif">4,971</font>      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">2005</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">6,169</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(300</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(290</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap> <center>
      <font size=2 face="serif">5,579</font>      </center></td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">The Company is secondarily liable
      under certain lease arrangements when there is a sublessee. These arrangements
      arise out of the normal course of business when the Company decides to
      close stores prior to lease expiration. As of January 31, 2007, future
      minimum annual rentals on all leased locations and sublease income are
      as follows (amounts in thousands): </font></p>
  <table width="70%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width=35% align=left nowrap> <b><font size=2 face="sans-serif">Years
            Ended</font></b> </td>
      <td width=33%>&nbsp; </td>
      <td colspan="2" align=left nowrap>  <center>
      <b><font size=2 face="sans-serif">Minimum</font></b>      </center></td>
      <td width=16%>&nbsp; </td>
      <td colspan="2" align=left nowrap>  <center>
      <b><font size=2 face="sans-serif">Sublease</font></b>      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <b><font size=2 face="sans-serif">January
            31</font></b> </td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap>  <center>
      <b><font size=2 face="sans-serif">Rentals</font></b>      </center></td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap>  <center>
      <b><font size=2 face="sans-serif">Income</font></b>      </center></td>
    </tr>
    <tr>
      <td colspan=7>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font face="serif">2008</font> </td>
      <td>&nbsp; </td>
      <td width=2% align=left nowrap> <font face="serif">&#36;</font> </td>
      <td width=5% align=right nowrap> <font face="serif">4,212</font> </td>
      <td>&nbsp; </td>
      <td width=2% align=right nowrap> <div align="left"><font face="serif">&#36;</font> </div></td>
      <td width=7% align=right nowrap> <font face="serif">221</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font face="serif">2009</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font face="serif">3,205</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <div align="left"></div></td>
      <td align=right nowrap> <font face="serif">215</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font face="serif">2010</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font face="serif">1,699</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <div align="left"></div></td>
      <td align=right nowrap> <font face="serif">135</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font face="serif">2011</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font face="serif">495</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <div align="left"></div></td>
      <td align=right nowrap> <font face="serif">70</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font face="serif">2012</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font face="serif">206</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <div style="border-bottom:1px solid #000000">
        <div align="left">&nbsp;</div>
      </div></td>
      <td align=right nowrap><div style="border-bottom:1px solid #000000"> <font face="serif">5</font> </div></td>
    </tr>
    <tr>
      <td colspan=7>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font face="serif">9,817</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <div align="left"><font face="serif">&#36;</font> </div></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font face="serif">646</font> </td>
    </tr>
  </table>
</div>
<P align="center">
<FONT size=2 face="serif">68</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">At January 31, 2007, the Company
      has lease agreements, as landlord, for all or portions of 23 owned properties.
      At 16 of these locations, the Company does not operate a retail store.
      The Company operates a store and leases a portion of the properties to
      tenants at seven properties. Subsequent to January 31, 2007, the Company
      closed one store, which remains partially leased to a tenant. All of the
      leases are accounted for as operating leases. The Company recognized lease
      income of approximately &#36;1,778,000, &#36;942,000 and &#36;809,000 in
      fiscal years 2006, 2005 and 2004, respectively. </font></p>
  <p align="justify"> <font size=2 face="serif">As of January 31, 2007, future
      minimum annual rentals on such leases are as follows (amounts in thousands): </font></p>
  <table width="45%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width=52% align=left nowrap> <b><font size=2 face="sans-serif">Years
            Ended</font></b> </td>
      <td width=38%>&nbsp; </td>
      <td colspan="2" align=left nowrap>  <center>
      <b><font size=2 face="sans-serif">Minimum</font></b>      </center></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <b><font size=2 face="sans-serif">January
            31</font></b> </td>
      <td>&nbsp; </td>
      <td colspan="2" align=left nowrap>  <center>
      <b><font size=2 face="sans-serif">Rentals</font></b>      </center></td>
    </tr>
    <tr>
      <td colspan=4>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">2008</font> </td>
      <td>&nbsp; </td>
      <td width=2% align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td width=8% align=right nowrap> <font size=2 face="serif">1,670</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">2009</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1,549</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">2010</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1,452</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">2011</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1,221</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">2012</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">514</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Thereafter</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">1,047</font> </td>
    </tr>
    <tr>
      <td colspan=4>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">7,453</font> </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <b><font size=2 face="serif">OTHER COMMITMENTS </font></b></p>
  <p align="justify"> <font size=2 face="serif">On May 26, 2006, the Company
      entered into an agreement to invest &#36;24.9 million in One Earth Energy,
      LLC (&#147;One Earth&#148;), a limited liability company that intends to
      construct and, subsequently, operate an ethanol producing facility. The
      equity investment is expected to occur before June 30, 2007, subject to
      One Earth obtaining additional financing and certain other conditions.</font></p>
  <p align="justify"> <font size=2 face="serif">On October 1, 2006, the Company
      entered into an agreement to invest &#36;20 million in Big River Resources,
      LLC (&#147;Big River&#148;). The Company has funded &#36;5 million of this
      investment in exchange for a 4.3% ownership interest and made an advance
      payment of &#36;5 million for an additional ownership interest of 2.6%,
      effective February 1, 2007.</font></p>
  <p align="justify"> <font size=2 face="serif">In June 2006, Levelland/Hockley
      entered into an agreement with a designer/builder for the construction
      of Levelland&#146;s ethanol plant. The designer/builder is responsible
      for all engineering, labor, materials and equipment to design, construct,
      startup and achieve guaranteed performance criteria of the plant. The contract
      price is &#36;58 million, subject to adjustments as provided by the general
      conditions of the agreement. </font></p>
  <p align="justify"> <font size=2 face="serif">On July 25, 2002 Levelland/Hockley
      entered into an agreement with RIO Technical Services, Inc. (&#147;RIO&#148;)
      regarding the planning, financing, design, construction, and operation
      of Levelland&#146;s ethanol plant. RIO is a related party, as certain officers
      of RIO own equity interests in Levelland/Hockley. The Company estimates
      that fees for these services will be approximately &#36;4 million. Of this
      amount, &#36;1 million was paid and recorded as construction in process
      at January 31, 2007. </font></p>
  <p align="justify"> <font size=2 face="serif">In addition, Levelland/Hockley
      paid RIO approximately &#36;3.6 million as compensation for RIO&#146;s
      evaluation and assistance for Levelland/Hockley to obtain financing. These
      costs are recorded as either prepaid loan fees or equity issuance costs.</font></div>
<P align="center">
<FONT size=2 face="serif">69</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">14. &nbsp;&nbsp;&nbsp;INCOME TAXES </FONT></B></P>
<div style="margin-left:28px">

  <p align="justify"><font size=2 face="serif">The provision (benefit) for income
      taxes from continuing operations for the years ended January 31, 2007,
      2006 and 2005 consists of the following (amounts in thousands): </font></p>
  <table width="95%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <center>
      <b><font size=1 face="sans-serif">2007</font></b>      </center></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <center>
      <b><font size=1 face="sans-serif">2006</font></b>      </center></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <center>
      <b><font size=1 face="sans-serif">2005</font></b>      </center></td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> <font size=2 face="serif">Federal:</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> &nbsp;<font size=2 face="serif">Current</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="serif">1,339</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">7,561</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="serif">8,420</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> &nbsp;<font size=2 face="serif">Deferred</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">4,109</font> </td>
      <td align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">(1,520</font> </td>
      <td align=left nowrap valign=middle>
<FONT size=2 face="serif">)</FONT> </td>
      <td>&nbsp; </td>
      <td align=right nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div> </td>
      <td align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">(15,239</font> </div></td>
      <td align=left valign="middle" nowrap> <font size=2 face="serif">)</font> </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap valign=middle>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">5,448</font> </td>
      <td align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">6,041</font> </td>
      <td align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">(6,819</font> </td>
      <td align=left nowrap valign=middle>
<FONT size=2 face="serif">)</FONT> </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> <font size=2 face="serif">State and Local:</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> &nbsp;<font size=2 face="serif">Current</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">81</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">352</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">499</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> &nbsp;<font size=2 face="serif">Deferred</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">(154</font> </td>
      <td align=left nowrap valign=middle>
<FONT size=2 face="serif">)</FONT> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">1,035</font> </td>
      <td align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">(319</font> </td>
      <td align=left nowrap valign=middle>
<FONT size=2 face="serif">)</FONT> </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap valign=middle>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">(73</font> </td>
      <td align=left nowrap valign=middle>
<FONT size=2 face="serif">)</FONT> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">1,387</font> </td>
      <td align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">180</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">5,375</font> </td>
      <td align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">7,428</font> </td>
      <td align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">(6,639</font> </td>
      <td align=left nowrap valign=middle>
<FONT size=2 face="serif">)</FONT> </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">The tax effects of significant
      temporary differences representing deferred tax assets and liabilities
      are as follows as of January 31, 2007 and 2006 (amounts in thousands): </font></p>
  <table width="70%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <center>
      <b><font size=2 face="sans-serif">2007</font></b>      </center></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <center>
      <b><font size=2 face="sans-serif">2006</font></b>      </center></td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=9>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> <font size=2 face="serif">Assets:</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> &nbsp;<font size=2 face="serif">Deferral
          of service contract income</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">8,938</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">8,311</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> &nbsp;<font size=2 face="serif">Accrued
          liabilities</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1,808</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">2,075</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> &nbsp;<font size=2 face="serif">Inventory
          accounting</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">2,693</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">3,968</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> &nbsp;<font size=2 face="serif">Income
          from synthetic fuel investments</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1,297</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">3,033</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> &nbsp;<font size=2 face="serif">Installment
          sales of limited partnerships</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(2,614</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(1,781</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> &nbsp;<font size=2 face="serif">Depreciation</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">968</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1,627</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> &nbsp;<font size=2 face="serif">AMT credit
          carryforward</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">22,322</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">23,006</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> &nbsp;<font size=2 face="serif">Valuation
          allowance</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(959</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(1,021</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> &nbsp;<font size=2 face="serif">Other
          items</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">984</font> </td>
      <td>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">174</font> </td>
      <td>&nbsp; </td>
    </tr>
    <tr>
      <td width="90%">&nbsp; </td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> <font size=2 face="serif">Total net future
          income tax benefits</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">35,437</font> </td>
      <td>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <div align="left"><font size=2 face="serif">&#36;</font> </div></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">39,392</font> </td>
      <td>&nbsp; </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">The Company paid approximately &#36;5,231,000
      and &#36;4,875,000 of alternative minimum tax (&#147;AMT&#148;) for the
      years ended January 31, 2006 and 2005, respectively. The AMT liability
      in excess of the regular tax liability results in an AMT credit carryforward,
      which can be used to offset future regular income tax liabilities subject
      to certain limitations. Therefore, for financial statement purposes, the
      required AMT payment has been recorded as an AMT credit carryforward. The
      AMT credit carryforwards have no expiration date. </font></p>
  <p align="justify"> <font size=2 face="serif">The Company has state net operating
      loss carryforwards of approximately &#36;17.6 million, which will begin
      to expire in fiscal 2007.</font></div>
<P align="center">
<FONT size=2 face="serif">70</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">The Company reduced the valuation
      allowance by &#36;62,000 and &#36;3,595,000 in fiscal 2006 and 2004, respectively.
      The Company established an additional valuation allowance of &#36;669,000
      in fiscal 2005. Adjustments in fiscal 2006 and 2005 are a result of the
      uncertainty of realizing certain future state tax benefits. The adjustment
      in fiscal 2004 is a result of IRS audits being completed on certain years
      that the Company was uncertain as to the realization of income tax credits.
      The Company believes it is more likely than not that the results of future
      operations will generate sufficient taxable income to allow for the utilization
      of the remaining deferred tax assets. The Company must generate approximately &#36;149
      million in future taxable income to fully utilize the AMT credit carryforward.
      If the Company is not able to generate sufficient taxable income in subsequent
      years to allow for the utilization of the deferred tax assets, the Company
      would need to provide a valuation allowance for such deferred tax assets,
      thus increasing income tax expense.</font></p>
  <p align="justify"> <font size=2 face="serif">Since fiscal 1998, the Company
      has been allocated in aggregate approximately &#36;47.9 million in Section
      29/45K tax credits from its investment in two partnerships (see Notes 4
      and 16). The Internal Revenue Service (IRS) has completed an audit of the
      Colona partnership and a closing agreement was signed with the IRS with
      no impact on tax credits generated. The IRS has also audited the Somerset
      partnership for a certain year reporting no changes on tax credits generated
      for that year. </font></p>
  <p align="justify"> <font size=2 face="serif">The Company paid income taxes
      of &#36;1,210,000, &#36;7,041,000 and &#36;4,809,000 in the years ended
      January 31, 2007, 2006 and 2005, respectively. </font></p>
  <p align="justify"> <font size=2 face="serif">The effective income tax rate
      on consolidated pre-tax income differs from the federal income tax statutory
      rate for the years ended January 31, 2007, 2006 and 2005 as follows: </font></p>
  <table width="90%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <center>
      <b><font size=2 face="sans-serif">2007</font></b>      </center></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap> <center>
      <b><font size=2 face="sans-serif">2006</font></b>      </center></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap> <center>
      <b><font size=2 face="sans-serif">2005</font></b>      </center></td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=10>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> <font size=2 face="serif">Federal income
          tax at statutory rate</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">34.0</font> </td>
      <td align=left nowrap> <font size=2 face="serif">%</font> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">35.0</font> </td>
      <td align=left nowrap> <font size=2 face="serif">%</font> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">35.0</font> </td>
      <td align=left nowrap> <font size=2 face="serif">%</font> </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> <font size=2 face="serif">Tax credits
          from investment in limited partnership</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(1.4</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(17.6</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(37.0</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> <font size=2 face="serif">State and local
          taxes, net of federal tax benefit</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(0.4</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1.9</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(1.3</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> <font size=2 face="serif">Net provision
          (reduction) in valuation allowance</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">0.3</font> </td>
      <td>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1.8</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">(29.0</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap> <font size=2 face="serif">Other</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">0.6</font> </td>
      <td>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">(0.6</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">1.7</font> </td>
      <td>&nbsp; </td>
    </tr>
    <tr>
      <td width="90%">&nbsp; </td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left valign="bottom" nowrap>&nbsp; </td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">33.1</font> </td>
      <td align=left nowrap valign=middle> <font size=2 face="serif">%</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">20.5</font> </td>
      <td align=left nowrap valign=middle> <font size=2 face="serif">%</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"> <font size=2 face="serif">(30.6</font> </td>
      <td align=left nowrap valign=middle> <font size=2 face="serif">)%</font> </td>
    </tr>
  </table>
</div>
<P align="justify">
<B><FONT size=2 face="serif">15. &nbsp;&nbsp;&nbsp;DISCONTINUED OPERATIONS
AND ASSETS HELD FOR SALE </FONT></B></P>
<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">All amounts reported as discontinued
      operations and assets held for sale relate to the Company&#146;s retail
      segment. During fiscal years 2006 and 2005, the Company closed 14 and nine
      stores, respectively, in vacated markets. Accordingly, those stores were
      classified as discontinued operations for all periods presented. Three
      of the closed stores are classified as assets held for sale. The Company
      expects to sell the assets related to these stores within the next 12 months
      through normal real estate channels. Subsequent to January 31, 2007, the
      Company closed three stores classified as discontinued operations. </font></p>
</div>
<P align="center"><FONT size=2 face="serif">71</FONT></P>
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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">Below is a table reflecting certain
      items of the income statement that were reclassified as discontinued operations
      for the years ended January 31, 2007, 2006 and 2005 (amounts in thousands): </font></p>
  <table width="70%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=center nowrap> <b><font size=2 face="serif">2007</font></b> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <b><font size=2 face="serif">2006</font></b> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <b><font size=2 face="serif">2005</font></b> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=12>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Net sales and revenue</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">16,618</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">29,615</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">41,874</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Cost of merchandise sold</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">12,762</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">22,039</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">31,159</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Loss before benefit for
          income taxes</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">939</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1,142</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1,570</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Benefit for income taxes</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">319</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">388</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">534</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Gain on disposal</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">1,676</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">317</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">348</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Provision for income taxes</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">570</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">108</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">118</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="serif">Net income (loss)</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">486</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">(545</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="serif">(806</font> </td>
      <td align=left nowrap> <font size=2 face="serif">)</font> </td>
    </tr>
  </table>
</div>
<P align="justify">
<B><FONT size=2 face="serif">16. &nbsp;&nbsp;&nbsp;CONTINGENCIES </FONT></B></P>
<div style="margin-left:28px">

  <p align="justify"><font size=2 face="serif">The Company owned a minority interest
      in two entities (Somerset and Colona) that provided Section 29/45K credits
      to the Company in the current and prior years. The production and sale
      of the synthetic fuel from these facilities qualify for tax credits under
      Code Section 29/45K if certain requirements are satisfied, including a
      requirement that the synthetic fuel differs significantly in chemical composition
      from the coal used to produce such synthetic fuel and that the fuel was
      produced from a facility that was placed in service before July 1, 1998.
      The amount of Section 29/45K credits that the Company is allowed to claim
      in any year is limited by the amount of the Company's regular income tax
      liability. Excess credits cannot be carried back or carried forward to
      offset the Company&#146;s regular tax liability in any other tax year.
      In addition, synthetic fuel tax credits may not be utilized to offset the
      Company&#146;s alternative minimum tax liability. Consequently, the Company
      may pay significant alterative minimum tax when utilizing synthetic fuel
      tax credits. To the extent the Company pays alternative minimum tax, the
      Company generates alternative minimum tax credits which are carried forward
      indefinitely. The Company has been allocated in the aggregate approximately &#36;47.9
      million, including &#36;6.4 million for fiscal 2005, in Section 29/45K
      credits. Should the tax credits be denied on any future audit and the Company
      fails to prevail through the IRS or the legal process, there could be a
      significant tax liability owed for previously taken tax credits with a
      significant impact on earnings and cash flows. In the Company's opinion,
      the Somerset and Colona partnerships are complying with all the necessary
      requirements to be allowed such credits and believes it is likely, although
      not certain, that the partnerships will prevail if challenged by the IRS
      on any credits taken.</font></p>
  <p align="justify"> <font size=2 face="serif">The Company sold its entire interest,
      through a series of transactions, in three partnerships (Colona, Gillette
      and Somerset) that owned synthetic fuel facilities. As such, the Company
      will no longer be allocated Section 29/45K tax credits after fiscal 2005.
      In connection with the Colona and Somerset sales, the Company receives
      contingent payments based upon percentages of qualified Section 29/45K
      credits generated. In connection with the sale of the Gillette partnership,
      the Company is eligible to receive contingent payments based upon the amount
      of "qualified production." The Company recognized &#36;10.8 million in
      fiscal 2006 from these sales. In the event that the synthetic fuel tax credits or
      production from the Colona, Gillette or Somerset facility is reduced, including
      an increase in the price of oil that could limit or eliminate synthetic
      fuel tax credits, the amount of proceeds realized from the sales could
      be significantly impacted. </font></p>
  <p align="justify"> <font size=2 face="serif">As provided by the current Internal
      Revenue Code, the Code Section 29/45K tax credit program is expected to
      continue through December 31, 2007. Recent increases in the price of oil
      could limit the</font></div>
<P align="center">
<FONT size=2 face="serif">72</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">amount of those credits or eliminate
      them altogether. This
      possibility is due to a provision of Section 29/45K that provides that
      if the average wellhead price per barrel for unregulated domestic crude
      oil for the year (the "Annual Average Price") exceeds a certain threshold
      value (the "Threshold Price"), the Section 29/45K tax credits are subject
      to phase out. For calendar year 2006, the Threshold Price was &#36;56.71
      per barrel and the Phase Out Price was &#36;71.19 per barrel. The Threshold
      Price and the Phase Out Price are adjusted annually as a result of inflation. </font></p>
  <p align="justify"> <font size=2 face="serif">The Company cannot determine
      the Annual Average Price for 2006 or beyond. If during 2007, oil prices
      remain at historically high levels or increase, the Company's synthetic
      fuel income may be adversely affected. Based upon the price of oil to date,
      the Company estimates the tax credits and related income would be subject
      to approximately a 40% phase out for calendar year 2006. Because synthetic
      fuel is not economical to produce absent the associated tax credits and
      the fact that the Company has no control or decision involvement with production
      levels, the Company cannot determine the impact of possible production
      reduction or elimination on the Company&#146;s financial results. </font></p>
  <p align="justify"> <font size=2 face="serif">The Company is involved in various
      legal actions arising in the normal course of business. After taking into
      consideration legal counsels&#146; evaluation of such actions, management
      is of the opinion that their outcome will not have a material effect on
      the Company&#146;s consolidated financial statements. </font></p>
</div>
<P align="justify"><B><FONT size=2 face="serif">17.&nbsp;&nbsp;&nbsp; SEGMENT
      REPORTING </FONT></B></P>
<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">The Company has two reportable
      segments, consumer electronics and appliance retailing (&#147;retail&#148;)
      and alternative energy. The Company evaluates the performance of each reportable
      segment based on segment profit. Segment profit excludes income taxes,
      interest expense, discontinued operations, indirect interest income and
      certain other items that are included in net income determined in accordance
      with accounting principles generally accepted in the United States of America.</font></p>
</div>
<P align="center"><FONT size=2 face="serif">73</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">Amounts in the other category
      below include business activities that are not separately reportable and
      income from synthetic fuel investments (amounts in thousands): </font></p>
  <table width="95%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="10" align=left nowrap>
        <center>
          <b><u><font size=2 face="sans-serif">Years Ended January 31,</font></u></b>
      </center></td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><u><font size=2 face="sans-serif">2007</font></u></b>
      </center></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap>
        <center>
          <b><u><font size=2 face="sans-serif">2006</font></u></b>
      </center></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><u><font size=2 face="sans-serif">2005</font></u></b>
      </center></td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Net sales and revenues:</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Retail</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">347,334</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">374,451</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">358,098</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Alternative energy</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">
        <div align="left">&nbsp;</div></td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">
        <div align="right"><font size=2 face="sans-serif">-</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Total net sales and
          revenues</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">347,334</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">374,451</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">358,098</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=13>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Segment profit:</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Retail segment profit</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">7,818</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">11,861</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">9,892</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Alternative energy
          segment profit</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>
        <div align="left"></div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">168</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Corporate expenses</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>
        <div align="left"></div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">(2,138</font> </td>
      <td align=left nowrap> <font size=2 face="sans-serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">(3,896</font> </td>
      <td align=left nowrap> <font size=2 face="sans-serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">(3,229</font> </td>
      <td align=left nowrap> <font size=2 face="sans-serif">)</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Interest expense</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>
        <div align="left"></div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">(1,893</font> </td>
      <td align=left nowrap> <font size=2 face="sans-serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">(2,546</font> </td>
      <td align=left nowrap> <font size=2 face="sans-serif">)</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">(3,740</font> </td>
      <td align=left nowrap> <font size=2 face="sans-serif">)</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Interest income</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>
        <div align="left"></div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">1,521</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">308</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">178</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Income from synthetic fuel investments</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">
        <div align="left">&nbsp;</div></td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">10,764</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">30,515</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">18,615</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Income from continuing
          operations before income taxes</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">16,240</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">36,242</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">21,716</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=13>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Interest income:</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Retail</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=center nowrap>
        <div align="right"><font size=2 face="sans-serif">-</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Alternative energy</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>
        <div align="left"></div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">853</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Unallocated</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">
        <div align="left">&nbsp;</div></td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">1,521</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">308</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">178</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Total interest income</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">2,374</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">308</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">178</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=13>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Depreciation and
          amortization expense:</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Retail</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">4,190</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">4,645</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">4,158</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Alternative energy</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:2px solid #000000;">
        <div align="left">&nbsp;</div></td>
      <td align=left nowrap style="border-bottom:2px solid #000000;">
        <div align="right"></div>
        <div align="right"><font size=2 face="sans-serif">-</font> </div></td>
      <td align=left nowrap>
        <div style="border-bottom:2px solid #000000">&nbsp;</div></td>
      <td><div style="border-bottom:2px solid #000000">&nbsp;</div></td>
      <td align=left nowrap style="border-bottom:2px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:2px solid #000000;"> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap><div style="border-bottom:2px solid #000000">&nbsp;</div></td>
      <td><div style="border-bottom:2px solid #000000">&nbsp;</div></td>
      <td align=left nowrap style="border-bottom:2px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:2px solid #000000;"> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Total depreciation
          and amortization expense</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">4,190</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">4,645</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">4,158</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=13>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Equity in unconsolidated
          affiliates:</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Retail</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=center nowrap>
        <div align="right"><font size=2 face="sans-serif">-</font> </div></td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Alternative energy</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">
        <div align="left">&nbsp;</div></td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">498</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Total equity in unconsolidated
          affiliates:</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">498</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=13>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Additions to property
          and equipment:</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Retail</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">848</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">2,171</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">6,919</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Alternative energy</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">820</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Total additions to
          property and equipment</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">1,668</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">2,171</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">6,919</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr>
      <td colspan=13>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Assets:</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Retail</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">223,432</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">254,063</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">270,369</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Alternative energy</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">67,653</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Corporate</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">44,123</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">41,182</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">40,582</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap> <font size=2 face="sans-serif">Total assets</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">335,208</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">295,245</font> </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">310,951</font> </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
  </table>
</div>
<P align="center">
<FONT size=2 face="serif">74</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <table width="90%" border=0 align="center" cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width=70% align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td colspan="8" align=left nowrap>
        <center>
          <b><u><font size=2 face="sans-serif">Years Ended January 31,</font></u></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td width=70% align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><u><font size=2 face="sans-serif">2007</font></u></b>
      </center></td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><u><font size=2 face="sans-serif">2006</font></u></b>
      </center></td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap>
        <center>
          <b><u><font size=2 face="sans-serif">2005</font></u></b>
      </center></td>
    </tr>
    <tr valign="bottom">
      <td width=70% align=left nowrap> <font size=2 face="sans-serif">Sales of
          products:</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width=70% align=left nowrap> <font size=2 face="sans-serif">Retail</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">333,661</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">362,482</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">344,993</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=70% align=left nowrap> <font size=2 face="sans-serif">Alternative
          energy</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">
        <div align="right"><font size=2 face="sans-serif">-</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=center nowrap style="border-bottom:1px solid #000000;">
        <div align="right"><font size=2 face="sans-serif">-</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=center nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">-</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=70% align=left nowrap> <font size=2 face="sans-serif">Total sales
          of products</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">333,661</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">362,482</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">344,993</font> </td>
    </tr>
    <tr>
      <td colspan=10>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width=70% align=left nowrap> <font size=2 face="sans-serif">Sales of
          services:</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width=70% align=left nowrap> <font size=2 face="sans-serif">Retail</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">13,673</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">11,969</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">13,104</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=70% align=left nowrap> <font size=2 face="sans-serif">Alternative
          energy</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">
        <div align="right"><font size=2 face="sans-serif">-</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=center nowrap style="border-bottom:1px solid #000000;">
        <div align="right"><font size=2 face="sans-serif">-</font> </div></td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=center nowrap style="border-bottom:1px solid #000000;">
        <div align="right"><font size=2 face="sans-serif">-</font> </div></td>
    </tr>
    <tr valign="bottom">
      <td width=70% align=left nowrap> <font size=2 face="sans-serif">Total sales
          of services</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">13,673</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">11,969</font> </td>
      <td>&nbsp; </td>
      <td align=right nowrap>
        <div align="left"><font size=2 face="sans-serif">&#36;</font> </div></td>
      <td align=right nowrap> <font size=2 face="sans-serif">13,104</font> </td>
    </tr>
    <tr>
      <td colspan=10>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width=70% align=left nowrap> <font size=2 face="sans-serif">Additions
          to other long lived assets:</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
    </tr>
    <tr valign="bottom">
      <td width=70% align=left nowrap> <font size=2 face="sans-serif">Retail</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=70% align=left nowrap> <font size=2 face="sans-serif">Alternative
          energy</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">42,021</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">-</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="sans-serif">-</font> </td>
    </tr>
    <tr valign="bottom">
      <td width=70% align=left nowrap> <font size=2 face="sans-serif">Total additions
          to other long lived assets</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap> <font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap> <font size=2 face="sans-serif">42,021</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
      <td>&nbsp; </td>
      <td align=left nowrap>&nbsp; </td>
      <td align=right nowrap> <font size=2 face="sans-serif">-</font> </td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">Additions to other long lived
      assets represent primarily equity method investments and goodwill. </font></p>
  <p align="justify"> <font size=2 face="serif">Certain corporate costs and expenses,
      including information technology, employee benefits, and other shared services,
      are allocated to the business segments. The allocations are generally amounts
      agreed upon by management, which may differ from amounts that would be
      incurred if such services were purchased separately by the business segment.
      Corporate assets are primarily synthetic fuel accounts receivable and deferred
      income tax benefits. </font></p>
  <p align="justify"> <font size=2 face="serif">Cash, except for cash held by
      Levelland/Hockley is considered to be fungible and available for both corporate
      and segment use dependent on liquidity requirements. Cash of approximately &#36;17.1
      million held by Levelland/Hockley will be used primarily to fund the construction
      of a 40 million gallon ethanol plant and to provide working capital until
      the plant commences operations. </font></div>
<FONT size=2 face="serif"></FONT>
<P align="justify">
<B><FONT size=2 face="serif">18. &nbsp;&nbsp;&nbsp;SUBSEQUENT EVENTS </FONT></B></P>
<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">On February 8, 2007, the Company
      entered into a Purchase and Sale Agreement with Coventry Real Estate Investments,
      LLC. Pursuant to the Agreement, the Company has agreed to sell 94 of its
      current and former store locations for approximately &#36;84.0 million,
      before selling expenses, and to leaseback a minimum of 40 of the properties
      for an initial lease term expiring January 31, 2010. The leases will contain
      renewal options for up to 15 additional years. Either party may terminate
      a lease after the initial six months of the initial lease term on 23 to
      30 of the sites as selected by the Company.</font><font face="serif"> </font></p>
  <p align="justify"> <font size=2 face="serif">The Company is in the process
      of analyzing the allocation of the purchase price to individual properties
      which have a carrying value of approximately &#36;66.5 million, thus, the
      resulting gain to be recognized cannot currently be determined. The Company
      intends to use the proceeds from the sale to pay off approximately &#36;17
      to &#36;19 million in mortgage debt related to these properties, to fund
      its alternative energy projects and for other general corporate purposes.</font><font face="serif"> </font></p>
</div>
<P align="center"><FONT size=2 face="serif">75</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">Closing of the transaction is
      subject to customary conditions, including title commitments, surveys and,
      on certain properties, environmental and site inspections. Either party
      has the right to terminate the Agreement if a threshold number of stores,
      or mix of locations, is not met. The Agreement also contains customary
      non-solicitation provisions. The closing is scheduled to occur on or before
      April 30, 2007. </font></p>
  <p align="justify"> <font size=2 face="serif">Subsequent to January 31, 2007,
      the Company closed 29 of its retail stores. Of these properties, 26 were
      owned and three were leased. One of the owned properties was sold; the
      Company intends to market the remaining 25 owned properties for lease or
      sale (21 are currently included in the Purchase and Sale Agreement with
      Coventry Real Estate Investments, LLC). Costs associated with closing the
      29 retail stores were insignificant. </font></p>
  <p align="justify"> <font size=2 face="serif">Effective February 1, 2007, the
      Company&#146;s ownership percentage in Big River Resources, LLC increased
      from 4.3% to 6.9% as the Company funded an equity investment of &#36;5
      million in January 2007 resulting in the contingent commitment being reduced
      to &#36;10 million. </font></p>
</div>
<P align="justify">&nbsp;</P>
<P align="center"><FONT size=2 face="serif">* * * * * * </FONT></P>
<P align="center">
<FONT size=2 face="serif">76</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">To the Shareholders and Board of Directors of<br>
REX Stores Corporation</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have audited the accompanying consolidated balance sheets of REX Stores Corporation and subsidiaries (the &#147;Company&#148;) as of January 31, 2007 and 2006, and the related consolidated
statements of income, stockholders' equity, and cash flows for each of the three years in the period ended January 31, 2007. Our audits also included the consolidated financial statement schedules listed in the Index at Item 15. These consolidated
financial statements and consolidated financial statement schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on the consolidated financial statements and consolidated financial statement
schedules based on our audits. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of REX Stores Corporation and subsidiaries as of January 31, 2007 and
2006, and the results of their operations and their cash flows for each of the three years in the period ended January 31, 2007, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such
consolidated financial statement schedules, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As discussed in Note 1 to the consolidated financial statements, the Company adopted the provisions of Statement of Financial Accounting Standards No. 123(R) (Revised 2004), <I>Shared Based
Payments</I>, effective February 1, 2006. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of the Company's internal control over financial
reporting as of January 31, 2007, based on the criteria established in </FONT><I><FONT size=2 face="serif">Internal Control&#151;Integrated Framework</FONT></I><FONT size=2 face="serif"> issued by the Committee of Sponsoring Organizations of the
Treadway Commission and our report dated April 16, 2007 expressed an unqualified opinion on management's assessment of the effectiveness of the Company's internal control over financial reporting and an unqualified opinion on the effectiveness of
the Company's internal control over financial reporting. </FONT></P>
<P align="justify"><FONT size=2 face="serif">Deloitte &amp; Touche LLP </FONT></P>
<P align="justify"><FONT size=2 face="serif">Cincinnati, Ohio  </FONT></P>
<P align="justify"><FONT size=2 face="serif">April 16, 2007 </FONT></P>
<P align="center">
<FONT size=2 face="serif">77</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=4 face="sans-serif">REX STORES CORPORATION AND SUBSIDIARIES</FONT></B></P>
<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">Schedule
      II - VALUATION AND QUALIFYING ACCOUNTS <br>
  FOR THE YEARS ENDED JANUARY 31, 2007, 2006 AND 2005 <br>
  (Amounts in thousands)</font></b></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=60% align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD nowrap>
    <center>
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><U><FONT size=2 face="sans-serif">Additions</FONT></U></B>
    </center></TD>
  <TD nowrap>
    <center>
    </center></TD>
  <TD colspan="4" nowrap>
    <center>
        <B><U><FONT size=2 face="sans-serif">Deductions</FONT></U></B>
      </center></TD>
  <TD nowrap>
    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=left nowrap>&nbsp;

  </TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Balance</FONT></B>
    </center></TD>
  <TD nowrap>
    <center>
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Charged to</FONT></B>
    </center></TD>
  <TD nowrap>
    <center>
    </center></TD>
  <TD colspan="4" nowrap>
    <center>
        <B><FONT size=2 face="sans-serif">Charges for</FONT></B>
      </center></TD>
  <TD nowrap>
    <center>
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Balance</FONT></B>
    </center></TD>
  </TR>
<TR valign="bottom">
  <TD width=60% align=left nowrap>&nbsp;

  </TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Beginning</FONT></B>
    </center></TD>
  <TD nowrap>
    <center>
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Cost and</FONT></B>
    </center></TD>
  <TD nowrap>
    <center>
    </center></TD>
  <TD colspan="4" nowrap>
    <center>
        <B><FONT size=2 face="sans-serif">Which Reserves</FONT></B>
      </center></TD>
  <TD nowrap>
    <center>
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">End</FONT></B>
    </center></TD>
  </TR>
<TR valign="bottom">
  <TD width=60% align=left nowrap>&nbsp;

  </TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">of Year</FONT></B>
    </center></TD>
  <TD nowrap>
    <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">Expenses</FONT></B>
    </center></TD>
  <TD nowrap>
    <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
  <TD colspan="4" nowrap>
    <center>
        <B><FONT size=2 face="sans-serif">Were Created</FONT></B>
      </center></TD>
  <TD nowrap>
    <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
  <TD colspan="2" align=left nowrap>
    <center>
      <B><FONT size=2 face="sans-serif">of Year</FONT></B>
    </center></TD>
  </TR>
<TR>
  <TD colspan=14>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">2007:</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for doubtful accounts</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">159</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">296</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">339</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">116</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=14>

    <div align="left"></div></TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">2006:</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for doubtful accounts</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">157</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
 <FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">428</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">426</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">159</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=14>

    <div align="left"></div></TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">2005:</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for doubtful accounts</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">235</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
 <FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">346</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">424</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">157</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=14>

    <div align="left"></div></TD>
</TR>
<TR>
  <TD colspan=14>

    <div align="left"></div></TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">2007:</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory reserve</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">5,211</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
 <FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">2,130</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">2,234</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">5,107</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=14>

    <div align="left"></div></TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">2006:</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory reserve</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">5,476</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
 <FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">1,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">2,015</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">5,211</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=14>

    <div align="left"></div></TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">2005:</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory reserve</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">5,386</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">984</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">894</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">5,476</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">78</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif"> Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</FONT></U></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Item 9A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">Controls and Procedures</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="justify">
<I><FONT size=2 face="serif"> Evaluation of Disclosure Controls and Procedures </FONT></I></P>
<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">Our management evaluated, with
      the participation of our Chief Executive Officer and Chief Financial Officer,
      the effectiveness of our disclosure controls and procedures (as defined
      in Rules 13a&#150;15(e) and 15d&#150;15(e) under the Securities Exchange
      Act of 1934) as of the end of the period covered by this report. Based
      on that evaluation, our Chief Executive Officer and Chief Financial Officer
      concluded that our disclosure controls and procedures are effective to
      ensure that information required to be disclosed by us in the reports that
      we file or submit under the Securities Exchange Act of 1934 is recorded,
      processed, summarized and reported within the time periods specified in
      the Securities and Exchange Commission&#146;s rules and forms. </font></p>
  <p align="justify"> <font size=2 face="serif"> There were no changes in our
      internal control over financial reporting that occurred during our last
      fiscal quarter that have materially affected, or are reasonably likely
      to materially affect, our internal control over financial reporting. </font></p>
</div>
<P align="justify">&nbsp;</P>
<P align="justify"><I><FONT size=2 face="serif">Management&#146;s Annual Report
      on Internal Control Over Financial Reporting </FONT></I></P>
<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">Our management is responsible
      for establishing and maintaining adequate internal control over financial
      reporting, as defined in Exchange Act Rule 13a-15(f). Our internal control
      over financial reporting is designed to provide reasonable assurance regarding
      the reliability of financial reporting and the preparation of financial
      statements in accordance with accounting principles generally accepted
      in the United States of America.</font></p>
  <p align="justify"> <font size=2 face="serif">All internal control systems,
      no matter how well designed, have inherent limitations. Therefore, even
      those systems deemed to be effective can provide only reasonable assurance
      with respect to financial statement preparation and presentation. </font></p>
  <p align="justify"> <font size=2 face="serif">Under the supervision and with
      the participation of our senior management, including our Chief Executive
      Officer and Chief Financial Officer, we assessed the effectiveness of our
      internal control over financial reporting as of January 31, 2007 based
      on the Internal Control-Integrated Framework issued by the Committee of
      Sponsoring Organizations of the Treadway Commission (&#147;COSO&#148;).
      Based upon this assessment, our management concluded that our internal
      control over financial reporting was effective as of January 31, 2007 based
      on those criteria.</font></p>
  <p align="justify"> <font size=2 face="serif">Our management&#146;s assessment
      of the effectiveness of our internal control over financial reporting as
      of January 31, 2007 has been audited by Deloitte &amp; Touche LLP, an independent
      registered public accounting firm, as stated in their report which is included
      herein. </font></p>
</div>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=2 face="serif">Item 9B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">Other Information</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None </FONT></P>
<P align="center">
<FONT size=2 face="serif">79</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">To the Shareholders and Board of Directors of <br>
REX Stores Corporation </FONT><I><FONT size=2 face="serif"> </FONT></I></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have audited management's assessment, included in the accompanying Management&#146;s Annual Report on Internal Control over Financial Reporting, that REX Stores Corporation and subsidiaries
(the &#147;Company&#148;) maintained effective internal control over financial reporting as of January 31, 2007, based on criteria established in </FONT><I><FONT size=2 face="serif">Internal Control&#151;Integrated Framework </FONT></I><FONT size=2 face="serif">issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of
internal control over financial reporting. Our responsibility is to express an opinion on management's assessment and an opinion on the effectiveness of the Company's internal control over financial reporting based on our audit. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, evaluating management's
assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our
opinions. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A company's internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons
performing similar functions, and effected by the company's board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due
to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In our opinion, management's assessment that the Company maintained effective internal control over financial reporting as of January 31, 2007, is fairly stated, in all material respects, based
on the criteria established in </FONT><I><FONT size=2 face="serif">Internal Control&#151;Integrated Framework </FONT></I><FONT size=2 face="serif">issued by the Committee of Sponsoring Organizations of the Treadway Commission. Also in our opinion,
the Company maintained, in all material respects, effective internal control over financial reporting as of January 31, 2007, based on the criteria established in </FONT><I><FONT size=2 face="serif">Internal Control&#151;Integrated Framework
</FONT></I><FONT size=2 face="serif">issued by the Committee of Sponsoring Organizations of the Treadway Commission. </FONT></P>
<P align="center">
<FONT size=2 face="serif">80</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have also
audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), the consolidated financial statements and
financial statement schedules as of and for the year ended January 31, 2007 of
the Company and our report dated April 16, 2007 expressed an unqualified opinion
on those consolidated financial statements and consolidated financial statement
schedules and included an explanatory paragraph regarding the Company&#146;s
adoption of Statement of Financial Accounting Standards No. 123(R) (Revised
2004), <I>Shared Based Payments</I> in 2006. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Deloitte &amp; Touche LLP </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Cincinnati, Ohio </FONT></P>
<P align="justify">
<FONT size=2 face="serif">April 16, 2007 </FONT></P>
<P align="center">
<FONT size=2 face="serif">81</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT size=2 face="serif">PART III </FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">Item 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">Directors, Executive Officers and Corporate Governance</FONT></U></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The information required by this Item 10 is incorporated herein by reference to the Proxy Statement for our Annual Meeting of Shareholders on May 31, 2007, except for certain information concerning our executive officers
which is set forth in Part I of this report. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Item 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">Executive Compensation</FONT></U></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The information required by this Item 11 is set forth in the Proxy Statement for our Annual Meeting of Shareholders on May 31, 2007 and is incorporated herein by reference. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Item 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">Security Ownership of Certain Beneficial Owners and Management and Related</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B><B><U><FONT size=2 face="serif">Stockholder Matters</FONT></U></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The information required by this Item 12 is set forth in the Proxy Statement for our Annual Meeting of Shareholders on May 31, 2007 and is incorporated herein by reference. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Item 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">Certain Relationships, Related Transactions and Director Independence</FONT></U></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The information required by this Item 13 is set forth in the Proxy Statement for our Annual Meeting of Shareholders on May 31, 2007 and is incorporated herein by reference. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Item 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">Principal Accountant Fees and Services</FONT></U></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The information required by this Item 14 is set forth in the Proxy Statement for our Annual Meeting of Shareholders on May 31, 2007 and is incorporated herein by reference. </FONT></P>
<P align="center">&nbsp;</P>
<P align="center"><B><FONT size=2 face="serif">PART IV </FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">Item 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">Exhibits and Financial Statement Schedules</FONT></U></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1) </FONT><U><FONT size=2 face="serif">Financial Statements</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The following consolidated financial statements of REX Stores Corporation and subsidiaries are filed as a part of this report at Item 8 hereof. </FONT></P>
<P align="justify">
<FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Balance Sheets as of January 31, 2007 and 2006 </FONT></P>
<P align="justify">
<FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Income for the years ended January 31, 2007, 2006 and 2005 </FONT></P>
<P align="justify">
<FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Cash Flows for the years ended January 31, 2007, 2006 and 2005 </FONT></P>
<P align="center">
<FONT size=2 face="serif">82</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">Consolidated Statements of Shareholders&#146; Equity
      for the years ended January 31, 2007, 2006 and 2005 </font></p>
  <p align="justify"><font size=2 face="serif">Notes to Consolidated Financial
      Statements </font></p>
  <p align="justify"><font size=2 face="serif">Report of Independent Registered Public Accounting Firm </font></p>
  <p align="justify"> <font size=2 face="serif"> (a)(2) </font><u><font size=2 face="serif">Financial
        Statement Schedules</font></u><font size=2 face="serif"> </font></p>
  <p align="justify"> <font size=2 face="serif"> The following financial statement
      schedule is filed as a part of this report at Item 8 hereof. </font></p>
  <p align="justify"> <font size=2 face="serif">Schedule II - Valuation and Qualifying
      Accounts </font></p>
</div>
<P align="justify"><FONT size=2 face="serif">All other schedules are omitted because they are not applicable or not required, or because the required information is included in the consolidated financial statements or notes thereto. </FONT></P>
<div style="margin-left:28px">
  <p align="justify"><font size=2 face="serif">(a)(3) </font><u><font size=2 face="serif">Exhibits</font></u><font size=2 face="serif"> </font></p>
  <p align="justify"> <font size=2 face="serif">See Exhibit Index at page 85
      of this report.</font><b><font size=2 face="serif"> </font></b></p>
  <p align="justify"> <font size=2 face="serif">Management contracts and compensatory
      plans and arrangements filed as exhibits to this report are identified
      by an asterisk in the exhibit index. </font></p>
</div>
<P align="center"><FONT size=2 face="serif">83</FONT></P>
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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT size=2 face="serif">SIGNATURES</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized. </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="73%">&nbsp;</td>
    <td colspan="2" nowrap><FONT size=2 face="serif">REX STORES CORPORATION </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="1%" nowrap>&nbsp;</td>
    <td width="26%" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top" nowrap><FONT size=2 face="serif">By&nbsp;&nbsp;</FONT></td>
    <td valign="top" nowrap><FONT size=2 face="serif">STUART A. ROSE </FONT><BR>
      <FONT size=2 face="serif"> Stuart A. Rose </FONT><BR>
      <FONT size=2 face="serif"> Chairman of the Board, President and </FONT><BR>
      <FONT size=2 face="serif"> Chief Executive Officer </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top" nowrap><FONT size=2 face="serif">Date:&nbsp;&nbsp;&nbsp; April
        16, 2007 </FONT></td>
  </tr>
</table>
<P align="justify">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><U><FONT size=2 face="serif">Signature</FONT></U></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp;<B><U><FONT size=2 face="serif">Capacity</FONT></U></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>      <center>
        <B><U><FONT size=2 face="serif">Date</FONT></U></B>
      </center></TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">STUART A. ROSE</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chairman of the Board, President</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Stuart A. Rose</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">and Chief Executive Officer</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(principal executive officer)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">April 16, 2007</FONT>
    </center></TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">DOUGLAS L. BRUGGEMAN</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Vice President-Finance, Chief</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Douglas L. Bruggeman</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Financial Officer and Treasurer</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(principal financial and accounting</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">April 16, 2007</FONT>
    </center></TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">officer)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">LAWRENCE TOMCHIN</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

    <center>
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Lawrence Tomchin</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Director</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">April 16, 2007</FONT>
    </center></TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">EDWARD M. KRESS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

    <center>
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Edward M. Kress</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Director</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">April 16, 2007</FONT>
    </center></TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">ROBERT DAVIDOFF</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

    <center>
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Robert Davidoff</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Director</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">April 16, 2007</FONT>
    </center></TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">CHARLES A. ELCAN</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

    <center>
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Charles A. Elcan</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Director</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">April 16, 2007</FONT>
    </center></TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">DAVID S. HARRIS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

    <center>
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">David S. Harris</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Director</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">April 16, 2007</FONT>
    </center></TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">MERVYN L. ALPHONSO</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

    <center>
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Mervyn L. Alphonso</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Director</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">April 16, 2007</FONT>
    </center></TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">84</FONT></P>

<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center"><B><FONT size=2 face="serif">EXHIBIT INDEX </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=5% align=left nowrap> <FONT size=2 face="serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD align=left nowrap colspan=2> <I><FONT size=2 face="serif">Articles
          of incorporation and by-laws:</FONT></I> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD width=3% align=left nowrap> <FONT size=2 face="serif">3(a)</FONT> </TD>
    <TD width=92% align=left nowrap> <FONT size=2 face="serif">Certificate of
        Incorporation, as amended (incorporated by reference to</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Exhibit 3(a) to
        Form 10-K for fiscal year ended January 31, 1994, File No. 0-</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">13283)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">3(b)(1)</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">By-Laws, as amended
        (incorporated by reference to Registration Statement</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">No. 2-95738, Exhibit
        3(b), filed February 8, 1985)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">3(b)(2)</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Amendment to By-Laws
        adopted June 29, 1987 (incorporated by reference to</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Exhibit 4.5 to
        Form 10-Q for quarter ended July 31, 1987, File No. 0-13283)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">(4)</FONT> </TD>
    <TD align=left nowrap colspan=2> <I><FONT size=2 face="serif">Instruments
          defining the rights of security holders, including indentures:</FONT></I> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">4(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Amended and Restated
        Loan Agreement dated as of September 14, 2004</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">among Rex Radio
        and Television, Inc., as lead borrower, Kelly &amp; Cohen</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Appliances, Inc.,
        Rex Alabama, Inc., Rex Kansas, Inc., rexstores.com, Inc.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">and Stereo Town,
        Inc. (the "Borrowers"), the Lenders named therein, Fleet</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Retail Group,
        Inc. as agent for the Lenders and KeyBank National</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Association as
        syndication agent (incorporated by reference to Exhibit 4(a) to</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Form 8-K filed
        September 17, 2004, File No. 001-09097)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">4(b)</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">First Amendment
        to Amended and Restated Loan Agreement and Consent</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Under Amended
        and Restated Parent Guaranty dated as of August 5, 2005</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">among the Borrowers,
        REX Stores Corporation, the Lenders named therein,</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Fleet Retail Group,
        LLC as agent for the Lenders and KeyBank National</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Association as
        syndication agent (incorporated by reference to Exhibit 4(a) to</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Form 10-Q for
        quarter ended July 31, 2005, File No. 001-09097)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">4(c)</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Second Amendment
        to Amended and Restated Loan Agreement dated as of</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">January 26, 2006
        among the Borrowers, REX Stores Corporation, the</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Lenders named
        therein, Bank of America, N.A. (f/k/a Fleet Retail Group,</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Inc.) as agent
        for the Lenders and KeyBank National Association as</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">syndication agent
        (incorporated by reference to Exhibit 4 (c) to Form 10-K</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">for fiscal year
        ended January 31, 2006, File No. 001-09097)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">4(d)</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Third Amendment
        to Amended and Restated Loan Agreement dated as of</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">May 4, 2006 among
        the Borrowers, REX Stores Corporation, the Lenders</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">named therein,
        Bank of America, N.A. (f/k/a Fleet Retail Group, Inc.) as</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">agent for the
        Lenders and KeyBank National Association as syndication</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">agent (incorporated
        by reference to Exhibit 4(a) to Form 10-Q for quarter</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">ended April 30,
        2006, File No. 001-09097)</FONT> </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">85</FONT></P>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=6% align=left nowrap>&nbsp; </TD>
    <TD width=3% align=left nowrap> <FONT size=2 face="serif">4(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD width=91% align=left nowrap> <FONT size=2 face="serif">Fourth Amendment
        to Amended and Restated Loan Agreement dated as of</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">August 18, 2006
        among the Borrowers, REX Stores Corporation, the Lenders</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">named therein,
        Bank of America, N.A. (f/k/a Fleet Retail Group, Inc.) as</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">agent for the
        Lenders and KeyBank National Association as syndication</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">agent (incorporated
        by reference to Exhibit 4(a) to Form 10-Q for quarter</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">ended October
        31, 2006, File No. 001-09097)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">4(f)</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Construction and
        Term Loan Agreement dated as of September 27, 2006</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">among Merrill
        Lynch Capital, a division of Merrill Lynch Business Financial</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Services Inc.,
        as Administrative Agent, the Lenders party thereto and</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Levelland/Hockley
        County Ethanol, LLC</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Pursuant to Item
        601(b)(4)(iii)(A) of Regulation S-K, the registrant has not</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">filed as an exhibit
        to this Form 10-K certain instruments with respect to long-</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">term debt where
        the total amount of securities authorized thereunder does not</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">exceed 10% of
        the total assets of the registrant and its subsidiaries on a</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">consolidated basis.
        The registrant agrees to furnish a copy of such</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">instruments to
        the Commission upon request.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD align=left nowrap colspan=2> <I><FONT size=2 face="serif">Material
          contracts:</FONT></I> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(a)*</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Employment Agreement
        dated November 29, 2005 between Rex Radio and</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Television, Inc.
        and Stuart Rose (incorporated by reference to Exhibit 10(a)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">to Form 8-K filed
        November 30, 2005, File No. 001-09097)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(b)*</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Amendment No.
        1 to Employment Agreement dated December 20, 2006</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">between Rex Radio
        and Television, Inc. and Stuart A. Rose</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(c)*</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Employment agreement
        dated October 11, 2005 between Rex Radio and</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Television, Inc.
        and David L. Bearden (incorporated by reference to Exhibit</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(a) to Form
        8-K filed October 12, 2005, File No. 001-09097)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(d)*</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Executive Stock
        Option dated October 14, 1998 granting Stuart Rose an</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">option to purchase
        500,000 shares of registrant&#146;s Common Stock</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">(incorporated
        by reference to Exhibit 10.3 to Form 10-Q for quarter ended</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">October 31, 1998,
        File No. 001-09097)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(e)*</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Executive Stock
        Option dated October 14, 1998 granting Lawrence Tomchin</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">an option to purchase
        150,000 shares of registrant&#146;s Common Stock</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">(incorporated
        by reference to Exhibit 10.4 to Form 10-Q for quarter ended</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">October 31, 1998,
        File No. 001-09097)</FONT> </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">86</FONT></P>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=6% align=left nowrap>&nbsp; </TD>
    <TD width=3% align=left nowrap> <FONT size=2 face="serif">10(f)*</FONT> </TD>
    <TD width=91% align=left nowrap> <FONT size=2 face="serif">Executive Stock
        Option dated April 17, 2001 granting Stuart Rose an option</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">to purchase 500,000
        shares of registrant's Common Stock (incorporated by</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">reference to Exhibit
        10(g) to Form 10-K for fiscal year ended January 31,</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">2002, File No.
        001-09097)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(g)*</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Executive Stock
        Option dated April 17, 2001 granting Lawrence Tomchin an</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">option to purchase
        150,000 shares of registrant's Common Stock</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">(incorporated
        by reference to Exhibit 10(h) to Form 10-K for fiscal year</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">ended January
        31, 2002, File No. 001-09097)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(h)*</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Subscription Agreement
        dated December 1, 1989 from Stuart Rose to</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">purchase 300,000
        shares of registrant&#146;s Common Stock (incorporated by</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">reference to Exhibit
        6.5 to Form 10-Q for quarter ended October 31, 1989,</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">File No. 0-13283)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(i)*</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Subscription Agreement
        dated December 1, 1989 from Lawrence Tomchin to</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">purchase 140,308
        shares of registrant&#146;s Common Stock (incorporated by</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">reference to Exhibit
        6.6 to Form 10-Q for quarter ended October 31, 1989,</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">File No. 0-13283)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(j)*</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">1995 Omnibus Stock
        Incentive Plan, as amended and restated effective June</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">2, 1995 (incorporated
        by reference to Exhibit 4(c) to Post-Effective</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Amendment No.
        1 to Form S-8 Registration Statement No. 33-81706)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(k)*</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">1999 Omnibus Stock
        Incentive Plan (incorporated by reference to Exhibit</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(a) to Form
        10-Q for quarter ended April 30, 2000, File No. 001-09097)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(l)*</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Form of Stock
        Option Agreement under 1999 Omnibus Stock Incentive Plan</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">(Nonqualified
        Stock Option) (incorporated by reference to Exhibit 10(a) to</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Form 10-Q for
        quarter ended October 31, 2004, File No. 001-09097)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(m)*</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Form of Stock
        Option Agreement under 1999 Omnibus Stock Incentive Plan</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">(Nonemployee Director
        Stock Option) (incorporated by reference to Exhibit</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(b) to Form
        10-Q for quarter ended October 31, 2004, File No. 001-09097)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(n)</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Lease dated December
        12, 1994 between Stuart Rose/Beavercreek, Inc. and</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Rex Radio and
        Television, Inc. (incorporated by reference to Exhibit 10(q) to</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Form 10-K for
        fiscal year ended January 31, 1995, File No. 0-13283)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">10(o)</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Purchase and Sale
        Agreement dated February 8, 2007 among Rex Radio and</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Television, Inc.,
        Kelly &amp; Cohen Appliances, Inc., Stereo Town, Inc., REX</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Stores Corporation
        and Coventry Real Estate Investments, LLC</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD align=left nowrap colspan=2> <I><FONT size=2 face="serif">Code
          of Ethics:</FONT></I> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">14(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">Code of Business
        Conduct and Ethics (incorporated by reference to Exhibit 14</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">(a) to Form 10-K
        for fiscal year ended January 31, 2004, File No. 001-09097)</FONT> </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">87</FONT></P>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=6% align=left nowrap> <FONT size=2 face="serif">(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD align=left nowrap colspan=2> <I><FONT size=2 face="serif">Letter
          re change in accounting principles:</FONT></I> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD width=2% align=left nowrap>&nbsp; </TD>
    <TD width=92% align=left nowrap> <FONT size=2 face="serif">18(a) Letter from
        Deloitte &amp; Touche LLP dated April 16, 2007 regarding change</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">in method of accounting
        for inventory of Kelly &amp; Cohen Appliances, Inc. from</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">the last-in, first-out
        (LIFO) method to the first-in, first-out (FIFO) method</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">(21)</FONT> </TD>
    <TD align=left nowrap colspan=2> <I><FONT size=2 face="serif">Subsidiaries
          of the registrant:</FONT></I> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">21(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD align=left nowrap> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Subsidiaries
        of registrant</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">(23)</FONT> </TD>
    <TD align=left nowrap colspan=2> <I><FONT size=2 face="serif">Consents
          of experts and counsel:</FONT></I> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">23</FONT> </TD>
    <TD align=left nowrap> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Consent
        of Deloitte &amp; Touche LLP to use its report dated April 16, 2007</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">included
        in this annual report on Form 10-K into registrant&#146;s Registration</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Statements
        on Form S-8 (Registration Nos. 33-3836, 33-81706, 33-62645,</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">333-69081,
        333-69089, 333-35118 and 333-69690)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">(31)</FONT> </TD>
    <TD align=left nowrap colspan=2> <FONT size=2 face="serif">Rule
        13a-14(a)/15d-14(a) Certifications:</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">31</FONT> </TD>
    <TD align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Certifications</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">(32)</FONT> </TD>
    <TD align=left nowrap colspan=2> <I><FONT size=2 face="serif">Section
          1350 Certifications:</FONT></I> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">32</FONT> </TD>
    <TD align=left nowrap> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Certifications</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Copies
          of the Exhibits not contained herein may be obtained by writing</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">to
          Edward M. Kress, Secretary, REX Stores Corporation, 2875</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Needmore
          Road, Dayton, Ohio 45414.</FONT></B> </TD>
  </TR>
</TABLE>
<table width="100" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div style="border-bottom:1px solid #000000">
        <p><font size="1">&nbsp;</font></p>
    </div></td>
  </tr>
  <tr>
    <td><p><font size="1">&nbsp;</font></p></td>
  </tr>
</table>
<div align="justify"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Those exhibits marked with an
      asterisk (*) above are management contracts or compensatory plans or arrangements
      for directors or executive officers of the registrant. </FONT></div>
<P align="center"> <FONT size=2 face="serif">88</FONT></P>
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.(F)
<SEQUENCE>3
<FILENAME>c47932_ex4-f.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<P align="right"><B><FONT face="serif">Exhibit 4(f)</FONT></B></P>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center">
<IMG src="c47932_ex4-fx1x1.jpg" border=0>
</P>
<P align="center">
<B><FONT size=5 face="serif">CONSTRUCTION AND TERM<br>
LOAN AGREEMENT </FONT></B></P>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">dated as of September 27, 2006 </FONT></B></P>
<P align="center"><B><FONT face="serif">among</FONT></B></P>
<P align="center"><B><FONT size=5 face="serif">M</FONT></B><B><FONT face="serif">ERRILL </FONT></B><B><FONT size=5 face="serif">L</FONT></B><B><FONT face="serif">YNCH
</FONT></B><B><FONT size=5 face="serif">C</FONT></B><B><FONT face="serif">APITAL</FONT></B><B><FONT size=5 face="serif">,</FONT></B></P>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">a division of Merrill Lynch
Business Financial Services Inc., <br>
as Administrative Agent, Sole Bookrunner and Sole Lead Arranger,<br>
</FONT></B><B><FONT face="serif">the
Lenders,</FONT></B></P>
<P align="center">
<B><FONT face="serif">and</FONT></B></P>
<P align="center">
<B><FONT size=5 face="serif">L</FONT></B><B><FONT face="serif">EVELLAND</FONT></B><B><FONT size=5 face="serif">/H</FONT></B><B><FONT face="serif">OCKLEY </FONT></B><B><FONT size=5 face="serif">C</FONT></B><B><FONT face="serif">OUNTY
</FONT></B><B><FONT size=5 face="serif">E</FONT></B><B><FONT face="serif">THANOL</FONT></B><B><FONT size=5 face="serif">,</FONT></B><B><FONT face="serif"> </FONT></B><B><FONT size=5 face="serif">LLC</FONT></B></P>
<P align="center">
<B><FONT face="serif">as Borrower</FONT></B></P>
<P align="center">&nbsp;</P>

<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<HR noshade width="100%" size=4>

<P align="left" style="page-break-before:always"></P><page><br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center colspan=5>
<FONT face="serif">Table of Contents</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<U><FONT face="serif">Page</FONT></U>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT face="serif">ARTICLE I. DEFINITIONS</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">1</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 1.1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Specific Terms</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">1</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 1.2</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Other Terms</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">18</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 1.3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">UCC Filing</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">18</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 1.4</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Computations of Time; Other Definitional Provisions</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">18</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT face="serif">ARTICLE II. THE LOAN</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">18</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Agreement to Lend</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">18</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.2</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Note</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">18</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Repayment Schedule</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">19</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.4</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Interest</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">19</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.5</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Loan Conversion</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">22</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.6</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Late Charge; Default Interest; Usury Savings Provision</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">23</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.7</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Payments</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">24</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.8</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Advance Procedures</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">26</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.9</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Use of Loan Proceeds</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">30</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.10</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Fees</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">30</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.11</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Prepayment</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">31</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.12</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Advance Not a Waiver or Approval</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">31</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.13</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Borrower&rsquo;s Equity</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">32</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.14</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Sharing of Payments, Etc</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">32</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 2.15</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Status of Lenders</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">33</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT face="serif">ARTICLE III. CONDITIONS PRECEDENT TO ADVANCES</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">34</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 3.1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Conditions of Closing and Initial Advance</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">34</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 3.2</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Conditions of All Advances</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">38</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 3.3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">[Reserved]</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">39</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 3.4</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Additional Conditions Precedent to All Advances</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">39</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 3.5</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Conditions Precedent to Final Advance</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">40</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT face="serif">ARTICLE IV. REPRESENTATIONS AND WARRANTIES</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">41</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Organization and Existence</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">41</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.2</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Execution, Delivery and Performance</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">42</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Notices and Approvals</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">42</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.4</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Enforceability</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">42</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.5</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Collateral</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">42</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.6</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Financial Statements</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">43</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.7</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Litigation</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">43</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.8</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Tax Returns</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">43</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.9</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Relationship with Merrill Lynch</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">43</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.10</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">No Default</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">43</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.11</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">No Outside Broker</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">43</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.12</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Material Adverse Effect</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">43</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT face="serif">i </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.13</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Environmental Matters</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">44</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.14</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Investment Company Act</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">44</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.15</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Public Utility Holding Company Act</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">44</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.16</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">No Assignment</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">44</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.17</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Compliance With Laws</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">44</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.18</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Plans</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">44</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.19</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Utility Services</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">45</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.20</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Access</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">45</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.21</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">No Commencement</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">45</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.22</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Budget Correct</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">45</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.23</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Projections</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">45</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.24</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Contracts</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">45</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.25</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Land</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">46</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.26</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">ERISA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">46</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.27</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Disclosure; Accuracy</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">46</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.28</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Subsidiaries</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">46</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 4.29</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Labor Controversies</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">47</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT face="serif">ARTICLE V. AFFIRMATIVE COVENANTS</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">47</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Financial and Other Information</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">47</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.2</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">General Agreements With Respect to Financial Information</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">48</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Financial Records; Inspection</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">48</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.4</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Taxes</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">48</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.5</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Compliance With Laws and Agreements</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">48</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.6</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Notification By Borrower</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">49</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.7</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Entity Organization</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">50</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.8</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Environmental Compliance</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">50</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.9</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Insurance</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">50</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.10</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Additional Subsidiaries</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">54</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.11</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Intellectual Property</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">54</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.12</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Use of Proceeds</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">55</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.13</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Title; Maintenance of Assets</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">55</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.14</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Operating Margin Protection</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">55</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.15</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Deposit Accounts</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">55</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.16</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Lockbox Agreement</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">55</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.17</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Reorganizations</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">56</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 5.18</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Further Assurances</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">56</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT face="serif">ARTICLE VI. NEGATIVE COVENANTS</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">56</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Merger, Change in Business</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">56</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.2</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Use of Property; Transactions with Affiliates; Nature of Business;</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Financial Condition</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">57</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Indebtedness</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">57</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.4</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Liens</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">58</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.5</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Restricted Payments</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">58</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.6</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Investments, Loans and Advances</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">58</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.7</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Lease Approval</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">58</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT face="serif">ii </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.8</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Amendments to Entity Documents and Other Agreements</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">58</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.9</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">ERISA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">59</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.10</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Financial Covenants</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">59</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.11</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Project Management</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">60</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.12</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Alterations</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">60</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.13</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">No Commingling of Funds</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">60</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.14</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">No Use of Administrative Agent or any Lender&#8217;s Name</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">60</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.15</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Swap Contract</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">60</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.16</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Burdensome Agreements</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">60</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.17</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Sale or Discount of Receivables</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">60</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.18</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Abandonment</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">60</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 6.19</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Sale and Leaseback Transactions</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">61</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT face="serif">ARTICLE VII. ADDITIONAL CONSTRUCTION COVENANTS</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">61</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">[Reserved]</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">61</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.2</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Surveys</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">61</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Appraisals</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">61</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.4</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Permits; Licenses; Approvals</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">62</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.5</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Plans and Construction Contracts, and Approvals and Amendments</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">62</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.6</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Construction</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">63</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.7</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Defects and Variances</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">63</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.8</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Independent Consultant</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">64</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.9</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Contracts</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">64</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.10</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Affidavit of Commencement</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">65</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.11</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Affidavit of Completion</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">65</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.12</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Advertising by Administrative Agent and Lenders</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">65</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.13</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Delivery of Property Contracts</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">65</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.14</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Operating Contracts</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">65</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.15</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Safe Storage</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">65</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.16</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Title Insurance Endorsement</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">66</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.17</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Site Visits, Observation and Testing</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">66</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.18</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Project Commencement and Operation</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">66</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.19</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Reserve Account</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">66</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 7.20</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Accounts</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">66</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT face="serif">ARTICLE VIII. COLLATERAL</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">67</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 8.1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Collateral</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">67</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 8.2</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Collateral Assignment of Construction Contracts and Property</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Contracts</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">67</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 8.3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Collateral Assignment of Plans</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">68</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 8.4</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">No Obligation or Agency of Administrative Agent or any Lender</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">69</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 8.5</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Casualty; Condemnation</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">70</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT face="serif">ARTICLE IX. EVENTS OF DEFAULT AND REMEDIES</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">72</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 9.1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Events of Default</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">72</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 9.2</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Remedies</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">74</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 9.3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Set-Off</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">76</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT face="serif">iii </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=26% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 9.4</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD width=66% align=left nowrap>
<FONT face="serif">Power of Attorney</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD width=4% align=left nowrap>
<FONT face="serif">76</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 9.5</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Remedies are Severable and Cumulative</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">76</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 9.6</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">No Marshalling</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">76</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 9.7</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Notices</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">77</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 9.8</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Application of Funds</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">77</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 9.9</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Completion of the Improvements</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">77</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 9.10</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Receiver</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">78</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 9.11</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Right to Perform Obligations</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">78</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT face="serif">ARTICLE X. ADMINISTRATIVE AGENT</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">79</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 10.1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Appointment and Duties of Administrative Agent</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">79</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 10.2</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Discretion and Liability of Administrative Agent</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">79</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 10.3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Event of Default</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">80</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 10.4</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Consultation</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">80</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 10.5</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Communications to and from Administrative Agent</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">80</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 10.6</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Limitations of Agency</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">81</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 10.7</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">No Representations or Warranty</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">81</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 10.8</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Lender Credit Decision</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">81</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 10.9</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Indemnity</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">81</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 10.10 </FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Resignation</font>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">82</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 10.11 </FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Disbursements and Distributions</font></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">82</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 10.12 </FONT></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Limitation of Suits</font>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">82</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 10.13 </FONT></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Right of Setoff</font>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">82</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<FONT face="serif">ARTICLE XI. MISCELLANEOUS</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">83</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 11.1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Non-Waiver</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">83</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 11.2</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Disclosure</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">83</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 11.3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Communications</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">83</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 11.4</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Costs and Expenses</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">84</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 11.5</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Taxes and Fees</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">84</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 11.6</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Further Assurances</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">84</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 11.7</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Binding Effect</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">84</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 11.8</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Interpretation; Construction</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">84</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section 11.9</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">GOVERNING LAW</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">85</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 11.10 </FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Severability of Provisions</font></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">85</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 11.11 </FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Term</font></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">85</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 11.12 </FONT></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Exhibits</font>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">85</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 11.13 </FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Counterparts; Facsimiles</font></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">85</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 11.14 </FONT></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Jurisdiction; Waiver</font>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">85</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 11.15 </FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Jury Waiver</font>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">86</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 11.16 </FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Survival</font>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">86</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 11.17 </FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Borrower&#8217;s Acknowledgments</font></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">86</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 11.18 </FONT></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><FONT face="serif">Customer Identification &#150; USA
    Patriot Act Notice; OFAC and</FONT>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Bank Secrecy Act</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">86</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 11.19 </FONT></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Amendment</font>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">87</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 11.20 </FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Assignments and Participations</font></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">88</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Section
 11.21 </FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font face="serif">Integration</font></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">90</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">iv </FONT></P>

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<P align="left" style="page-break-before:always"></P><page><br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=4>
<B><U><FONT face="serif">EXHIBITS</FONT></U></B>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD width=72% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=2>
<FONT face="serif">A</FONT>&nbsp;
  </TD>
  <TD width=4% align=right nowrap>
<FONT face="serif">&#150;</FONT>
  </TD>
  <TD width=3% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Land</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=2>
<FONT face="serif">B</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">&#150;</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Form of Certificate of Compliance</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=2>
<FONT face="serif">C</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">&#150;</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Form of Draw Request</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=2>
<FONT face="serif">D</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">&#150;</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Form of Affidavit of Commencement</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=2>
<FONT face="serif">E</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">&#150;</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Form of Affidavit of Completion</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=2>
<FONT face="serif">F</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">&#150;</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Budget</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=6>
<B><U><FONT face="serif">SCHEDULES</FONT></U></B>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>
    <div align="left"><FONT face="serif">1.1</FONT>
    </div></TD>
  <TD width=13% align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">&#150;</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Commitments</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT face="serif">3.1</FONT>
    </div></TD>
  <TD align=right nowrap><div align="left"><font face="serif">(e)</font></div></TD>
  <TD align=right nowrap><FONT face="serif">&#150;</FONT> </TD>
  <TD align=left nowrap>&nbsp;
</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Governmental Approvals</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT face="serif">3.1</FONT>
    </div></TD>
  <TD align=left nowrap>
<FONT face="serif">(f)</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT face="serif">&#150;</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Operating Contracts</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT face="serif">4.28</FONT>
    </div></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT face="serif">&#150;</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Subsidiaries</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">v</FONT></P>

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<P align="left" style="page-break-before:always"></P><page><br>
<BR>
<P align="left">&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="39%"><IMG src="c47932_ex4-fx7x1.jpg" width="168" height="40" border=0>
    <div style="border-bottom:1px solid #000000"></div></td>
    <td width="61%"><div align="right" style="border-bottom:1px solid #000000">
      <b><font face="serif">CONSTRUCTION AND TERM LOAN AGREEMENT</font></b></div></td>
  </tr>
</table>
<P align="left"><B></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This </FONT><B><FONT face="serif">CONSTRUCTION AND TERM LOAN AGREEMENT</FONT></B><FONT face="serif"> is dated as of September 27, 2006, among </FONT><B><FONT face="serif">L</FONT></B><B><FONT size=2 face="serif">EVELLAND</FONT></B><B><FONT face="serif">/H</FONT></B><B><FONT size=2 face="serif">OCKLEY </FONT></B><B><FONT face="serif">C</FONT></B><B><FONT size=2 face="serif">OUNTY </FONT></B><B><FONT face="serif">E</FONT></B><B><FONT size=2 face="serif">THANOL</FONT></B><B><FONT face="serif">,</FONT></B><B><FONT size=2 face="serif"> </FONT></B><B><FONT face="serif">LLC</FONT></B><FONT face="serif">, a limited liability company organized and existing under the laws of the State of Texas
having its principal office at 1012 Austin Street, Levelland, Texas 79336 (together with its successors and permitted assigns, &#8220;</FONT><U><FONT face="serif">Borrower</FONT></U><FONT face="serif">&#8221;), each of Lenders that is a signatory hereto or
which becomes a signatory hereto pursuant to </FONT><U><FONT face="serif">Section 11.20</FONT></U><FONT face="serif"> hereof (individually, together with its successors and assigns, a &ldquo;</FONT><U><FONT face="serif">Lender</FONT></U><FONT face="serif">&#8221; and collectively, &ldquo;</FONT><U><FONT face="serif">Lenders</FONT></U><FONT face="serif">&rdquo;), and </FONT><B><FONT face="serif">M</FONT></B><B><FONT size=2 face="serif">ERRILL </FONT></B><B><FONT face="serif">L</FONT></B><B><FONT size=2 face="serif">YNCH </FONT></B><B><FONT face="serif">C</FONT></B><B><FONT size=2 face="serif">APITAL</FONT></B><FONT face="serif">,</FONT><FONT size=2 face="serif"> </FONT><FONT face="serif">a division of Merrill Lynch Business Financial Services
Inc., a corporation organized and existing under the laws of the State of Delaware having its principal office at 222 North LaSalle Street, Chicago, IL 60601, as administrative agent for Lenders (in such capacity, &ldquo;</FONT><U><FONT face="serif">Administrative Agent</FONT></U><FONT face="serif">&rdquo;). </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In consideration of &#36;10, other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and the covenants and agreements herein contained, Borrower,
Administrative Agent and each Lender hereby agree as follows, intending to be legally bound: </FONT></P>
<P align="center">
<B><FONT face="serif">ARTICLE I. DEFINITIONS</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 1.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Specific Terms</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  In addition to terms defined elsewhere in this Construction and Term Loan
Agreement, when used herein, the following terms shall have the following meanings: </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Administrative Agent</FONT></U><FONT face="serif">&rdquo; is defined in the introductory paragraph hereof.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Advance</FONT></U><FONT face="serif">&rdquo; means a disbursement by Administrative Agent, whether by journal entry, deposit to Borrower&#8217;s account, check or wire transfer to
third party, or otherwise, of any of the proceeds of the Loan. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Adverse Environmental Condition</FONT></U><FONT face="serif">&rdquo; means (a) the existence or the continuation of the existence of an Environmental Contamination (including a
sudden or non-sudden accidental or non-accidental Environmental Contamination), or exposure to any substance, chemical, material, pollutant, Hazardous Substance, odor or audible noise or other release or emission in, into or onto the environment
(including without limitation, the air, ground, water or any surface) at, in, by, from or related to any Collateral, (b) the environmental aspect of the transportation, storage, treatment or disposal of materials in connection with the operation of
any Collateral, or (c) the violation, or alleged violation, of any Environmental Law, permits or licenses of, by or from any Governmental Agency relating to environmental matters connected with any of the Collateral. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Affidavit of Commencement</FONT></U><FONT face="serif">&rdquo; means the affidavit substantially in form and substance as set forth on </FONT><U><FONT face="serif">Exhibit
D</FONT></U><FONT face="serif"> attached hereto or as otherwise acceptable to Administrative Agent. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Affidavit of Completion</FONT></U><FONT face="serif">&rdquo; means the affidavit substantially in form and substance as set forth on </FONT><U><FONT face="serif">Exhibit
E</FONT></U><FONT face="serif"> attached hereto or as otherwise acceptable to Administrative Agent. </FONT></P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Affiliate</FONT></U><FONT face="serif">&rdquo; of any Person means any Person directly or indirectly controlled by, controlling or under common control with such first Person.
For the purposes of this definition &ldquo;control&rdquo; of any Person includes (a) with respect to any corporation or other Person having voting shares or the equivalent and elected directors, managers, or Persons performing similar functions, the ownership
or power to vote, directly or indirectly shares or the equivalent representing 25% or more of the power to vote in the election of directors, managers or Persons performing similar functions (other than as a limited partner of such other Person) and
(b) the ability to direct the business and affairs of any Person by acting as a general partner, manager or otherwise. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Allocations</FONT></U><FONT face="serif">&rdquo; means the line items set forth in the Budget for which Advances of Loan proceeds may be made. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Appraisal</FONT></U><FONT face="serif">&rdquo; means a current appraisal prepared by a qualified appraiser, who is designated as an MAI appraiser by the Appraisal Institute,
and who is licensed in the state in which the Land is located and who is completely independent from each Credit Party and each Affiliate of any Credit Party, in scope and substance acceptable to Administrative Agent, in conformity with the
Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended from time to time, and the requirements of Administrative Agent, and approved in accordance with any requirements of Administrative Agent. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Approved Fund</FONT></U><FONT face="serif">&rdquo; means, with respect to Lender, any Person (other than a natural person) that is engaged in making, purchasing, holding or
investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of an entity that administers,
operates or manages such Lender. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Assignment and Acceptance</FONT></U><FONT face="serif">&rdquo; means an agreement by which an assignment is made pursuant to </FONT><U><FONT face="serif">Section
11.20</FONT></U><FONT face="serif"> hereof, in form and substance reasonably satisfactory to Administrative Agent. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Assignment Fee</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 11.20(a)</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Bankruptcy Code</FONT></U><FONT face="serif">&rdquo; means the Bankruptcy Code of the United States.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Bankruptcy Event</FONT></U><FONT face="serif">&rdquo; means any of the following: (a) a proceeding under any bankruptcy, reorganization, arrangement, insolvency, readjustment
of debt, liquidation, winding up or receivership law or statute shall be commenced, filed or consented to by any Credit Party; or (b) any such proceeding shall be filed against any Credit Party and shall not be dismissed or withdrawn within 60 days
after filing; (c) any Credit Party shall make a general assignment for the benefit of creditors; (d) any Credit Party shall generally fail to pay or admit in writing its inability to pay its debts as they become due; (e) any Credit Party shall be
adjudicated a bankrupt or insolvent; (f) any Credit Party shall take advantage of any other law or procedure for the relief of debtors or shall take any action for the purpose of or with a view towards effecting any of the foregoing; or (g) a
receiver, trustee, custodian, fiscal agent or similar official for any Credit Party or for any substantial part of any of their respective property or assets shall be sought by such Credit Party or appointed. </FONT></P>
<P align="center">
<FONT face="serif">2</FONT></P>

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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Borrower</FONT></U><FONT face="serif">&rdquo; is defined in the introductory paragraph hereof.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Borrower&#8217;s Deposit</FONT></U><FONT face="serif">&rdquo; means such cash amounts as Administrative Agent may deem necessary for Borrower to deposit with it in accordance with
the provisions of </FONT><U><FONT face="serif">Section 2.8(e)</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Borrower&#8217;s Equity</FONT></U><FONT face="serif">&rdquo; means the amount or amounts shown in the Budget which are required to be contributed by Borrower and utilized for the
purposes reflected in the Budget. The amount of Borrower&#8217;s Equity as of the Closing Date shall not be less than &#36;29,140,000 plus, if applicable, the additional amount required pursuant to </FONT><U><FONT face="serif">Section
3.1(g)</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  For purposes of this Loan Agreement, the amount of the Rex Subordinated Debt shall be included as part of the Borrower&#8217;s Equity. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Budget</FONT></U><FONT face="serif">&rdquo; means a budget prepared by Borrower, in form and substance acceptable to Administrative Agent and approved by Administrative Agent
in writing, that reflects an itemization of all costs associated with the acquisition, construction, and financing of the Project, including (a) all costs needed or anticipated to acquire the Land and all equipment and materials that comprise the
Improvements and to design and construct the Improvements in accordance with the Plans (including all Construction Costs), (b) all marketing costs, and (c) all costs associated with financing any of the foregoing (including Loan fees, interest, and
other financing charges) that are anticipated to be incurred during the Construction Phase, which budget is attached hereto as </FONT><U><FONT face="serif">Exhibit F</FONT></U><FONT face="serif">, as such budget may be amended from time to time in
accordance with the provisions of this Loan Agreement. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Business Day</FONT></U><FONT face="serif">&rdquo; means any day other than a Saturday, a Sunday, and any day on which banking institutions located in the State of Illinois are
authorized by law or other governmental action to close and which Administrative Agent has designated as its holiday. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Casualty</FONT></U><FONT face="serif">&rdquo; means the damage or destruction by any cause of any portion of the Collateral. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Closing Date</FONT></U><FONT face="serif">&rdquo; means the date upon which all conditions precedent to a Lender&#8217;s obligation to make the first Advance under the Construction
Loan shall have been met or waived to the satisfaction of all Lenders. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Code</FONT></U><FONT face="serif">&rdquo; means the Internal Revenue Code of 1986, as amended from time to time.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Collateral</FONT></U><FONT face="serif">&rdquo; means the Property (as such term is defined in the Mortgage) and the Collateral (as such term is defined in the Security
Agreement), including the Real Property Collateral and the Personal Property Collateral, and any other property, rights, or interests which, at any time and for such time, secure all or any portion of the Obligations.</FONT><B><FONT face="serif">
</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Commitment</FONT></U><FONT face="serif">&rdquo; means the commitment of each Lender to make Advances under the Construction Loan pursuant to </FONT><U><FONT face="serif">Section 2.1</FONT></U><FONT face="serif"> in an aggregate principal amount not to exceed the amount set forth opposite such Lender&#8217;s name on </FONT><U><FONT face="serif">Schedule 1.1</FONT></U><FONT face="serif"> or in the Assignment
and Acceptance pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Loan Agreement. As of the Closing Date, the total Commitments equal the Note Amount.
</FONT></P>
<P align="center">
<FONT face="serif">3</FONT></P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Commitment Expiration Date</FONT></U><FONT face="serif">&rdquo; means the earlier of (a) March 31, 2008, (b) the day before the Conversion Date, or (c) the date on which the
Commitment is terminated pursuant to </FONT><U><FONT face="serif">Section 9.2(a)</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Completion</FONT></U><FONT face="serif">&rdquo; means the full and complete performance of all work (including all punch list items) required to fully construct the
Improvements in accordance with this Loan Agreement, the other Loan Documents, the Plans, and all Legal Requirements, and issuance of a Certificate of Occupancy (or its equivalent) by the appropriate Governmental Agencies authorizing the use and
occupancy of the Improvements. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Condemnation</FONT></U><FONT face="serif">&rdquo; means the taking, condemnation, confiscation or acquisition of any portion of the Collateral pursuant to the exercise of the
power of eminent domain or other action of a Governmental Agency or the threat thereof. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Construction Account</FONT></U><FONT face="serif">&rdquo; means an account established by Borrower with Administrative Agent into which all Advances made directly to Borrower
will be deposited, and other amounts for payment of Construction Costs may be deposited as provided in this Loan Agreement. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Construction Commencement Date</FONT></U><FONT face="serif">&rdquo; means a date on or before November 15, 2006, which is after the date the Mortgage was recorded in the
appropriate records of the county where the Land is located. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Construction Contracts</FONT></U><FONT face="serif">&rdquo; means any and all contracts, subcontracts and agreements, written or oral, between Borrower and any other party, and
between parties other than Borrower, in any way relating to the design or construction of the Improvements on the Land or the supplying of material (specially fabricated or otherwise), labor, supplies, or other services therefor. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Construction Costs</FONT></U><FONT face="serif">&rdquo; means all costs to acquire the Land and all equipment and materials that comprise the Improvements and to design and
construct the Improvements, including labor and materials, architectural, engineering, interior and landscape design, legal, consulting and other related fees; costs for Construction Contracts; the Imposition costs; bond and insurance costs; and any
financing costs payable to any creditor other than Administrative Agent or any Lender during the Construction Phase but excluding all financing costs payable to Administrative Agent and Lenders. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Construction Loan</FONT></U><FONT face="serif">&rdquo; means the Loan, during the term beginning on the Closing Date through the earlier of (a) the Maturity Date or (b) the
Commitment Expiration Date. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Construction Phase</FONT></U><FONT face="serif">&rdquo; means the period from the Closing Date through the earliest to occur of (a) the Commitment Expiration Date or (b) the
last to occur of (i) Completion or (ii) disbursement of the final Advance. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Construction Schedule</FONT></U><FONT face="serif">&rdquo; means a schedule of the construction of the Improvements, which shall include the anticipated commencement and
completion dates of each phase or aspect of construction of the Improvements, in detail and form reasonably acceptable to Administrative Agent, as such Construction Schedule is amended from time to time. </FONT></P>
<P align="center">
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Contractor</FONT></U><FONT face="serif">&rdquo; means ICM, Inc., and any other contractor with whom Borrower contracts for construction of the Improvements or any portion
thereof, including for the development of the Land. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Contractor Consents</FONT></U><FONT face="serif">&rdquo; means a consent and agreement, by a Contractor or Design Professional, as applicable, to the collateral assignment to
Administrative Agent of a Construction Contract, and the granting of nondisturbance rights in favor of Administrative Agent, opportunity to cure rights in favor of Administrative Agent, and such other matters as Administrative Agent may require, all
in form and substance acceptable to Administrative Agent.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Conversion Date</FONT></U><FONT face="serif">&rdquo; means the effective date of the Loan Conversion, if any, as provided in </FONT><U><FONT face="serif">Section
2.5</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Conversion Notice</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 2.5</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Credit Party</FONT></U><FONT face="serif">&rdquo; and &ldquo;</FONT><U><FONT face="serif">Credit Parties</FONT></U><FONT face="serif">&rdquo; means, individually or collectively, Borrower
and any and all other Persons guaranteeing the Obligations or providing Collateral to secure the Obligations. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Default</FONT></U><FONT face="serif">&rdquo; means either an &ldquo;</FONT><U><FONT face="serif">Event of Default</FONT></U><FONT face="serif">&rdquo; as defined in </FONT><U><FONT face="serif">Section 9.1</FONT></U><FONT face="serif"> hereof, or an event which with the giving of notice, passage of time, or both, would constitute such an Event of Default. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Default Rate</FONT></U><FONT face="serif">&rdquo; means a rate per annum equal to the Interest Rate otherwise applicable, plus 6.00% . </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Design Professional</FONT></U><FONT face="serif">&rdquo; means each engineer, interior designer, space planner, landscape designer or other Person with whom Borrower contracts
for the providing of planning, design, engineering or other similar services relating to the Improvements. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Disqualified Capital Stock</FONT></U><FONT face="serif">&rdquo; means any Stock that, by its terms (or by the terms of any security into which it is convertible or for which it
is exchangeable) or upon the happening of any event, matures or is mandatorily redeemable for any consideration other than other Stock (which would not constitute Disqualified Capital Stock), pursuant to a sinking fund obligation or otherwise, or is
convertible or exchangeable for Indebtedness or redeemable for any consideration other than other Stock (which would not constitute Disqualified Capital Stock) at the option of the holder thereof, in whole or in part, on or prior to the date that is
one year after the earlier of (a) the Maturity Date and (b) the date on which there are no outstanding Obligations and all of the Commitments for Advances are terminated. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Dollars</FONT></U><FONT face="serif">,&rdquo; &ldquo;</FONT><U><FONT face="serif">&#36;</FONT></U><FONT face="serif">&rdquo; or &ldquo;</FONT><U><FONT face="serif">USD</FONT></U><FONT face="serif">&rdquo; means lawful currency of
the United States of America.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Draw Period</FONT></U><FONT face="serif">&rdquo; means a calendar month.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Draw Request</FONT></U><FONT face="serif">&rdquo; means a request duly completed, executed, and submitted by Borrower to Administrative Agent and the Independent Consultant as
a condition precedent to an Advance, in the form of </FONT><U><FONT face="serif">Exhibit C</FONT></U><FONT face="serif"> attached hereto or as otherwise acceptable to Administrative Agent,</FONT></P>
<P align="center">
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<FONT face="serif">together with such Lien waivers, releases, affidavits, invoices, certifications, and other documents as Administrative Agent may require. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">EBITDAR</FONT></U><FONT face="serif">&rdquo; means the Borrower&#8217;s income before interest (including payments in the nature of interest under capital leases), taxes,
depreciation, amortization, other non-cash charges, and rent; all as determined (a) for the period beginning April 1, 2008 through and including March 31, 2009, on an annualized basis and (b) thereafter on a trailing 12-month basis in accordance
with GAAP. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">EBITDAR Coverage Ratio</FONT></U><FONT face="serif">&rdquo; means the ratio of (a) EBITDAR of Borrower to (b) the sum of Borrower&#8217;s (i) interest (including payments in the
nature of interest under capital leases), plus (ii) current maturities of long-term Funded Debt, plus (iii) rent under operating leases; all as determined on a trailing 12-month basis in accordance with GAAP. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Eligible Assignee</FONT></U><FONT face="serif">&rdquo; means (a) a commercial bank organized under the laws of the United States, or any state thereof, and having total assets
in excess of &#36;250,000,000, (b) a commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development or a political subdivision of any such country and which has total
assets in excess of &#36;250,000,000, provided that such bank is acting through a branch or agency located in the United States, (c) a finance company, insurance company, or other financial institution or fund that is engaged in making, purchasing,
or otherwise investing in commercial loans in the ordinary course of its business and having (together with its Affiliates) total assets in excess of &#36;250,000,000, (d) a Lender, any Affiliate (other than individuals) or Approved Fund of a
Lender, and (e) during the continuation of a Default, any other Person so long as the assigning Lender provides at least five Business Days prior written notice to Administrative Agent of such assignment; provided, however, in order for any assignee
to be a party to this Agreement, such assignee must be exempt from withholding taxes. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Eligible Swap Counterparty</FONT></U><FONT face="serif">&rdquo; means a Lender or any Affiliate of a Lender that at the time it occupies such role or capacity enters into a
Swap Contract with Borrower or any Subsidiary. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Environmental Claim</FONT></U><FONT face="serif">&rdquo; means any accusation, allegation, notice of violation, claim, demand, abatement or other order or direction
(conditional or otherwise) by any Governmental Agency or any Person for personal injury (including sickness, disease or death), tangible or intangible property damage, damage to the environment or other adverse affects on the environment, or for
fines, penalties or restrictions, resulting from or based upon any Adverse Environmental Condition. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Environmental Contamination</FONT></U><FONT face="serif">&rdquo; means any actual or threatened release, spill, emission, leaking, pumping, injection, presence, deposit,
abandonment, disposal, discharge, dispersal, leaching or migration into the indoor or outdoor environment, or into or out of any of the Collateral, including, without limitation, the movement of any Hazardous Substance or other substance through or
in the air, soil, surface water, groundwater or property which is not in compliance with applicable Environmental Laws. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Environmental Law</FONT></U><FONT face="serif">&rdquo; means any federal, state or local law, statute, ordinance, or regulation, whether now or hereafter in effect, pertaining
to environmental regulation, contamination, remediation or human health or safety, industrial hygiene, or the environmental conditions on, under, or about the Real Property Collateral, and regulations, rules, guidelines, or standards promulgated
pursuant to such laws, statutes, ordinances and regulations, as such laws, statutes, ordinances, regulations, rules, guidelines, and standards are amended from time to time. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">ERISA</FONT></U><FONT face="serif">&rdquo; means the Employee Retirement Income Security Act of 1974 (or any successor legislation thereto), as amended from time to time, and
any regulations promulgated thereunder. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">ERISA Affiliate</FONT></U><FONT face="serif">&rdquo; means any trade or business (whether or not incorporated) that, together with Borrower, is treated as a single employer
under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">ERISA Event</FONT></U><FONT face="serif">&rdquo; means (a) any &ldquo;reportable event&rdquo;, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to an
ERISA Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any ERISA Plan of an &ldquo;accumulated funding deficiency&rdquo; (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not
waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any ERISA Plan; (d) the incurrence by Borrower or any of its ERISA Affiliates of
any liability under Title IV of ERISA with respect to the termination of any ERISA Plan; (e) the receipt by Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any ERISA Plan or
ERISA Plans or to appoint a trustee to administer any ERISA Plan; (f) the incurrence by Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any ERISA Plan or Multiemployer Plan; or (g)
the receipt by Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan
is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">ERISA Plan</FONT></U><FONT face="serif">&rdquo; means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA, and in respect of which Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an &ldquo;employer&rdquo; as defined in Section 3(5) of ERISA.
</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Event of Loss</FONT></U><FONT face="serif">&rdquo; means the occurrence whereby any Tangible Collateral is damaged beyond repair, lost, totally destroyed, or confiscated,
whether or not covered by property insurance. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Excess Cash Flow</FONT></U><FONT face="serif">&rdquo; means the sum of Borrower&#8217;s (a) EBITDAR, minus (b) current principal and interest payments due on any of Borrower&#8217;s debt,
minus (c) current operating lease expense, minus (d) any maintenance capital expenditures, minus (e) taxes; all as determined for the fiscal year most recently ended in accordance with GAAP. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Excluded Taxes</FONT></U><FONT face="serif">&rdquo; means, with respect to Administrative Agent or any Lender, (a) income or franchise taxes measured by its net income (however
denominated) and imposed on it by a Governmental Agency, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which Borrower is located, (c) franchise taxes imposed by the State
of Texas or other Governmental Agency on either Administrative Agent or any Lender as a result of doing business in the State of Texas or other jurisdiction. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Facility Fee</FONT></U><FONT face="serif">&rdquo; means the facility fee described in the fee letter dated September 27, 2006 between Borrower and Administrative Agent.
</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">FEL</FONT></U><FONT face="serif">&rdquo; means Farmers Energy Levelland, LLC, an Ohio limited liability company.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">FEL Subordinated Debt</FONT></U><FONT face="serif">&rdquo; means the Indebtedness in an aggregate original principal amount of &#36;5,595,000 evidenced by the FEL Subordinated
Debt Documents.  As of September 25, 2006, the outstanding principal amount of the FEL Subordinated Debt together with the accrued and unpaid interest payable thereon total &#36;2,875,613.45. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">FEL Subordinated Debt Documents</FONT></U><FONT face="serif">&rdquo; means, collectively (a) that certain Secured Promissory Note dated July 27, 2006 in the aggregate original
principal amount of &#36;5,595,000 executed by Borrower and payable to the order of FEL and (b) that certain Security Agreement dated effective July 27, 2006 by and between Borrower and FEL. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Force Majeure</FONT></U><FONT face="serif">&rdquo; means acts of God, strikes, lockouts, embargo, fire, tornadoes, unavoidable casualty, acts of terrorism, national emergency
or any other unforeseeable event beyond the control of Borrower. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Foreign Lender</FONT></U><FONT face="serif">&rdquo; means any Lender that is organized under the laws of a jurisdiction other than that in which Borrower is resident for tax
purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Funded Debt</FONT></U><FONT face="serif">&rdquo; means, as of any date of determination and for any Person, the Indebtedness described in </FONT><U><FONT face="serif">clauses
(a)</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">(b)</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">(c)</FONT></U><FONT face="serif"> and </FONT><U><FONT face="serif">(d)</FONT></U><FONT face="serif"> of the definition of
&ldquo;Indebtedness&rdquo; and guarantees and other surety obligations by such Person of the Funded Debt of others. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Funding Source</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 11.20(e)</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">GAAP</FONT></U><FONT face="serif">&rdquo; means the generally accepted accounting principles in effect in the United States of America from time to time, consistently applied
from period to period. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Governmental Agencies</FONT></U><FONT face="serif">&rdquo; means any government or any state, department or other political subdivision thereof, or governmental body, agency,
authority, department or commission having jurisdiction over Borrower or its properties (including any court or tribunal) exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any
corporation, partnership or other entity directly or indirectly owned by the foregoing. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Guaranteed Indebtedness</FONT></U><FONT face="serif">&rdquo; means, as to any Person, any obligation of such Person guaranteeing any indebtedness, lease, dividend, or other
obligation (&ldquo;</FONT><U><FONT face="serif">primary obligations</FONT></U><FONT face="serif">&rdquo;) of any other Person (the &ldquo;</FONT><U><FONT face="serif">primary obligor</FONT></U><FONT face="serif">&rdquo;) in any manner, including any obligation or
arrangement of such guaranteeing Person (whether or not contingent): (a) to purchase or repurchase any such primary obligation; (b) to advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working
capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet condition of the primary obligor; (c) to purchase property, securities or services primarily for the purpose of assuring the
owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation; or (d) to indemnify the owner of such primary obligation against loss in respect thereof. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Hazardous Substances</FONT></U><FONT face="serif">&rdquo; means any hazardous, toxic or harmful substances, wastes, materials, pollutants or contaminants (including, without
limitation, asbestos, polychlorinated biphenyls, petroleum products, radon, lead-based paint, flammable explosives, radioactive materials, infectious substances or raw materials) which are included under or regulated by Environmental Laws.
</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Impositions</FONT></U><FONT face="serif">&rdquo; means (a) all real estate and personal property taxes, charges, assessments, standby fees, excises, and levies and any
interest, costs, or penalties with respect thereto, general and special, ordinary and extraordinary, foreseen and unforeseen, of any kind and nature whatsoever which at any time prior to or after the execution hereof may be assessed, levied, or
imposed upon the Collateral or the ownership, use, occupancy, or enjoyment thereof, or any portion thereof, or the sidewalks, streets, or alleyways adjacent thereto; (b) any charges, fees, license payments, or other sums payable for or under any
easement, license, or agreement maintained for the benefit of the Collateral; (c) water, gas, sewer, electricity, and other utility charges and fees relating to the Collateral; and (d) assessments and charges arising under any subdivision,
condominium, planned unit development, or other declarations, restrictions, regimes, or agreements affecting the Collateral. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Improvements</FONT></U><FONT face="serif">&rdquo; means the ethanol production facility and other facilities that are ancillary, incidental, necessary or related to the
marketing, management, servicing, ownership or operation of such facility; any and all buildings, covered garages, storage sheds, silos and buildings, air conditioning towers, work rooms, open parking areas, structures and other improvements, and
any and all additions, alterations, betterments or appurtenances thereto, now or at any time hereafter situated, placed, or constructed upon the Land or any part thereof. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Indebtedness</FONT></U><FONT face="serif">&rdquo; of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money or for the deferred purchase
price of property or services (including reimbursement and all other obligations with respect to surety bonds, letters of credit and bankers&rsquo; acceptances, whether or not matured, but not including accounts payable and accrued expenses, liabilities,
or other obligations to pay the deferred purchase price of property or services, from time to time incurred in the ordinary course of business which are not greater than 60 days past the date of invoice or which are being contested in good faith by
appropriate action and for which adequate reserves have been maintained in accordance with GAAP); (b) all obligations evidenced by notes, bonds, debentures or similar instruments; (c) all indebtedness created or arising under any conditional sale or
other title retention agreements with respect to</FONT></P>
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<FONT face="serif">property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property); (d) all capital lease obligations;
(e) all Guaranteed Indebtedness; and (f) all Indebtedness referred to in </FONT><U><FONT face="serif">clauses (a)</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">(b)</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">(c)</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">(d)</FONT></U><FONT face="serif"> or </FONT><U><FONT face="serif">(e)</FONT></U><FONT face="serif"> above secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) any Lien upon or in property (including accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness.
</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Indemnified Taxes</FONT></U><FONT face="serif">&rdquo; means Taxes other than Excluded Taxes.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Independent Consultant</FONT></U><FONT face="serif">&rdquo; means any architectural or engineering firm or other Person (and all of them, if more than one) retained by
Administrative Agent at Borrower&#8217;s expense for the purpose of: approving the Plans, Advances, and each Construction Contract; verifying the Budget; performing inspections as construction progresses to verify that the Improvements are constructed to
Completion in a manner satisfactory to Administrative Agent and in accordance with the Plans, and such other purposes permitted by this Loan Agreement. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Interest Period</FONT></U><FONT face="serif">&rdquo; means each calendar month occurring during the period commencing with the month of the Closing Date through and including
the calendar month of the Maturity Date; provided, however, that no Interest Period shall commence or extend past the Maturity Date and the Loan shall bear interest at the Default Rate after the Maturity Date. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Interest Rate</FONT></U><FONT face="serif">&rdquo; means, with respect to the Loan, a floating rate per annum equal to the sum of the LIBO Rate for such Interest Period plus
400 basis points (or if LIBO Rate is not available or permitted as described in </FONT><U><FONT face="serif">Section 2.4</FONT></U><FONT face="serif">, the sum of Prime Rate plus 400 basis points) which floating rate will be adjusted from time to
time as contemplated in the definitions of LIBO Rate and Prime Rate. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Knowledge</FONT></U><FONT face="serif">&rdquo; means actual knowledge and such knowledge as a person of ordinary experience and intelligence and exercising reasonable care
should have under and in light of the particular facts and circumstances. For purposes of this definition the term &ldquo;actual knowledge&rdquo; is limited to facts and circumstances known to any officer, agent, plant manager or supervisor responsible for the
financial affairs, business, assets, management or operations of Borrower or the Property (as defined in the Mortgage), or both, or any member of the Board of Managers of Borrower. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Land</FONT></U><FONT face="serif">&rdquo; means the real property described in </FONT><U><FONT face="serif">Exhibit A</FONT></U><FONT face="serif"> attached hereto.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Late Charge</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 2.6</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Leases</FONT></U><FONT face="serif">&rdquo; means any and all leases, master leases, subleases, licenses, concessions, or other agreements (written or oral, now or hereafter in
effect) which grant to third parties a possessory interest in and to, or the right to use, all or any part of the Real Property Collateral, together with all security and other deposits or payments made in connection therewith. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Legal Requirements</FONT></U><FONT face="serif">&rdquo; means (a) any and all present and future judicial decisions, statutes (including all disabilities laws and Environmental
Laws), rulings, rules, regulations, permits, certificates, or ordinances of any Governmental Agency in any way applicable to any Credit</FONT></P>
<P align="center">
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<FONT face="serif">Party or the Collateral, including, without limiting  the generality of the foregoing, the ownership, use, occupancy, possession, construction, operation, maintenance, alteration, repair, or reconstruction thereof, (b) any and all
covenants, conditions, and restrictions contained in any deeds, other forms of conveyance, or in any other instruments of any nature that relate in any way or are applicable to the Collateral or the ownership, use, or occupancy thereof, (c) each
Credit Party&#8217;s presently or subsequently effective certificate of formation, governing documents, bylaws and articles of incorporation, operating agreement and articles of organization, or partnership, limited partnership, joint venture, trust, or
other form of business association agreement, (d) any and all Leases, (e) any and all Contracts (as such term is defined in the Mortgage) and (f) any and all leases, other than those described in </FONT><U><FONT face="serif">clause
(d)</FONT></U><FONT face="serif"> above, and other contracts (written or oral) of any nature that relate in any way to the Property (as defined in the Mortgage) and to which Borrower or any Credit Party may be bound, including, without limiting the
generality of the foregoing, any lease or other contract pursuant to which Borrower is granted a possessory interest in and to the Land and/or the Improvements. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Lender</FONT></U><FONT face="serif">&rdquo; and &ldquo;</FONT><U><FONT face="serif">Lenders</FONT></U><FONT face="serif">&rdquo; are defined in the introductory paragraph hereof.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Leverage Ratio</FONT></U><FONT face="serif">&rdquo; means the ratio of (a) the sum of (i) all Borrower&#8217;s Funded Debt, plus all Borrower&#8217;s unused availability under any
revolving credit facility, and including debt to Administrative Agent and Lenders, plus (ii) two-thirds of the future rents payable under Borrower&#8217;s operating leases, to (b) EBITDAR of Borrower; all as determined on a trailing 12-month basis in
accordance with GAAP. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">LIBO Rate</FONT></U><FONT face="serif">&rdquo; means, with respect to the Loan for any Interest Period, an interest rate per annum (rounded upward to the next higher whole
multiple of one-sixteenth percent if such rate is not such a multiple), equal to the rate per annum (rounded upwards to the next higher whole multiple of one-sixteenth percent if such rate is not such a multiple) as determined on the basis of the
average of the rates offered by a majority of the banks in the London interbank market for deposits in U.S. Dollars for one month, to the extent the rates as published in the &ldquo;Bloomberg Professional Service, Screen BAAM&rdquo;</FONT><B><FONT face="serif">
</FONT></B><FONT face="serif">two Business Days prior to the first Business Day of such Interest Period (provided, however, that with respect to the first Interest Period of the Loan, on the second Business Day immediately preceding the first day of
such Interest Period with such rate having an effective date as of the date of execution of the Loan). </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Lien</FONT></U><FONT face="serif">&rdquo; means any interest in property securing an obligation owed to, or a claim by, a Person other than the owner of the property, whether
such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including the lien or security interest arising from a mortgage, encumbrance, pledge, security agreement, conditional
sale or trust receipt, or a lease, consignment or bailment for security purposes. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Loan</FONT></U><FONT face="serif">&rdquo; means the loan from Administrative Agent and Lenders to Borrower evidenced, governed, and secured by the Note, this Loan Agreement,
the Mortgage, and the other Loan Documents. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Loan Agreement</FONT></U><FONT face="serif">&rdquo; means this Construction and Term Loan Agreement, as this Construction and Term Loan Agreement may hereafter be modified,
amended, or restated in accordance with the terms hereof. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Loan Conversion</FONT></U><FONT face="serif">&rdquo; means the conversion of the Construction Loan into the Term Loan in accordance with the provisions hereof. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Loan Conversion Request</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 2.5</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Loan Documents</FONT></U><FONT face="serif">&rdquo; mean this Loan Agreement, the Note, the Security Agreement, the Mortgage, the Subordination Agreement and all other security
and other instruments, assignments, consents, certificates, certifications and agreements of any kind relating to any of the Obligations, whether obtained, authorized, authenticated, executed, sent or received concurrently with or subsequent to this
Loan Agreement, or which evidence the Loan or the creation, guaranty or collateralization of any of the Obligations or the granting or perfection of Liens or security interests upon any Collateral or any other collateral securing a guaranty of the
Obligations, including any modifications, amendments or restatements of the foregoing. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Loan Purpose</FONT></U><FONT face="serif">&rdquo; means the purpose for which the proceeds of the Loan will be used; to wit:  (i) to finance the construction of the Project,
(ii) to finance related costs and expenses including without limitation, the acquisition of the Land, in accordance with the Budget and this Loan Agreement and (iii) to pay accrued and unpaid interest on the Loan prior to the Conversion Date so that
it can be capitalized for Borrower&#8217;s accounting purposes. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Lockbox Agreement</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 5.16</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Material Adverse Effect</FONT></U><FONT face="serif">&rdquo; means any event, fact, circumstance, change in, or effect on (a) the business, property, prospects, operations,
condition (financial or otherwise), of Borrower and its Subsidiaries, that individually, in the aggregate or on a cumulative basis with any other events, facts, circumstances, changes in, or effects on, Borrower has had or could reasonably be
expected to have a materially adverse effect on or material change in (i) the ability of Borrower to (A) operate or conduct business in all material respects in the manner in which such business is proposed to be operated or conducted as outlined in
the Prospectus or (B) perform under the Loan Documents or pay the Obligations, (ii) the assets, properties, business, operations, condition (financial or otherwise) or prospects of Borrower, (iii) the validity or enforceability of the Loan Documents
or any of the material rights or remedies of the Administrative Agent or any Lender thereunder, or (iv) the value, enforceability, or collectibility of all or any material portion of the Collateral.  In determining whether any individual event would
result in a Material Adverse Effect, notwithstanding that such event in and of itself does not have such effect or change, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and all other then existing
events would result in a Material Adverse Effect; provided however, that it is understood and agreed that short-term swings in commodity prices or business interruptions that are covered by Borrower&#8217;s insurance policies which name Administrative
Agent as additional insured and loss payee do not, in and of themselves, create a Material Adverse Effect.</FONT><B><FONT face="serif"> </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Maturity Date</FONT></U><FONT face="serif">&rdquo; means (a) as to the Construction Loan, the earliest of (i) March 31, 2008, (ii) the date Completion shall have occurred, plus
30 days or (iii) the date the Commitments are sooner terminated and the Obligations are due and payable in accordance with </FONT><U><FONT face="serif">Section 9.2</FONT></U><FONT face="serif">, and (b) if the Construction Loan is converted to a
Term Loan, then as to the Term Loan, the earlier of</FONT></P>
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<FONT face="serif">(i) the date that is the fifth anniversary of the Conversion Date, or (ii) the date the Note and the other Obligations are due and payable in accordance with </FONT><U><FONT face="serif">Section 9.2</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Minimum Advance</FONT></U><FONT face="serif">&rdquo; means &#36;2,000,000.</FONT><P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">MLPF&amp;S</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 4.11</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Mortgage</FONT></U><FONT face="serif">&rdquo; means the Mortgage, Deed of Trust, Security Agreement, Assignment and Fixture Financing Statement, dated as of September 6, 2006
executed by Borrower, in favor of the Trustee (as defined therein), the trustee to the extent that the Mortgage operates as a deed of trust, and to Administrative Agent for the benefit of Secured Parties, covering, among other property, the Land and
Improvements, to secure the Loan, as it may be modified, amended, or restated from time to time. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Multiemployer Plan</FONT></U><FONT face="serif">&rdquo; means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Note</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 2.2</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Note Amount</FONT></U><FONT face="serif">&rdquo; means &#36;43,710,000, minus, if applicable, the additional amount of Borrower&#8217;s Equity required under </FONT><U><FONT face="serif">Section 3.1(g)</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Obligations</FONT></U><FONT face="serif">&rdquo; mean all present and future liabilities, indebtedness and obligations of Borrower to Administrative Agent or any Lender,
howsoever created, arising or evidenced, whether now existing or hereafter arising, whether direct or indirect, absolute or contingent, due or to become due, primary or secondary or joint or several, and, without limiting the generality of the
foregoing, shall include principal, accrued interest (including interest accruing after the filing of any petition in bankruptcy), all Advances made by or on behalf of Administrative Agent and Lenders, or any of them, under this Loan Agreement and
the other Loan Documents, collection and other costs and expenses incurred by or on behalf of Administrative Agent and Lenders, or any of them, whether incurred before or after judgment, and all present and future liabilities, indebtedness and
obligations of Borrower under the Note, this Loan Agreement, or the other Loan Documents. In addition to, but without duplication of, the foregoing, the Obligations shall also include without limitation, all obligations, liabilities and indebtedness
arising from or in connection with all Swap Contracts entered into with any Eligible Swap Counterparty. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">OFAC</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 11.18</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Operating Contracts</FONT></U><FONT face="serif">&rdquo; means any material contracts or agreements related to the purchase or delivery of materials used as energy resources,
inventory, or otherwise for production of the products or by-products from the operations of the Project or related to the sale, distribution, or delivery of products or by-products produced in whole or in part at the Project, including (a) all
contracts listed on </FONT><U><FONT face="serif">Schedule 3.1(f)</FONT></U><FONT face="serif"> and (b) all other contracts identified in the Prospectus. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Other Taxes</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 2.7(a)</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Participant Register</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 11.20(e)</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
<P align="center">
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Payment Date</FONT></U><FONT face="serif">&rdquo; means (a) the first day of each calendar month beginning on the first day of the calendar month after the Closing Date and (b)
the Maturity Date. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">PBGC</FONT></U><FONT face="serif">&rdquo; means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Permitted Exceptions</FONT></U><FONT face="serif">&rdquo; means (a) Liens in favor of Administrative Agent for the benefit of itself and Lenders, (b) as to Real Property
Collateral, the liens, easements, restrictions, security interests and other title matters, if any, as reflected on the mortgagee policy of title insurance accepted by Administrative Agent with respect to the Mortgage, (c) Liens of Governmental
Agencies for taxes not yet due and payable, (d) Liens not delinquent arising in the ordinary course of business and created by statute in connection with worker&#8217;s compensation, unemployment insurance, social security and similar statutory
obligations, (e) as to Personal Property Collateral, other non-consensual liens arising in the ordinary course of business for sums not due, (f) if Secured Parties&rsquo; rights to and interest in the Collateral would not be materially and adversely
affected thereby, any Liens for taxes or other non-consensual Liens against the Collateral arising in the ordinary course of business and being contested in good faith by appropriate proceedings, so long as adequate reserves are maintained with
respect to such contested amounts in amount (including the amount contested, and potential costs, interest, and penalties) and manner acceptable to Administrative Agent, (g) as to grain in storage or in transit but excluding grain in-process,
finished products and proceeds of grain in-process and finished products, Liens in favor of a third party reasonably acceptable to Administrative Agent to secure Indebtedness permitted under </FONT><U><FONT face="serif">Section
6.3(f)</FONT></U><FONT face="serif">, (h) Liens arising pursuant to the Rex Subordinated Debt Documents, and (i) any other Liens expressly permitted in writing by Administrative Agent. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Person</FONT></U><FONT face="serif">&rdquo; means any natural person and any corporation, partnership (general, limited or otherwise), limited liability company, trust,
association, joint venture, governmental body or agency or other entity having legal status of any kind. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Personal Property Collateral</FONT></U><FONT face="serif">&rdquo; means all Collateral that constitutes personal property.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Plans</FONT></U><FONT face="serif">&rdquo; means (a) the plans and specifications for the development of the Land and construction of the Improvements, prepared by the Design
Professional and approved as required herein, and all amendments thereof and supplements thereto, and (b) all other plans, designs, engineering or architectural work, test reports, surveys, shop drawings, and similar items related to the foregoing,
approved as required herein. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Prepayment Premium</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 2.11</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Prime Rate</FONT></U><FONT face="serif">&rdquo; means, with respect to any Interest Period, the rate publicly announced in New York, New York from time to time as the prime
rate of JPMorgan Chase Bank N.A. (or any successor thereof) (&ldquo;</FONT><U><FONT face="serif">JPMorgan</FONT></U><FONT face="serif">&rdquo;). The Prime Rate shall be determined by Administrative Agent at the close of business two Business Days before a
Payment Date, and shall be effective to but not including the next applicable Payment Date. The Prime Rate is not intended to be the lowest rate of interest charged by JPMorgan or the Lenders in connection with extensions of credit to debtors.
</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Project</FONT></U><FONT face="serif">&rdquo; means the constructed, under construction, or to be constructed, as the case may be, fuel ethanol plant on the Land which will be
capable of producing, upon Completion, not less than 40 million gallons of ethanol per year, approximately 128,000 tons of distillers grains with solubles on a dry matter basis, and other value-added products in connection with such process, and
includes the Improvements and any and all other improvements on the Land from time to time. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Projections</FONT></U><FONT face="serif">&rdquo; means Borrower&#8217;s forecasted (a) balance sheets, (b) profit and loss statements, and (c) cash flow statements, all prepared on a
combined basis and otherwise consistent with the historical financial statements of Borrower, together with appropriate supporting details and a statement of underlying assumptions, all of which are believed by Borrower to be reasonable and fair in
light of the current condition and past performance of Borrower and to reflect a reasonable estimate of the projected balance sheets, results of operations, cash flows and other information presented therein for five years following the Closing
Date.</FONT><B><FONT face="serif"> </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Property Contracts</FONT></U><FONT face="serif">&rdquo; means any Contract (as such term is defined in the Mortgage) related to or which affects all or any portion of the
operation or use of any portion of the Collateral, including all management agreements, service contracts, and utility, maintenance, and security contracts and other contracts and agreements identified in the Prospectus, but excluding Operating
Contracts. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Prospectus</FONT></U><FONT face="serif">&rdquo; means the Borrower&#8217;s Prospectus dated July 26, 2005. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Real Property Collateral</FONT></U><FONT face="serif">&rdquo; means all Collateral that constitutes real property.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Register</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 11.20(c)</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Registered Loans</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 11.20(c)</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Related Lender Assignment</FONT></U><FONT face="serif">&rdquo; means an assignment of all or any portion of a Loan made by a Lender to an Affiliate of such Lender or an
Approved Fund of such Lender. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Related Party Register</FONT></U><FONT face="serif">&rdquo; is defined in </FONT><U><FONT face="serif">Section 11.20(c)</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Required Lenders</FONT></U><FONT face="serif">&rdquo; means those Lenders holding at least 51% of the aggregate outstanding principal amount of the Loan or, if no Advances are
then outstanding, Lenders having at least 51% of the total Commitments. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Restricted Payment</FONT></U><FONT face="serif">&rdquo; means (a) any dividend or distribution (whether in cash, securities or other property) with respect to any Stock in
Borrower, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Stock in Borrower or
any option, warrant or other right to acquire Stock in Borrower; or (b) any payment or distribution made in respect of any subordinated Indebtedness of Borrower or its Subsidiaries by Borrower or its Subsidiaries in violation of any subordination or
other agreement made in favor of Administrative Agent and Lenders. </FONT></P>
<P align="center">
<FONT face="serif">15</FONT></P>

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<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Rex</FONT></U><FONT face="serif">&rdquo; means Rex Radio and Television, Inc., an Ohio corporation.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Rex Subordinated Debt</FONT></U><FONT face="serif">&rdquo; means the Indebtedness in an aggregate original principal amount of up to &#36;5,050,000 evidenced by the Rex
Subordinated Debt Documents. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Rex Subordinated Debt Documents</FONT></U><FONT face="serif">&rdquo; means, collectively (a) that certain Convertible Secured Promissory Note Purchase Agreement dated effective
as of November 22, 2005 by and between Borrower and Rex, as amended by that certain Amendment to Convertible Secured Promissory Note Purchase Agreement dated effective as of May 31, 2006 by and between Borrower and Rex, (b) that certain Convertible
Secured Promissory Note in an original principal amount of up to &#36;5,050,000 to be issued by Borrower and payable to the order of Rex pursuant to the Convertible Secured Promissory Note Purchase Agreement described in </FONT><U><FONT face="serif">clause (a)</FONT></U><FONT face="serif"> above, (c) that certain Guaranty dated as of May 31, 2006 executed by Rex Stores Corporation, a Delaware corporation, in favor of Borrower, (d) that certain Right of First Offer and Co-Sale
Agreement dated effective as of November 22, 2005 by and among Rex, RIO, Lindy Walker and James P. Halbert, all as assigned by Rex to FEL under that certain Assignment and Acknowledgement dated as of July 19, 2006 pursuant to which Rex assigned all
its rights to FEL under the documents described in </FONT><U><FONT face="serif">clauses (a)</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">(b)</FONT></U><FONT face="serif"> and </FONT><U><FONT face="serif">(d)</FONT></U><FONT face="serif"> above, and (e) any subordinate security agreements and mortgages or deeds of trust securing payment thereof to the extent the terms and provisions thereof are reasonably satisfactory to Administrative Agent. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">RIO</FONT></U><FONT face="serif">&rdquo; means RIO Technical Services, Inc., a Nevada corporation.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Secured Parties</FONT></U><FONT face="serif">&rdquo;  means, collectively, Administrative Agent, Lenders and all Eligible Swap Counterparties. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Security Agreement</FONT></U><FONT face="serif">&rdquo; means the one or more Security Agreements now or hereafter in effect executed by Borrower or a Credit Party in favor of
Administrative Agent for the benefit of Secured Parties to secure all or any portion of the Obligations. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Special Accounts</FONT></U><FONT face="serif">&rdquo; means collectively or individually, one or more deposit accounts (other than the Construction Account) that Borrower
establishes with Administrative Agent pursuant to the terms of the Loan Documents, each of which shall be used solely for the purpose or purposes stated in the Loan Documents for the respective account. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Stock</FONT></U><FONT face="serif">&rdquo; means all certificated and uncertificated shares, options, warrants, membership interests, general or limited partnership interests,
participation or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred stock, or any other &ldquo;equity
security&rdquo; (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934). </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Subordination Agreement</FONT></U><FONT face="serif">&rdquo; means that certain Subordination Agreement dated as of the Closing Date, by and among Administrative Agent,
Borrower and FEL, in form and substance satisfactory to Administrative Agent. </FONT></P>
<P align="center">
<FONT face="serif">16</FONT></P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Subsidiary</FONT></U><FONT face="serif">&rdquo; means as to any particular parent entity, any corporation, partnership, limited liability company or other entity (whether now
existing or hereafter organized or acquired) in which more than 50% of the outstanding equity ownership interests having voting rights as of any applicable date of determination, shall be owned directly, or indirectly through one or more
Subsidiaries, by such parent entity. Unless otherwise expressly stated herein, each reference to the term &ldquo;Subsidiary&rdquo; shall mean a Subsidiary of the Borrower. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Swap Contract</FONT></U><FONT face="serif">&rdquo; means any &ldquo;swap agreement,&rdquo; as defined in Section 101 of the Bankruptcy Code, that is intended to provide protection against
fluctuations in interest or currency exchange rates. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Tangible Collateral</FONT></U><FONT face="serif">&rdquo; means all Real Property Collateral, except the Land, and all Personal Property Collateral that is Equipment, Fixtures,
Inventory, and any other Goods (as those terms are defined in Article 9 of the UCC), vehicles and other titled personal property, and any other similar, tangible personal property. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Taxes</FONT></U><FONT face="serif">&rdquo; means any present or future taxes, levies, duties, imposts, fees, deductions, withholdings, assessments or other charges imposed by
any Governmental Agency, including any interest, additions to tax or penalties with respect thereto. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Term Loan</FONT></U><FONT face="serif">&rdquo; means the Loan on and after the Conversion Date.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Title Company</FONT></U><FONT face="serif">&rdquo; means the Title Company (and its issuing agent, if applicable) issuing the Title Policy, which shall be acceptable to
Administrative Agent in its sole and absolute discretion. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Title Policy</FONT></U><FONT face="serif">&rdquo; means an American Land Title Association Loan Policy of Title Insurance (or if such title insurance policy cannot be obtained
in the state in which the Property (as defined in the Mortgage) is located, then such other title insurance policy which is as similar thereto as can be obtained) with extended coverage and such other endorsements thereto as are typically required
with respect to properties similar to the Property (as defined in the Mortgage), in the amount of the Note Amount, insuring Administrative Agent, its successors and assigns, of the first Lien status of the Mortgage, subject only to such Liens,
easements, restrictions, security interests and other title matters as are approved by Administrative Agent in writing, and with deletions or modifications thereto as are standard and customary with respect to properties similar to the Property (as
defined in the Mortgage), and issued by the Title Company. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">UCC</FONT></U><FONT face="serif">&rdquo; means the Uniform Commercial Code of Illinois as in effect in Illinois from time to time. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">USA Patriot Act</FONT></U><FONT face="serif">&rdquo; means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001 (Title III of Pub. L. 107-56, signed into law October 26, 2001). </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&ldquo;</FONT><U><FONT face="serif">Withdrawal Liability</FONT></U><FONT face="serif">&rdquo; means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan,
as such terms are defined in Part I of Subtitle E of Title IV of ERISA. </FONT></P>
<P align="center">
<FONT face="serif">17</FONT></P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 1.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Other Terms</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Except as otherwise defined herein, all terms used in this Loan Agreement which are
defined in the UCC shall have the meanings set forth in the UCC and accounting terms not defined herein shall have the meaning ascribed to them in GAAP. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 1.3</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">UCC Filing</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower hereby authorizes Administrative Agent to file a record or records (as
defined or otherwise specified under the UCC), including financing statements, in all jurisdictions and with all filing offices as Administrative Agent may determine, in its sole discretion, are necessary or advisable to perfect the security
interests granted to Administrative Agent for the benefit of Secured Parties or contemplated to be granted to Administrative Agent for the benefit of Secured Parties herein or in any other Loan Document. Such financing statements may describe the
Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as Administrative Agent may determine, in its sole discretion, is necessary, advisable or
prudent to ensure the perfection of the security interest in such Collateral. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 1.4</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Computations of Time; Other Definitional Provisions</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  In this Loan Agreement and the other Loan
Documents in the computation of periods of time from a specified date to a later specified date, the word &ldquo;from&rdquo; means &ldquo;from and including&rdquo; and the words &ldquo;to&rdquo; and &ldquo;until&rdquo; mean &ldquo;to but excluding.&rdquo; In this Loan Agreement, the words &ldquo;include,&rdquo;
&ldquo;includes,&rdquo; and &ldquo;including&rdquo; shall be deemed to be followed by the phrase &ldquo;without limitation&rdquo;, unless the content clearly indicates otherwise.  All terms used herein, including those defined in </FONT><U><FONT face="serif">Section
1.1</FONT></U><FONT face="serif">, may be used in the plural or singular and shall be deemed to refer to the object of such term whether such object is singular or plural in nature, as the context may suggest or require. References in this Loan
Agreement to any contract or agreement shall be a reference to such contract or agreement as the same may be amended, restated, supplemented, renewed, extended, or otherwise modified from time to time in accordance with its terms. </FONT></P>
<P align="center">
<B><FONT face="serif">ARTICLE II. THE LOAN</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 2.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Agreement to Lend</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Each Lender hereby agrees, severally and not jointly, to lend to Borrower its
percentage share of the Advances in an aggregate amount not to exceed its Commitment, and Borrower hereby agrees to borrow such sum from Lenders, all upon and subject to the terms and provisions of this Loan Agreement, the Note, and the other Loan
Documents. After giving effect to any requested Advance, the total Advances made under the Loan shall not exceed the Note Amount.  The Loan is not a revolving credit; therefore, no principal amount repaid by Borrower may be reborrowed by Borrower.
Each Lender&#8217;s Commitment shall terminate automatically upon the Commitment Expiration Date or if the Loan is prepaid in full. Advances shall only be for Loan Purposes set forth in the Budget, and each Lender&#8217;s Commitment shall only be effective
during the Construction Phase. To the extent that Loan proceeds are insufficient to pay all costs required for the acquisition, development, construction, and completion of the Improvements and Collateral, and all other costs associated with the
Collateral, the Project, or the Loan Documents, Borrower shall pay such excess costs with funds derived from sources other than the Loan. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 2.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Note</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> The Loan will be evidenced by that certain Master Promissory Note executed of even date
herewith by Borrower, payable to the order of Administrative Agent for the benefit of Lenders, in the stated principal amount of the Note Amount, and issued pursuant to</FONT></P>
<P align="center">
<FONT face="serif">18</FONT></P>

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<P align="justify">
<FONT face="serif">this Loan Agreement (as the same has been or may be amended, restated, extended, increased or modified from time to time, the &ldquo;</FONT><U><FONT face="serif">Note</FONT></U><FONT face="serif">&rdquo;). The Note is hereby incorporated as a
part hereof as if fully set forth herein. Interest on the principal of the Loan shall be limited to and calculated with respect to Loan proceeds actually disbursed pursuant to the terms of this Loan Agreement and which are outstanding from time to
time. Outstanding principal and accrued but unpaid interest under the Note shall be due and payable as provided in this Loan Agreement. </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">Section 2.3</FONT> &nbsp;&nbsp;&nbsp;<U><FONT face="serif">Repayment
            Schedule</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Construction
            Loan</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> At all times prior to the Conversion
            Date, if any, and on the Conversion Date, if any, all accrued but
            unpaid interest at the Interest Rate on the outstanding principal
            balance of the Note shall be due and payable in arrears in monthly
            installments of interest only on each Payment Date through the earlier
            of (i) the Maturity Date or (ii) the Conversion Date, if any. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Term
            Loan</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> If the Loan Conversion occurs,
            then during the term of the Term Loan, beginning on the first Payment
            Date following the Conversion Date, and continuing on each Payment
            Date thereafter through the Maturity Date, Borrower shall pay to
            Administrative Agent, for the account of Lenders, the outstanding
            principal amount of the Note, in 59 equal monthly principal installments
            (such principal installments shall be calculated based upon a 120
            months amortization schedule), and one final installment equal to
            the then unpaid principal balance thereof (due on the Maturity Date),
            in each case together with all accrued but unpaid interest at the
            Interest Rate on the outstanding principal balance of the Note on
            each such Payment Date. Borrower shall pay to Administrative Agent,
            for the account of each Lender, all outstanding Obligations on the
            Maturity Date. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Excess
            Cash Flow</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> If the Loan Conversion occurs,
            then during the term of the Term Loan, beginning on the date that
            is 120 days after the end of Borrower&#8217;s fiscal year following the
            Conversion Date and continuing on each April 30</FONT><B><FONT face="serif"> </FONT></B><FONT face="serif">thereafter,
            Borrower shall make annual payments to Administrative Agent (unless
            otherwise waived by Administrative Agent in its sole discretion)
            equal to 70% of Excess Cash Flow as of December 31 of the immediately
            preceding fiscal year. All payments of Excess Cash Flow shall be
            applied to reduce the outstanding principal balance of the Loan. </FONT></P>
      <P align="left"> <FONT face="serif">Section 2.4</FONT>&nbsp;&nbsp;&nbsp;
      <U><FONT face="serif">Interest</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Interest
            Payments</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Beginning on the Closing
            Date and continuing until the principal amount of the Loan is paid
            in full, Borrower shall pay interest, in arrears, on the unpaid principal
            amount of the Loan at a floating rate of interest (computed on the
            basis of a 360-day year and for the actual number of days elapsed)
            equal to (i) the Interest Rate at all times when the provisions of </FONT><U><FONT face="serif">Section
            2.6(b)</FONT></U><FONT face="serif"> hereof do not apply and (ii)
            the Default Rate when and as provided in </FONT><U><FONT face="serif">Section
            2.6(b)</FONT></U><FONT face="serif"> hereof. Payments of accrued
            but unpaid interest shall be due and payable on each Payment Date,
    on demand in the case of the Default Rate, and on the Maturity Date. </FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">19</FONT></P>
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<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td colspan="3"><P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Illegality</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> If any Lender determines that any Legal Requirement has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for any Lender or its applicable lending office to make, maintain or fund Advances bearing interest based on the LIBO Rate, or to determine or charge interest rates based upon the LIBO Rate,
or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to Borrower through
Administrative Agent, any obligation of such Lender to make or continue Advances bearing interest based on the LIBO Rate shall be suspended until such Lender notifies Administrative Agent and Borrower that the circumstances giving rise to such
determination no longer exist. Upon receipt of such notice, Borrower shall, upon demand from such Lender (with a copy to Administrative Agent), convert all Advances bearing interest based on the LIBO Rate of such Lender to Advances bearing interest
based on the Prime Rate (for avoidance of doubt, such Advances shall bear interest at a rate per annum equal to the Prime Rate plus 400 basis points), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to
maintain such Advances bearing interest based on the LIBO Rate to such day, or immediately, if such Lender may not lawfully continue to maintain such Advances bearing interest based on the LIBO Rate. Upon any such conversion, Borrower shall also pay
all amounts due under </FONT><U><FONT face="serif">clause (e) </FONT></U><FONT face="serif">below in accordance with the terms thereof due to such conversion. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Inability to Determine Rates</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  If Administrative Agent determines in connection with any request for an
Advance bearing interest based on the LIBO Rate or a continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Advance bearing
interest based on the LIBO Rate, (b) adequate and reasonable means do not exist for determining the LIBO Rate for any requested Interest Period with respect to a proposed Advance bearing interest based on the LIBO Rate, or (c) the LIBO Rate for any
requested Interest Period with respect to a proposed Advance bearing interest based on the LIBO Rate does not adequately and fairly reflect the cost to such Lenders of funding or maintaining such Advance.  Administrative Agent will promptly so
notify Borrower and each Lender. Thereafter, the obligation of Lenders to make or maintain Advances bearing interest based on the LIBO Rate shall be suspended until Administrative Agent revokes such notice. Upon receipt of such notice, Borrower may
revoke any pending request for an Advance or continuation of Advances bearing interest based on the LIBO Rate or, failing that, will be deemed to have converted such request into a request for an Advance bearing interest based on the Prime Rate in
the amount specified therein. </FONT></P>
</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Increased Costs</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="90%" colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Increased Costs Generally</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> If any change in Legal Requirements shall: </FONT></P>
</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(A)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">impose, modify or deem applicable any reserve,
special
deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit
extended or</FONT></P>
</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
</table>
<P align="center">
<FONT face="serif">20</FONT></P>

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<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
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    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">
<FONT face="serif">participated in by, any Lender (except any reserve requirement reflected in the LIBO Rate); </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(B)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">subject any Lender to any tax of any kind whatsoever with respect to this Loan Agreement or any Advance bearing interest based on the LIBO
Rate made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered by </FONT><U><FONT face="serif">Section 2.7</FONT></U><FONT face="serif"> and the imposition of, or
any change in the rate of, any Excluded Tax payable by such Lender); or </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(C)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">impose on any Lender or the London interbank market any other condition, cost or expense affecting this Loan Agreement or Advances bearing
interest based on the LIBO Rate made by such Lender; </FONT></P>
</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><P align="justify"><FONT face="serif">and the result of any of the foregoing
          shall be to increase the cost to such Lender of making or maintaining
          any Advance bearing interest based on the LIBO Rate (or of maintaining
          its obligation to make any such Advance), or to reduce the amount of
          any sum received or receivable by such Lender hereunder (whether of
          principal, interest or any other amount) then, upon request of such
          Lender, Borrower will pay to such Lender such additional amount or
          amounts as will compensate such Lender for such additional costs incurred
          or reduction suffered. </FONT></P>
    <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Capital
            Requirements</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> If any Lender determines
            that any change in Legal Requirements affecting such Lender or any
            lending office of such Lender or such Lender&#8217;s holding company, if
            any, regarding capital requirements has or would have the effect
            of reducing the rate of return on such Lender&#8217;s capital or on the
            capital of such Lender&#8217;s holding company, if any, as a consequence
            of this Loan Agreement, the Commitment of such Lender or the Advances
            made by such Lender to a level below that which such Lender or such
            Lender&#8217;s holding company could have achieved but for such change
            in Legal Requirements (taking into consideration such Lender&#8217;s policies
            and the policies of such Lender&#8217;s holding company with respect to
            capital adequacy), then from time to time Borrower will pay to such
            Lender such additional amount or amounts as will compensate such
            Lender or such Lender&#8217;s holding company for any such reduction suffered. </FONT></P>
    <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Certificates
            for Reimbursement</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> A certificate of
            a Lender setting forth the amount or amounts necessary to compensate
            such Lender or its holding company, as the case may be, as specified
            in </FONT><U><FONT face="serif">clauses (i)</FONT></U><FONT face="serif"> or </FONT><U><FONT face="serif">(ii)</FONT></U><FONT face="serif"> above
            and delivered to Borrower shall be conclusive absent manifest error.
            Borrower shall pay such Lender the amount shown as due on any such
            certificate within 10 days after receipt thereof. </FONT></P>
            <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Delay
            in Requests</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Failure or delay on the
            part of any Lender to demand compensation pursuant to the foregoing
            provisions of this Section shall not constitute a waiver of such
            Lender&#8217;s right to demand such compensation, provided that Borrower
            shall not be required to compensate a Lender pursuant to the foregoing
    provisions of this Section for any increased costs incurred or</FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">21</FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td colspan="2"> <FONT face="serif">reductions suffered more than nine months prior to
        the date that such Lender notifies Borrower of the change in Legal Requirements
        giving rise to such increased costs or reductions and of such Lender&rsquo;s
        intention to claim compensation therefor (except that, if the change
        in Legal Requirements giving rise to such increased costs or reductions
        is retroactive, then the nine-month period referred to above shall be
    extended to include the period of retroactive effect thereof). </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="81%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Compensation
            for Losses</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Upon demand of any Lender
            (with a copy to Administrative Agent) from time to time, Borrower
            shall promptly compensate such Lender for and hold such Lender harmless
    from any loss, cost or expense incurred by it as a result of: </FONT></P></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">any
          continuation, conversion, payment or prepayment of any Advance other
          than an Advance bearing interest based on the Prime Rate on a day other
          than the last day of the Interest Period for such Advance (whether
          voluntary, mandatory, automatic, by reason of acceleration, or otherwise);
          or </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">any
          failure by Borrower (for a reason other than the failure of such Lender
          to make an Advance) to prepay, borrow, continue or convert any Loan
          other than an Advance bearing interest based on the Prime Rate on the
    date or in the amount notified by Borrower; </FONT> <FONT face="serif"></FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"> <div align="justify"><FONT face="serif">including any loss of anticipated profits and any
          loss or expense arising from the liquidation or reemployment of funds
          obtained by it to maintain such Advance or from fees payable to terminate
          the deposits from which such funds were obtained. Borrower shall also
          pay any customary administrative fees charged by such Lender in connection
          with the foregoing. For purposes of calculating amounts payable by Borrower
          to Lenders under this </FONT><U><FONT face="serif">Section 2.4</FONT></U><FONT face="serif">,
          each Lender shall be deemed to have funded each Advance bearing interest
          based on the LIBO Rate made by it at the LIBO Rate used in determining
          the LIBO Rate for such Advance by a matching deposit or other borrowing
          in the London interbank eurodollar market for a comparable amount and
          for a comparable period, whether or not such Advance bearing interest
      based on the LIBO Rate was in fact so funded. </FONT>
        </div>
      <P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Computations</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
            All computations of interest, fees and any other amounts shall be
            made on the basis of a  360-day year and actual days elapsed. Each
            determination by Administrative Agent of an interest rate or fee
            hereunder shall be conclusive and binding for all purposes, absent
            manifest error. </FONT></P></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="4"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <div align="justify"><FONT face="serif">Section
        2.5</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><U><FONT face="serif">Loan
        Conversion</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> The
        Loan Conversion of the Construction Loan into the Term Loan shall be
        effectuated upon (a) either (i) the written request (&ldquo;</FONT><U><FONT face="serif">Loan
        Conversion Request</FONT></U><FONT face="serif">&rdquo;) by Borrower to Administrative
        Agent and the Independent Consultant not less than 30 days prior to the
        requested Conversion Date, or (ii) upon election by the Administrative
        Agent with five Business Days notice to Borrower, and (b) achievement
        by Borrower to the reasonable satisfaction of Administrative Agent of
        each of the following: (i) fulfillment of the conditions in </FONT><U><FONT face="serif">Section
        3.5</FONT></U><FONT face="serif">; (ii) the Title Policy shall have been
    endorsed to remove any exception for</FONT></div></td>
  </tr>
</table>
<P align="center"><FONT face="serif">22</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
<FONT face="serif">mechanics&rsquo; or materialmen&#8217;s Liens or pending disbursements, with no additional title change or exception objectionable to Administrative Agent, and Borrower shall have obtained such other endorsements as may be reasonably required
by Administrative Agent; (iii) no Default or Event of Default shall occur or exist at any time on or between the Conversion Notice and the Conversion Date; (iv) no Material Adverse Effect shall have occurred; (v) Borrower shall have paid all
reasonable expenses incurred by Administrative Agent in connection with Administrative Agent&#8217;s review and approval of the Loan Conversion; (vi) Administrative Agent shall have received certification by the Independent Consultant that Completion has
occurred; (vii) the earlier of (A) verification by Administrative Agent that the Project will operate at least at its nameplate rating of 40 million gallons of ethanol per year and (B) 90 days after Completion has occurred; and (viii) Borrower shall
have delivered to Administrative Agent and the Independent Consultant evidence of payment of, and executed releases and lien waivers from, all Contractors and any other Persons with respect to the Collateral.  If Administrative Agent determines that
the conditions to the Loan Conversion have been satisfied, Administrative Agent shall give Borrower written notice (&ldquo;</FONT><U><FONT face="serif">Conversion Notice</FONT></U><FONT face="serif">&rdquo;) that the Construction Loan will convert to the Term
Loan, in which case the Loan Conversion shall be effective on the first day of the month following the date Administrative Agent gives a Conversion Notice; provided that a Conversion Notice shall not constitute or be deemed a waiver of any
obligations, covenants, representations, or warranties of Borrower or any other party under any of the Loan Documents, nor an acknowledgment, confirmation or agreement (i) that all conditions for the Loan Conversion were fully satisfied or (ii) as
to the lack of existence of a Default, Event of Default, or Material Adverse Effect.  Until Administrative Agent gives a Conversion Notice upon satisfaction of all conditions thereto, the conditions for a Loan Conversion shall be deemed not to have
been satisfied.  Notwithstanding anything in the Loan Documents to the contrary, if the Loan Conversion has not occurred on or before the Maturity Date for the Construction Loan, Borrower shall not thereafter be eligible for such Loan Conversion and
all such rights shall automatically terminate, without any notice or other action by any party. </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="left"><FONT face="serif">Section 2.6</FONT><FONT face="sans-serif"> </FONT>&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Late
            Charge; Default Interest; Usury Savings Provision</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">If
          any payment required under this Loan Agreement or the Note is not paid
          within five days after such payment is due, then Borrower shall pay,
          at Administrative Agent&#8217;s request, a late charge (the &ldquo;</FONT><U><FONT face="serif">Late
          Charge</FONT></U><FONT face="serif">&rdquo;) equal to 5.00% of the amount
          of such payment to compensate Administrative Agent for administrative
          expenses and other costs of delinquent payments. Each such Late Charge
          shall be immediately due and payable and shall be in addition to all
          other rights and remedies available to Administrative Agent and Lenders. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">If
          any amount which is due and payable by Borrower to Administrative Agent
          pursuant to any of the Loan Documents is not paid when due, including
          at stated maturity, upon acceleration or otherwise, or if a Default
          has occurred and is continuing then, at the election of Administrative
          Agent (without giving notice thereof to Borrower), the Loan shall bear
          interest, after as well as before judgment, at a rate per annum equal
          to the Default Rate, unless otherwise expressly provided in any of
          the Loan Documents; provided however, if Administrative Agent has been
          paid a Late Charge for a particular month as provided in </FONT><U><FONT face="serif">clause
          (a)</FONT></U><FONT face="serif"> above in connection with such late
          payment, the Default Rate shall not apply with respect to the amount
          of such late payment during such month</FONT></P>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">23</FONT></P>
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<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">for which a Late Charge has been paid.
          Interest at the Default Rate shall be immediately due and payable ON
          DEMAND as it accrues. Borrower acknowledges that failure to timely
          make payments due under this Loan Agreement may affect any amortization
          schedule contained in the Loan Documents. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">In
          no event shall any interest rate provided for in this Loan Agreement,
          the Note or any other Loan Document exceed the maximum rate permitted
          by the then Legal Requirements. It is the intention of the parties
          hereto to strictly comply with applicable usury laws; accordingly,
          it is agreed that, notwithstanding any provision to the contrary in
          this Loan Agreement, in the Note, or in the other Loan Documents, in
          no event shall this Loan Agreement, the Note, or the other Loan Documents
          be construed to charge, contract for or require the payment or permit
          the collection of interest in excess of the maximum amount permitted
          by Legal Requirements. If any interest is contracted for, charged or
          received pursuant to this Loan Agreement, the Note, the other Loan
          Documents, or any actions taken in connection therewith, or in the
          event that any portion of the principal balance shall be prepaid, so
          that under any of such circumstances the amount of interest contracted
          for, charged or received on the principal balance shall exceed the
          maximum amount of interest permitted by Legal Requirements, then in
          such event (i) the provisions of this </FONT><U><FONT face="serif">Section
          2.6(c)</FONT></U><FONT face="serif"> shall govern and control, (ii)
          neither Borrower nor any other Person now or hereafter liable for the
          payment thereof shall be obligated to pay the amount of such interest
          to the extent that it is in excess of the maximum amount of interest
          permitted by Legal Requirements, (iii) any such excess which may have
          been collected shall be either applied as a credit against the then
          unpaid principal balance or refunded to Borrower, at the option of
          Administrative Agent, and (iv) the effective rate of interest shall
          be automatically reduced to the maximum lawful contract rate allowed
          under Legal Requirements as now or hereafter construed by the courts
          having jurisdiction thereof. It is further agreed that without limitation
          of the foregoing, all calculations of the rate of interest contracted
          for, charged or received under this Loan Agreement, the Note and the
          other Loan Documents, which are made for the purpose of determining
          whether such rate exceeds the maximum lawful contract rate, shall be
          made, to the extent permitted by Legal Requirements, by amortizing,
          prorating, allocating and spreading in parts during the period of the
          full stated term of the indebtedness, all interest at any time contracted
          for, charged or received from Borrower or otherwise by Administrative
          Agent and Lenders in connection with such indebtedness; provided, however,
          that if any applicable state law is amended or any law of the United
          States of America preempts any applicable state law, so that it becomes
          lawful for Administrative Agent or any Lender to receive a greater
          interest rate than is presently allowed, Borrower agrees that, on the
          effective date of such amendment or preemption as the case may be,
          the maximum lawful interest rate hereunder shall be increased to the
          maximum interest rate allowed by the higher of the amended state law
          or the law of the United States of America. </FONT></P>
      <P align="left"> <FONT face="serif">Section 2.7</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Payments</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Payments
          of principal and interest on the Note, and payments of all other amounts
          payable by Borrower to Administrative Agent or a Lender pursuant to
          any of the Loan Documents, shall be made by Automated Clearing House
          debit of immediately available funds from the account designated by
    Borrower in the Automated Clearing</FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">24</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">House debit authorization executed
          by Borrower in connection with this Loan Agreement, or by wire transfer
          of immediately available funds to LaSalle Bank, 135 South LaSalle Street,
          Chicago, Illinois 60603, ABA 071000505, Account name: Merrill Lynch
          Equipment Finance Group, Account #</FONT><B><FONT face="serif"> </FONT></B><FONT face="serif">5800393166,
          Attention: Portfolio Management, reference: Levelland/Hockley County
          Ethanol, LLC, or such other address as Administrative Agent shall have
          designated to Borrower in writing, and shall be effective upon receipt.
          All payments by Borrower to Administrative Agent or a Lender under
          the Loan Documents shall be paid to Administrative Agent at such address,
          not later than 2:00 p.m. Central Time on the due date thereof, in lawful
          money of the United States. All payments under the Loan Documents shall
          be made (i) without setoff, counterclaim or condition and (ii) free
          and clear of, and without deduction for or on account of, any Indemnified
          Taxes; provided that if Borrower is required by Legal Requirements
          to make any deduction or withholding on account of any Indemnified
          Taxes from any payment due under the Loan Documents, then: (A) Borrower
          shall notify Administrative Agent promptly as soon as it becomes aware
          of such requirement and shall remit promptly the amount of such Taxes
          to the appropriate taxation authority, and in any event prior to the
          date on which penalties attach thereto; and (B) such payment shall
          be increased by such amount as may be necessary to ensure that Administrative
          Agent and Lenders receive a net amount, after deduction of such Indemnified
          Taxes, equal to the full amount which Administrative Agent and Lenders
          would have received had such payment not been subject to such deduction
          or withholding of Indemnified Taxes. In addition, Borrower agrees to
          pay to the relevant Governmental Agency in accordance with Legal Requirements
          any present or future stamp or documentary taxes or any other excise
          or property taxes, charges or similar levies that arise from any payment
          made hereunder or from the execution, delivery or registration of,
          or otherwise with respect to, this Loan Agreement, the Note, or the
          recording or filing of any Loan Document but excluding the Excluded
          Taxes (&ldquo;</FONT><U><FONT face="serif">Other Taxes</FONT></U><FONT face="serif">&rdquo;).
          Borrower shall deliver to Administrative Agent an official receipt
          (or, if an official receipt is not available, such other evidence of
          payment as shall be reasonably satisfactory to Administrative Agent
          or Lenders) in respect of any Other Taxes payable hereunder promptly
          after payment of such Other Taxes. Borrower shall indemnify Administrative
          Agent and Lenders in respect of Indemnified Taxes or Other Taxes paid
          by Administrative Agent and Lenders whether or not such Indemnified
          Taxes or Other Taxes were correctly or legally asserted and shall supply
          copies of applicable tax receipts or other evidence of payment reasonably
          satisfactory to Administrative Agent. Such indemnification shall be
          paid within ten Business Days from the date on which Administrative
          Agent or a Lender makes written demand therefor specifying in reasonable
          detail the nature and amount of such Indemnified Taxes or Other Taxes. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">If
          any payment to be made by Borrower shall become due on a day which
          is not a Business Day, such payment shall be made on the next succeeding
          Business Day. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Each
          payment to be made on a Payment Date, all prepayments, and all other
          payments shall be applied to the Obligations in such order and manner
          as Administrative Agent may, in its reasonable discretion, elect; provided
          however, if no election is made by Administrative Agent, then such
          payment shall be applied by Administrative Agent in the following order:
          first, to payment of that portion of the</FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">25</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">Obligations constituting accrued and
          unpaid interest on the Loan; second, to payment of that portion of
          the Obligations constituting outstanding principal of the Loan; third,
          to payment of that portion of the Obligations constituting fees, indemnities
          and other amounts (other than principal and interest) payable to Administrative
          Agent or a Lender; and fourth, to payment of any remaining Obligations.
          Prepayments of principal will be applied to the Obligations in inverse
          order of maturity. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Borrower
          shall indemnify Administrative Agent and Lenders on demand against
          all costs, expenses, liabilities and losses (including funding losses)
          incurred as a result of or in connection with (i) any postponement
          of the Closing Date occurring because of one or more of the conditions
          precedent set forth in </FONT><U><FONT face="serif">Article III</FONT></U><FONT face="serif"> shall
          not have been satisfied or waived as a result of Borrower&#8217;s failure
          to satisfy such condition and/or (ii) any payment of principal of the
          Loan made on a Business Day which is not a Payment Date. The above
          indemnities are separate and independent obligations of Borrower and
          apply irrespective of any indulgence granted by Administrative Agent
          or any Lender. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">If
          Administrative Agent or a Lender receives a refund of any Indemnified
          Taxes or Other Taxes as to which it has been indemnified by Borrower
          or with respect to which Borrower has paid additional amounts pursuant
          to this </FONT><U><FONT face="serif">Section 2.7</FONT></U><FONT face="serif">,
          it shall pay over such refund to Borrower (but only to the extent of
          indemnity payments made, or additional amounts paid, by Borrower under
          this </FONT><U><FONT face="serif">Section 2.7</FONT></U><FONT face="serif"> with
          respect to the Indemnified Taxes or Other Taxes giving rise to such
          refund), net of all out-of-pocket expenses of Administrative Agent
          or such Lender and without interest (other than any interest paid by
          the relevant Governmental Agency with respect to such refund); provided,
          that Borrower, upon the request of Administrative Agent or such Lender,
          agrees to repay without interest the amount paid over to Borrower to
          Administrative Agent or such Lender in the event Administrative Agent
          or such Lender is required to repay such refund to such Governmental
          Agency. This Section shall not be construed to require Administrative
          Agent or any Lender to make available its tax returns (or any other
          information relating to its taxes which it deems confidential) to Borrower
          or any other Person. </FONT></P>    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
        2.8</FONT>&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">&nbsp; </FONT><U><FONT face="serif">Advance
        Procedures</FONT></U><FONT
 face="serif">.</FONT> <FONT face="serif">All Advances are subject to the following
    conditions and requirements: </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <div align="justify"><FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Procedures</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
        Advances shall be made only once each Draw Period during the Construction
        Phase. Each Advance shall be in an amount of not less than the Minimum
        Advance, and Borrower shall not request an Advance for less than the
        Minimum Advance. Advances will be made only for actual costs incurred
        in accordance with the Budget and other provisions hereof. For each Advance,
        Borrower must submit to Administrative Agent and the Independent Consultant
        a written Draw Request. Each Draw Request must include the information
        and documentation required in this Agreement, along with the lien waivers
        and releases, information, certifications, approvals, instruments, and
        documents required as a condition to the requested Advance (except the
        down date endorsement to the Title Insurance must be received by Administrative
    Agent and the Independent Consultant prior to the date that the requested</FONT></div></td>
  </tr>
</table>
<P align="center"><FONT face="serif">26</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">Advance is actually made). In each
          Draw Request, Borrower must (i) specify the amount of such Draw Request
          that applies to each Allocation; (ii) identify all funds being used
          to pay any portion of the costs reflected in the Draw Request other
          than the funds being requested to be advanced, and identify the sources
          and respective amounts from each source of such other funds; and (iii)
          state the date the Advance is requested, which shall be at least 15
          Business Days after Administrative Agent and the Independent Consultant
          receive the Draw Request. All Draw Requests shall account for the retainage
          and other withholdings required pursuant to </FONT><U><FONT face="serif">Section
          2.8(f)</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Except as otherwise provided
          in this Loan Agreement, all Advances will be deposited in the Construction
          Account; provided that if not all of the conditions to an Advance have
          been met or satisfied (including if a Default or an Event of Default
          exists), but Administrative Agent and each Lender elects to make such
          Advance, then Administrative Agent and such Lender shall have the unconditional
          right, exercisable in Administrative Agent&#8217;s and such Lender&#8217;s sole
          discretion, to make such Advance, in whole or in part, upon such terms
          and conditions as Administrative Agent may require, to one or more
          of (A) directly to Borrower by depositing same in the Construction
          Account, (B) directly to the Contractor, Design Professional, subcontractors,
          laborers, or materials suppliers owed, and/or (C) jointly to Borrower
          and any one or more of the Contractor, Design Professional, subcontractors,
          laborers, or materials suppliers owed. Borrower will hold the Advances
          deposited in the Construction Account (until payment to the proper
          payee) as a trust fund for the purpose of paying the respective costs
          contained in the Draw Request, pursuant to which such Advance was made.
          Borrower will apply the same promptly to the payment of the respective
          costs specified in the subject Draw Request and for which the Advance
          is made, and will not use any part thereof for any other purpose. Borrower
          irrevocably authorizes Administrative Agent to make an Advance in an
          amount equal to the accrued and unpaid interest on the Loan notwithstanding
          that (i) such Advance may be less than the Minimum Advance, (ii) Borrower
          has previously requested an Advance during such Draw Period, (iii)
          Borrower has not satisfied the conditions contained in </FONT><U><FONT face="serif">Sections
          3.2</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">3.4 </FONT></U><FONT face="serif">and </FONT><U><FONT face="serif">3.5</FONT></U><FONT face="serif">,
          (iv) Borrower has not provided a completed Draw Request and/or (v)
          a Default has occurred and is continuing. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Allocations</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          The purposes for which the Loan proceeds are allocated and the respective
          amounts of such Allocations are set forth in the Budget. All Advances
          requested by Borrower shall conform to the Allocations. Neither Administrative
          Agent nor any Lender shall be obligated to make an Advance from an
          Allocation set forth in the Budget to the extent limited by the provisions
          of this Loan Agreement or the other Loan Documents, including </FONT><U><FONT face="serif">Section
          2.8(d)</FONT></U><FONT face="serif"> below. Neither Administrative
          Agent nor any Lender shall be obligated to make an Advance from an
          allocation for a &ldquo;contingency&rdquo; as set forth in the Budget; all Loan
          proceeds provided in a &ldquo;contingency&rdquo; Allocation in the Budget must
          be reallocated pursuant to </FONT><U><FONT face="serif">Section 2.8(c)</FONT></U><FONT face="serif"> hereof
          as a condition to the Advance of such proceeds. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Reallocations</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Borrower shall not be entitled to require that Administrative Agent
          and Lenders reallocate Loan proceeds from one Allocation to any other
          Allocations. Borrower may request Administrative Agent and Lenders
          to make a reallocation of Loan proceeds among one or more Allocations
          (including any &ldquo;contingency&rdquo; Allocation) in the Budget; provided, however,
    any such reallocation shall</FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">27</FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">be in Administrative Agent&#8217;s sole
          and absolute discretion. To the extent the amount of the Loan proceeds
          actually needed and disbursed for any Allocation is less than the amount
          of the Allocation, and the use of those Loan proceeds are not otherwise
          reallocated as herein provided, then such unused Loan proceeds shall
          not be available for Advances. If any Loan proceeds are reallocated
          at the request of Borrower and in accordance with this </FONT><U><FONT face="serif">Section
          2.8(c)</FONT></U><FONT face="serif">, then the Budget shall be deemed
          amended in accordance with such reallocation. If a Default or an Event
          of Default exists, Administrative Agent shall have the right, at its
          option, to disburse Loan proceeds allocated to any of the Allocations
          for such other purposes or in such different proportions as Administrative
          Agent may, in its sole discretion, deem necessary or advisable. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Limitation
            on Advances</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> The aggregate amount of
            all Advances shall not exceed the Note Amount. Without limiting any
            of the other provisions in this Loan Agreement, neither Administrative
            Agent nor any Lender shall be required to approve any Draw Request
            or make an Advance if (i) any cost requested in the Draw Request
            is not set forth in the Budget, (ii) the requested amount from any
            Allocation, when added to all prior Advances and any applicable Borrower&#8217;s
            Equity and retention requirements for such Allocation, would exceed
            the lesser of (A) the actual costs incurred by Borrower for such
            Allocation, or (B) the amount allocated in the Budget for such Allocation,
            or (iii) an amount is requested directly from a contingency Allocation.
            Administrative Agent may withhold from an Advance or, on account
            of subsequently discovered evidence, withhold from a later Advance
            or require Borrower to repay to Administrative Agent and Lenders
            the whole or any part of any earlier Advance, to the extent necessary
            to protect Administrative Agent and Lenders from loss on account
            of (1) defective work not remedied or requirements of this Loan Agreement
            not performed, (2) Liens filed or reasonable evidence indicating
            probable filing of Liens, (3) the failure of Borrower to make payments
            to the Contractor or subcontractors for materials or labor, or (4)
            a reasonable doubt by Administrative Agent that the construction
            of the Improvements can be completed for the sum of (x) the balance
            of the Loan then undisbursed, (y) the balance of any undisbursed
            Borrower&#8217;s Deposits, and (z) the balance of any other deposits made
            by Borrower into a Special Account with Administrative Agent for
            any of the foregoing purposes. When all such grounds are cured, Borrower
            may request the Advance of any amount so withheld because of the
            foregoing. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Borrower&#8217;s
            Deposit</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> If at any time and from time
            to time Administrative Agent shall in its reasonable discretion deem
            that the undisbursed proceeds of the Loan allocated in the Budget
            for Construction Costs, plus the then balance of the Construction
            Account and any Special Account to be applied to Construction Costs,
            are insufficient to meet Construction Costs, plus any other unpaid
            costs contained in the Budget related to construction of the Improvements,
            excluding financing costs, Administrative Agent and Lenders may refuse
            to make any additional Advances to Borrower hereunder until Borrower
            shall have deposited with Administrative Agent in the Construction
            Account or a Special Account, as Administrative Agent may require,
            sufficient additional funds as a Borrower&#8217;s Deposit to cover the
            deficiency which Administrative Agent deems to exist. Such Borrower&#8217;s
            Deposit will be disbursed by Administrative Agent to Borrower pursuant
            to the terms and conditions hereof as if they constituted a portion
    of the Loan</FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">28</FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td colspan="2"><P align="justify"><FONT face="serif">proceeds, prior to any Advance.
          Borrower agrees to establish such Special Account (if applicable) and
          make the Borrower&#8217;s Deposit into the Construction Account or Special
          Account, as applicable, within 30 days after written demand by Administrative
          Agent. Unless required by any Governmental Agency requirements, neither
          Administrative Agent nor any Lender shall be required to pay interest
          on Borrower&#8217;s Deposit. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Retainage</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          An amount equal to 10% of all costs incurred pursuant to a Construction
          Contract for acquisition or construction of any Improvements, excluding
          Construction Contracts for design, and for which an Advance has been
          requested or made, plus the amount of any claims asserted by any laborers
          or materialmen against any portion of the Collateral pursuant to stop
          notices, lien claims or similar demands or notices received by Administrative
          Agent and the Independent Consultant (which have not been bonded against
          or otherwise secured in accordance with the applicable provisions of
          the Mortgage), shall be retained by Administrative Agent. Such retainage
          shall be paid over by Administrative Agent to Borrower, excluding the
          amount of any such unbonded or unsecured lien claims, plus potential
          costs and interest related thereto (which funds will be disbursed only
          as such claims are resolved or bonded around reasonably satisfactorily
          to Administrative Agent in addition to the satisfaction of the following
          conditions), when all of the following have occurred to the satisfaction
          of Administrative Agent: </FONT></P>    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent has received a certificate of completion, in form and substance
          acceptable to Administrative Agent, executed by Borrower, the Contractor
          and the appropriate Design Professional, and approved by the Independent
          Consultant, certifying, among other things, that all requirements for
          Completion have been satisfied, the date of Completion, that direct
          connection has been made to all proposed utility facilities and such
          utilities are available for use at the Project, and that the construction
          of the Project has been completed in a good and workmanlike manner,
          free of defects and damages. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent and the Independent Consultant shall have received such other
          evidence as Administrative Agent may require that no mechanics&rsquo; or
          materialmen&#8217;s liens or other encumbrances have been filed and remain
          in effect against the Collateral, and the time periods for the filing
          of any stop notice or lien claim with respect to the construction of
          the Improvements shall have elapsed without the filing or providing
          of any such stop notice or lien claim. The Design Professional, Contractor,
          and all subcontractors and material suppliers who performed or provided
          work or materials related to the Improvements have been paid in full,
          subject to the release of the retainage as provided in this </FONT><U><FONT face="serif">Section
          2.8(f)</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Each
          applicable Governmental Agency shall have duly inspected and approved
          the Improvements and the right of occupancy of same and issued the
          appropriate permits, licenses and certificates evidencing proper completion
          of the Improvements and the right of occupancy, and Administrative
          Agent and the Independent Consultant shall have received satisfactory
    evidence of the foregoing. </FONT></P>    </td>
  </tr>
</table>
<P align="center"> <FONT face="serif">29</FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="89%"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">&nbsp; </FONT><FONT face="serif">All
        conditions to an Advance contained in </FONT><U><FONT face="serif">Section
    3.5</FONT></U><FONT face="serif"> are met or satisfied. </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"> <div align="justify"><FONT face="serif">Notwithstanding the previous provisions
          of this </FONT><U><FONT face="serif">Section 2.8(f)</FONT></U><FONT face="serif"> to
          the contrary, Administrative Agent hereby agrees to release separately
          the amount of retainage withheld with respect to each subcontractor providing
          services or materials for the construction of the Improvements, but only
          after (A) all other conditions to an Advance are satisfied, (B) the Independent
          Consultant approves the separate release of such amount, and (C) such
          subcontractor and the Contractor execute an affidavit, lien waiver, and
          release in form and substance acceptable to Administrative Agent in Administrative
          Agent&rsquo;s sole discretion, for the benefit of Administrative Agent and
          Lenders (1) stating that the subcontractor has completed all of its services
          relating to the construction of the Improvements and has been paid in
          full for such services, and (2) providing a waiver and release by the
          subcontractor of any and all mechanic&#8217;s and materialmen&#8217;s or other Liens
    it may have against the Land, Improvements, and other Collateral. </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Final
            Advance</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Notwithstanding anything else
            contained in this Loan Agreement to the contrary, if Borrower is
            able to make final payment to all Contractors, Design Professionals,
            and other Persons who supplied labor or materials with respect to
            the construction of the Project and are to be paid in whole or part
            from Loan proceeds, and all of their subcontractors, except with
            respect to any disputed claims related to same, then Borrower shall
            request a final Advance pursuant to </FONT><U><FONT face="serif">Section
            3.5</FONT></U><FONT face="serif">, including any Loan proceeds allocable
            to the disputed claims, and any Loan proceeds allocable to such disputed
            claims pursuant to the Budget shall be disbursed in a Special Account,
            with such terms and conditions as Administrative Agent may require,
            until final resolution of the respective disputed claim. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          2.9</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Use
          of Loan Proceeds</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> The proceeds of the
          Loan shall be used by Borrower solely for a Loan Purpose, or, with
          the prior written consent of Administrative Agent and Lenders, which
          may be withheld by Administrative Agent and Lenders in their sole discretion,
          for other lawful business purposes of Borrower not prohibited hereby.
          Borrower agrees that under no circumstances will the proceeds of the
          Loan be used: (a) for personal, family or household purposes of any
          Person whatsoever, or (b) to purchase, carry or trade in securities,
          or repay debt incurred to purchase, carry or trade in securities, or
          (c) to pay any amount to Merrill Lynch and Co., Inc. or any of its
          Subsidiaries, other than Merrill Lynch Bank USA, Merrill Lynch Bank &amp; Trust
          Co. or any Subsidiary of either of them (including Administrative Agent
          and Merrill Lynch Credit Corporation). The Collateral forms no part
          of any property claimed by any Person as homestead or otherwise exempt
          from creditors&rsquo; rights or forced sale. </FONT></P>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><P align="justify"><FONT face="serif">Section 2.10</FONT>&nbsp;<FONT face="sans-serif"> </FONT><U><FONT face="serif">Fees</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Facility
            Fee</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> In consideration of the agreement
            by Administrative Agent and Lenders to extend the Loan to Borrower
            in accordance with and subject to the terms hereof, Borrower has
            paid or shall, on or before the Closing Date, pay the Facility Fee
            to Administrative Agent. Borrower acknowledges and agrees that the
            Facility Fee has been fully earned by Administrative Agent, and that
    it will not under any circumstances be refundable. </FONT></P>    </td>
  </tr>
</table>
<P align="center"><FONT face="serif">30</FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Additional
            Fees</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall pay to Administrative
            Agent for Administrative Agent&#8217;s own account, the administrative
            fee and other fees in the amounts and at the times specified in the
            fee letter dated September 27, 2006, between Borrower and Administrative
            Agent. Such fees shall be fully earned when paid or as otherwise
            provided in such fee letter and shall be nonrefundable for any reason
            whatsoever. </FONT></P>
    <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Non-conversion
            Fee</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> If the Loan Conversion has not
            occurred on or before the Commitment Expiration Date, Borrower shall
            pay to Administrative Agent for the pro rata account of Lenders a
            fee in an amount equal to 3.0% of the Note Amount; provided however,
            Borrower shall not be required to pay such fee if the Loan Conversion
            fails to occur solely as a result of Administrative Agent&#8217;s willful
            failure to give a Conversion Notice without reasonable justification
            after the terms, conditions and requirements of Loan Conversion have
            been met. </FONT></P>
    <P align="left"> <FONT face="serif">Section 2.11</FONT>&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><U><FONT face="serif">Prepayment</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Borrower
          may not prepay the Loan prior to the second anniversary of the Conversion
          Date. On or after the date that is two years after the Conversion Date,
          Borrower may prepay in full (but not in part) the outstanding principal
          amount of the Loan on any Payment Date after giving at least 30 days
          prior written notice of such prepayment and payment to Administrative
          Agent of accrued and unpaid interest thereon and the Prepayment Premium
          referred to below, if any. Any notice of prepayment hereunder shall
          be irrevocable. All such prepayments shall also include payment of
          that portion of the Obligations constituting obligations owing to any
          Eligible Swap Counterparty in respect of any Swap Contracts permitted
          by the terms of this Loan Agreement. </FONT></P>      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Lenders
          shall apply payments received pursuant to this </FONT><U><FONT face="serif">Section
          2.11</FONT></U><FONT face="serif"> in accordance with </FONT><U><FONT face="serif">Section
          2.7(c)</FONT></U><FONT face="serif"> above. </FONT></P>
          <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Prepayments
          made under this </FONT><U><FONT face="serif">Section 2.11</FONT></U><FONT face="serif"> (other
          than prepayments made in accordance with </FONT><U><FONT face="serif">Section
          2.3(c)</FONT></U><FONT face="serif">) shall include a &ldquo;</FONT><U><FONT face="serif">Prepayment
    Premium</FONT></U><FONT face="serif">&rdquo; as follows: </FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">If
          made on or after the second anniversary but prior to the third anniversary
          of the Conversion Date, 3.0% of the aggregate principal amount prepaid; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">If
          made on or after the third anniversary but prior to the fourth anniversary
          of the Conversion Date, 2.0% of the aggregate principal amount prepaid;
          and </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">If
          made on or after the fourth anniversary of the Conversion Date, 1.0%
          of the aggregate principal amount prepaid. </FONT></P>    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <div align="justify"><FONT face="serif">Section
        2.12</FONT><FONT face="sans-serif"> </FONT>&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Advance
        Not a Waiver or Approval</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Administrative
        Agent or any Lender may make an Advance of all or any portion of a request
        for an Advance (including a Draw Request) notwithstanding the fact that
        one or more conditions to such Advance have not been met or satisfied.
        No Advance of the proceeds of the Loan shall constitute a waiver of any
    of the</FONT></div></td>
  </tr>
</table>
<P align="center"><FONT face="serif">31</FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
<FONT face="serif">conditions to Administrative Agent&#8217;s or any Lender<FONT face="serif">&#8217;</FONT>s obligation to make such Advance that have not been met or satisfied. In the event Borrower makes an Advance when all conditions have not been met or satisfied, such Advance
shall not preclude Administrative Agent or any Lender from requiring that all such conditions be met and satisfied before another Advance is made.  The making of any Advance or part thereof shall not be deemed an approval or acceptance by
Administrative Agent or any Lender of the work theretofore done. Neither Administrative Agent nor any Lender shall have any obligation to make any Advance or part thereof during the existence of any Default or Event of Default, but shall have the
right and option so to do; provided that if Administrative Agent or any Lender elects to make any such Advance, no such Advance shall be deemed to be either a waiver of any Default or Event of Default nor of the right to demand payment of the
Obligations, or any part thereof, or exercise any other right or remedy that Administrative Agent or such Lender has with respect to such Default or Event of Default. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 2.13</FONT>&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><U><FONT face="serif">Borrower&#8217;s Equity</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  All of Borrower&#8217;s Equity shall be expended, and evidence thereof shall be
provided to Administrative Agent prior to disbursement of any Advance. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 2.14</FONT>&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><U><FONT face="serif">Sharing of Payments, Etc</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower agrees that, in addition to (and without limitation of) any
right of set-off, bankers&rsquo; lien or counterclaim a Lender may otherwise have, each Lender shall be entitled, at its option after an Event of Default has occurred and is continuing to offset balances held by it for the account of Borrower at any of
its offices against any principal of or interest on any portion of the Loan attributable to such Lender hereunder or any other obligation of Borrower hereunder which is not paid (regardless of whether such balances are then due to Borrower), in
which case it shall promptly notify Borrower and Administrative Agent thereof, provided that such Lender&#8217;s failure to give such notice shall not affect the validity thereof. If a Lender shall obtain payment of any principal of or interest on any
portion of the Loan attributable to it under this Loan Agreement or other Obligation then due hereunder to such Lender, through the exercise of any right of set-off or lien granted under </FONT><U><FONT face="serif">Section 9.3</FONT></U><FONT face="serif">, bankers&rsquo; lien, counterclaim or similar right, or otherwise, it shall promptly purchase from the other Lenders participations in the Loan attributable to it, or the other obligations of Borrower hereunder of, the other Lenders in such
amounts, and make such other adjustments from time to time as shall be equitable to the end that all Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit)
pro rata in accordance with their respective portions of the Loan. To such end, all Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be
restored. Borrower agrees, to the fullest extent it may effectively do so under applicable Legal Requirements, that any Lender so purchasing a participation in the Loan may exercise all rights of set-off, bankers&rsquo; lien, counterclaim or similar
rights with respect to such participation as fully as if such Lender were a direct holder of the Loan or other obligations in the amount of such participation.  Nothing contained herein shall require any Lender to exercise any such right or shall
affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness or obligations of Borrower to such Lender. </FONT></P>
<P align="center">
<FONT face="serif">32</FONT></P>

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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td colspan="2"><P align="left"><FONT face="serif">Section 2.15</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Status
            of Lenders</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif"> Any
          Foreign Lender that is entitled to an exemption from or reduction of
          withholding tax under the law of the jurisdiction in which Borrower
          is resident for tax purposes, or any treaty to which such jurisdiction
          is a party, with respect to payments hereunder or under any other Loan
          Document shall deliver to Borrower (with a copy to Administrative Agent),
          at the time or times prescribed by Legal Requirements or reasonably
          requested by Borrower or Administrative Agent, such properly completed
          and executed documentation prescribed by Legal Requirements as will
          permit such payments to be made without withholding or at a reduced
          rate of withholding. In addition, any Lender, if requested by Borrower
          or Administrative Agent, shall deliver such other documentation prescribed
          by Legal Requirements or reasonably requested by Borrower or Administrative
          Agent as will enable Borrower or Administrative Agent to determine
          whether or not such Lender is subject to backup withholding or information
          reporting requirements. </FONT></P>
            <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Without
          limiting the generality of the foregoing </FONT><U><FONT face="serif">clause
          (a)</FONT></U><FONT face="serif">, in the event that Borrower is resident
          for tax purposes in the United States, any Foreign Lender shall deliver
          to Borrower and Administrative Agent (in such number of copies as shall
          be requested by the recipient) on or prior to the date on which such
          Foreign Lender becomes a Lender under this Agreement (and from time
          to time thereafter upon the request of Borrower or Administrative Agent,
          but only if such Foreign Lender is legally entitled to do so), whichever
    of the following is applicable: </FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">duly
          completed copies of Internal Revenue Service Form W-8BEN claiming eligibility
          for benefits of an income tax treaty to which the United States is
          a party; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">duly
          completed copies of Internal Revenue Service Form W-8ECI;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">in
          the case of a Foreign Lender claiming the benefits of the exemption
          for portfolio interest under section 881(c) of the Code, (A) a certificate
          to the effect that such Foreign Lender is not (1) a &ldquo;bank&rdquo; within the
          meaning of section 881(c)(3)(A) of the Code, (2) a &ldquo;10 percent shareholder&rdquo; of
          Borrower within the meaning of section 881(c)(3)(B) of the Code, or
          (3) a &ldquo;controlled foreign corporation&rdquo; described in section 871(h)
          or 881(c)(3)(C) of the Code and (B) duly completed copies of Internal
          Revenue Service Form W-8BEN; or </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">any
          other form prescribed by Legal Requirements as a basis for claiming
          exemption from or a reduction in United States Federal withholding
          tax duly completed together with such supplementary documentation as
          may be prescribed by Legal Requirements to permit Borrower to determine
          the withholding or deduction required to be made. </FONT></P>
    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">33</FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<P align="center">
<B><FONT face="serif">ARTICLE III. CONDITIONS PRECEDENT TO ADVANCES</FONT></B></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="3"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          3.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Conditions
          of Closing and Initial Advance</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> The Closing
          Date and Lenders&rsquo; obligation to make the initial Advance under the
          Loan are subject to the prior fulfillment, or waiver by Administrative
    Agent in writing, of each of the following conditions:</FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent and Lenders shall have received this Loan Agreement and all of
          the other Loan Documents, duly executed and filed or recorded (or in
          a form suitable for filing and recording for the first Advance) where
          applicable, all of which shall be in form and substance satisfactory
          to Administrative Agent, including (i) the Note, (ii) the Mortgage,
          (iii) the Security Agreement, (iv) Financing Statements, (v) a Contractor
          Consent for each Construction Contract between Borrower and a Contractor
          or Design Professional, (vi) a closing certificate of Borrower, (vii)
          the Subordination Agreement, and (viii) a certification by an authorized
          representative of each Credit Party certifying as to (A) resolutions
          of the governing authority, board of directors, members or managers,
          or general partner, as applicable, of each Credit Party authorizing
          the Loan, the execution, delivery and performance of the Loan Documents,
          and any other action that is then being proposed to be taken, (B) an
          incumbency certificate of each Credit Party who will sign any Loan
          Document, (C) governmental certificates of good standing and existence
          of each Credit Party, where applicable, (D) certified articles of incorporation
          or other certificate of formation document and bylaws, operating agreement
          or regulations, partnership agreement, or other governing documents
          of each Credit Party, and (E) such other matters as may be required
          by Administrative Agent; </FONT></P>      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Borrower
          shall have performed, satisfied, and delivered, as applicable, all
          in Administrative Agent&#8217;s sole discretion, (i) all items set forth
          in Borrower&#8217;s Loan Application, which was approved by Administrative
          Agent, in connection with the Loan, and (ii) all items on the closing
          checklist, as amended, issued by Administrative Agent in connection
          with such Loan Application; </FONT></P>
          <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent shall be satisfied with the financial condition of Borrower and
          any other Credit Party;</FONT></P>      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">The
          Facility Fee shall have been paid to Administrative Agent;</FONT></P>            <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent shall have received, in form and substance acceptable to Administrative
          Agent, at no cost to Administrative Agent or any Lender, each of the
    following: </FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">an
          opinion of Credit Parties&rsquo; legal counsel, dated as of the Closing Date,
          and covering such matters as are required by Administrative Agent;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">to
          the extent applicable as of the date of the initial Advance, copies
          of each authorization, license, permit, consent, order or approval
          of, or registration, declaration or filing with, any Governmental Agencies
          or other Person obtained or made by Borrower, any other Credit Party
          or any other Person in connection with the transactions contemplated
          by the Loan Documents and</FONT></P>
    </td>
  </tr>
</table>
<P align="center"> <FONT face="serif">34</FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">which is material to the financial
          condition of Borrower or such other Person or the conduct of its business
          or the transactions contemplated hereby or the Collateral or the Project,
          including building permits and those listed in </FONT><U><FONT face="serif">Schedule
          3.1(e)(ii)</FONT></U><FONT face="serif">, which is attached hereto
          and incorporated herein for all purposes and those identified in the
          Prospectus; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">UCC,
          tax lien and judgment lien record searches, disclosing no notice of
          any Liens filed against any of the Collateral, other than the Permitted
          Exceptions;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">the
          Title Policy (or the Title Company&#8217;s unconditional commitment to issue
          the Title Policy upon recordation of the Mortgage), and legible copies
          of all instruments representing exceptions to the state of title to
          the Land; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">a
          Phase I environmental report (jointly addressed to Borrower and Administrative
          Agent or with an appropriate reliance letter addressed to Administrative
          Agent) covering the Land, in form and content and conducted and prepared
          by an environmental consultant acceptable to Administrative Agent,
          and any other environmental reports or tests that Administrative Agent
          may request with respect to the Land, and any improvements thereon,
          all in form and substance acceptable to Administrative Agent (and Borrower
          agrees Administrative Agent may disclose the contents of such environmental
          report to Governmental Agencies, and if requested by Administrative
          Agent, Borrower shall deliver to Administrative Agent the written consent
          to such disclosure from the respective environmental consultant); </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(vi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">an
          Appraisal of the Land and Improvements showing the &ldquo;completed and stabilized&rdquo; value,
          and/or such other valuations as may be required by Administrative Agent; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(vii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">a
          current pre-construction survey of the Land and any then existing improvements
          thereon as required pursuant to and in conformity with </FONT><U><FONT face="serif">Section
          7.2(a)</FONT></U><FONT face="serif"> hereof; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(viii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">a
          full-size, single sheet copy of all recorded subdivision or plat maps
          of the Land approved (to the extent required by Legal Requirements)
          by all Governmental Agencies; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ix)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">a
          copy of each Construction Contract, except that Borrower shall not
          be obligated to provide an original or copy of any Construction Contract
          related to construction (versus design) which is not executed by the
          Contractor directly with Borrower unless such subcontract (when aggregated
          with all contracts with such subcontractor) exceeds &#36;50,000 or
          is requested by Administrative Agent; </FONT></P>
      <P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(x)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">a
    copy of the Plans;</FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">35</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">evidence
          that all applicable zoning ordinances and restrictive covenants affecting
          the Land permit the use for which the Improvements are intended and
          have been or will be complied with in all respects;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">current
          Financial Statements of Borrower as required by Administrative Agent;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xiii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">a
          soils and geological report covering the Land issued by a Design Professional
          approved by Administrative Agent, which report shall be addressed to
          Borrower, Administrative Agent, Lenders, and their respective successors
          and assigns, shall be satisfactory in form and substance to Administrative
          Agent, and shall include an affirmative confirmation that construction
          of all Improvements as proposed is feasible under existing soils conditions
          so long as the recommendations of the soils report are followed and
          confirmation that the Plans adequately incorporate such recommendations; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xiv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">if
          there are existing improvements on the Land, a property condition report
          prepared by a Design Professional acceptable to Administrative Agent
          and reflecting no facts or conditions that are objectionable to Administrative
          Agent;</FONT></P>
      <P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">the
          Construction Schedule; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xvi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">the
          Budget, which must have been approved by Administrative Agent; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xvii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">evidence
          that all permits, approvals, contracts, rights-of-way, and other matters have been obtained in
          order to provide rail access, spur upgrade construction, rail spur
          and container loading services, and similar upgrades and services for
          operation of the Plant, all satisfactory to Administrative Agent; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xviii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">evidence
          that all applicable impact fees, use fees, utility fees and deposits,
          connection fees, and other fees and assessments related to the streets,
          rail access, and utility services for, and development and operation
          of, the Project have been paid or are included in the Budget; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xix)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">an
          Automated Clearing House debit authorization duly executed by Borrower; </FONT></P>
      <P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xx)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">the
          Projections;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xxi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">all
          of Borrower&#8217;s marketing agreements and agreements with members satisfactory
          in form and substance to Administrative Agent; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xxii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">evidence
          that Borrower has received the Borrower&#8217;s Equity in an amount not less
    than &#36;29,140,000 in cash; </FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">36</FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xxiii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">fully
          executed copies of the Borrower&#8217;s contracts with the West Texas and
          Lubbock Railway Company for spur upgrade construction and with a Person
          approved by Administrative Agent for rail access, a rail spur and container
          loading services and other similar contracts for Borrower&#8217;s operation
          of the Project, including those contracts identified in the Prospectus; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xxiv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">evidence
          that all tax credits, incentives, mandates and the like described in
          the Prospectus are available to Borrower; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xxv) </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">evidence
          that Borrower shall have purchased and received clear title in fee
          simple to the Land free and clear of all Liens; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xxvi)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">mortgagee
          title policy re-insurance or co-insurance as required by Administrative
          Agent; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xxvii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">evidence
          that no Collateral is located in an area identified as having special
          flood hazards or, if any Collateral is located in an area identified
          as having any flood hazards, evidence of flood insurance for such area
          as required by applicable Legal Requirements; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xxviii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          evidence that each Credit Party has paid all of its taxes, assessments
          and other governmental charges which are due and payable; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xxix)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">evidence
          that the Real Property Collateral abuts and has fully adequate direct
          and free access to one or more dedicated streets and thoroughfares
          and to rail lines and has adequate rights of ingress and egress; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xxx) </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">evidence
          of the availability of utilities and other necessary services; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xxxi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">copies
          of all Rex Subordinated Debt Documents and all FEL Subordinated Debt
          Documents; and </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(xxxii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">evidence
          that Borrower has paid in full the FEL Subordinated Debt.</FONT></P>
    <P align="justify"> </P></td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <div align="justify"><FONT face="serif">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Borrower
        shall have (i) executed all Operating Contracts necessary for the operation
        of the Project, including Operating Contracts of the nature identified
        on </FONT><U><FONT face="serif">Schedule 3.1(f)</FONT></U><FONT face="serif"> attached
        hereto and incorporated herein for all purposes, each of which shall
        be in form and substance and with party(s) reasonably acceptable to Administrative
        Agent and (ii) caused to be executed and delivered to Administrative
        Agent a consent and agreement for each such Operating Contract executed
        by the parties thereto to the collateral assignment to Administrative
        Agent of such Operating Contract, and the granting of nondisturbance
        rights in favor of Administrative Agent, opportunity to cure rights in
        favor of Administrative Agent, and such other matters as Administrative
        Agent may require, all in form and substance acceptable to Administrative
    Agent. </FONT></div></td>
  </tr>
</table>
<P align="center"><FONT face="serif">37</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td colspan="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <div align="justify"><FONT face="serif">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">With
        respect to the initial Advance only, either (i) Borrower shall have received
        and used for approved Construction Costs an additional amount equal to &#36;7,285,000
        in Borrower&#8217;s Equity and shall have consented to a reduction of the Note
        Amount by such amount or (ii) Administrative Agent shall have received
        an update feasibility study and pro forma financial statements for the
        Project prepared by an independent third party acceptable to Administrative
        Agent that confirm or reflect improved findings and outcomes than those
        in the feasibility study previously provided by Borrower to Administrative
        Agent, all as approved by Administrative Agent&#8217;s chief credit and risk
    officer. </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="78%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="17%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
        3.2</FONT><FONT face="sans-serif">&nbsp; </FONT><U><FONT face="serif">Conditions
        of All Advances</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> The Closing Date and Lenders&#8217;        obligation to make any Advance (including the initial Advance) under
        the Loan are subject to the prior fulfillment, or waiver by Administrative
    Agent in writing, of each of the following conditions: </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">no
          Default or Event of Default shall have occurred and be continuing or
          would result from the making of any such Advance hereunder;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">there
          shall not have occurred and be continuing any Material Adverse Effect;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">the
          Commitment Expiration Date shall not then have occurred; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">all
          representations and warranties of all of the Credit Parties herein
          or in any of the other Loan Documents shall then be true and correct
          in all material respects (provided those that relate to a specific
          date shall be true and correct as of such date), and Borrower shall
          have provided Administrative Agent such evidence of compliance with
          the representations and warranties as Administrative Agent may reasonably
          request; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">each
          Credit Party shall have performed and complied with all agreements
          and conditions contained in the Loan Documents applicable to it and
          which are to be performed or complied with on or before the date of
          the Advance, all in accordance with the provisions of the Loan Documents; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Borrower
          shall have paid any and all fees due Administrative Agent and Lenders
          under the Loan Documents and any and all costs and expenses (including
          legal fees and expenses) incurred by Administrative Agent that are
          to be reimbursed by Borrower under the Loan Documents up to the date
          of such Advance; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent shall have received evidence satisfactory to it that the Credit
          Parties own the Collateral and Administrative Agent&#8217;s Liens against
          the Collateral are duly perfected in a first priority Lien position; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent shall have received evidence satisfactory to it of the insurance
          required hereby or by any of the other Loan Documents; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">all
          of the Loan Documents shall be in full force and effect and binding
          and enforceable obligations of each Person who may be a party thereto
    or otherwise bound thereby;</FONT></P>    </td>
  </tr>
</table>
<P align="center"><FONT face="serif">38</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">in
          Administrative Agent&#8217;s determination, which cannot be made in bad faith,
          Completion will occur on or before March 31, 2008; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Borrower
          shall have disbursed, or Borrower shall be disbursing with the requested
          Advance, (i) all funds previously advanced, and (ii) all Borrower&#8217;s
          Deposits made or required to be made as of the date of the Advance;
          and all Borrower&rsquo;s Equity, which was to have been paid prior to such
          Advance being disbursed, shall have been paid; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">the
          aggregate of all Advances (including the requested Advance) shall not
          exceed the value of the Land, the work done, and the materials physically
          incorporated into the Improvements or paid for and delivered to the
          Land or stored off-site as provided in this Agreement; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent shall have received such other documents and information as Administrative
          Agent may reasonably request; and</FONT><B><FONT face="serif"> </FONT></B></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Borrower
          shall have satisfied all of the conditions set forth in </FONT><U><FONT face="serif">Section
          3.1</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></P>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          3.3</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">[Reserved]</FONT></P>            <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          3.4</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Additional
          Conditions Precedent to All Advances</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Lenders&rsquo; obligation to make any Advance is subject to the prior fulfillment,
          or waiver by Administrative Agent in writing, of each of the following
    conditions:</FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent and the Independent Consultant shall have received a Draw Request
          for the subject Advance at least 15 Business Days prior to the requested
          date of disbursement of the Construction Advance, and Administrative
          Agent and the Independent Consultant shall have approved such Draw
          Request, such approval not to be unreasonably withheld or delayed; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">each
          of the conditions contained in </FONT><U><FONT face="serif">Sections
          3.1</FONT></U><FONT face="serif"> and </FONT><U><FONT face="serif">3.2</FONT></U><FONT face="serif"> shall
          have been met or satisfied;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">the
          Mortgage and any other Loan Documents which are to be recorded or filed
          were duly recorded and filed prior to commencement of any construction
          on the Land, including pre-construction activity, placing any materials
          or supplies on the Land, or any other act or occurrence which could
          give rise to a lien claim equal or superior to the Liens created by
          the Loan Documents; </FONT></P>
      <P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Completion
          shall not then have occurred;</FONT></P>
       &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       <div align="justify"><FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">(i)
          the Improvements shall not have been damaged by fire or other casualty
          (x) that has not been fully repaired or (y) that is not in the process
          of being repaired with sufficient funds set aside therefor and such
          repair shall not result in a material delay in construction and completion
    of the Project; </FONT>
         </P>
    </div></td>
  </tr>
</table>
<P align="center"> <FONT face="serif">39</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent and the Independent Consultant shall have received, at Borrower&#8217;s
          expense, a down date endorsement to the Title Policy (or if an endorsement
          is not available, a letter from the Title Company) dated within five
          days of the requested Advance and showing no state of facts objectionable
          to Administrative Agent, including showing no intervening Lien has
          been filed affecting the Land or the Project; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">if
          requested by Administrative Agent, Administrative Agent and the Independent
          Consultant shall have received, after the location of the foundation
          for any building site on the Land has been established and staked on
          the ground and before the foundation is poured, a survey in conformity
          with </FONT><U><FONT face="serif">Section 7.2(b)</FONT></U><FONT face="serif"> hereof;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent and the Independent Consultant shall have received waivers and
          releases signed and acknowledged (notarized) by each Contractor that
          has done work included within any prior Draw Request that the respective
          Contractor has been paid in full (except for required retainage) for,
          and waiving and releasing any mechanic&#8217;s and materialmen&#8217;s Lien rights
          with respect to, all work done through the date of the preceding Draw
          Request; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent and the Independent Consultant shall have received an inspection
          report prepared by the Independent Consultant approving the Draw Request
          and confirming that the amount of the Advance included in the Draw
          Request does not exceed the cost of the work completed less prior Advances
          and required retainage, that the undisbursed Loan proceeds, together
          with funds in the Construction Account and any Special Account designated
          for Construction Costs plus any outstanding Borrower&#8217;s Equity for Construction
          Costs, are sufficient to complete all of the Improvements, that the
          Improvements have been constructed in accordance with the Plans and
          applicable Legal Requirements, that the construction is proceeding
          in conformity with the Budget and Construction Schedule, and such other
          matters as may be reasonably requested by Administrative Agent; and </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent shall have received evidence that the full amount of the Interest
          Reserve has been deposited into the Interest Reserve Account. </FONT></P>    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          3.5</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Conditions
          Precedent to Final Advance</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Lenders&rsquo;
          obligation to make the final Advance is subject to the prior fulfillment,
          or waiver by Administrative Agent in writing, of each of the following
    conditions:</FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">each
          of the conditions contained in </FONT><U><FONT face="serif">Sections
          3.1</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">3.2</FONT></U><FONT face="serif"> and </FONT><U><FONT face="serif">3.4</FONT></U><FONT face="serif"> shall
          have been met or satisfied;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Completion
          shall have occurred, and Administrative Agent and the Independent Consultant
          shall have received satisfactory evidence that Completion has occurred; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent and the Independent Consultant shall have received an &ldquo;as-built&rdquo; survey
          as required pursuant to and in conformity with </FONT><U><FONT face="serif">Section
          7.2(c)</FONT></U><FONT face="serif"> hereof and approved in writing
    by Administrative Agent;</FONT></P>    </td>
  </tr>
</table>
<P align="center"> <FONT face="serif">40</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent and the Independent Consultant shall have received a complete
          set of &ldquo;as-built&rdquo; plans and specifications for the Improvements, certified
          as accurate by each applicable Design Professional; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent and the Independent Consultant shall have received an affidavit
          of bills paid and lien waivers and releases, in form and substance
          acceptable to Administrative Agent, executed by each Contractor and
          any other Person Administrative Agent reasonably requires;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent and the Independent Consultant shall have received evidence that
          there are no Liens against any of the Collateral, other than Permitted
          Exceptions;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent and the Independent Consultant shall have received evidence that
          40 days shall have elapsed from the later of (i) the date of completion
          of the Improvements, as specified in </FONT><U><FONT face="serif">Texas
          Property Code</FONT></U><FONT face="serif"> &#167; 53.106, if the Affidavit
          of Completion provided for in this Loan Agreement is filed within 10
          days after such date of Completion, or (ii) the date of filing of such
          Affidavit of Completion if such Affidavit of Completion is filed 10
          days or more after the date of the completion of the Improvements,
          as specified in </FONT><U><FONT face="serif">Texas Property Code</FONT></U><FONT face="serif"> &#167; 53.106;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent and the Independent Consultant shall have received evidence that
          the Improvements and their use comply fully with any and all applicable
          zoning, subdivision, building and environmental requirements and other
          Legal Requirements (and such evidence must include documentation establishing
          that both the zoning and subdivision approval is based on no requirement
          or condition involving any real property, or rights appurtenant thereto,
          other than the property encumbered by the Mortgage, that the number
          of parking spaces available on the Land is sufficient to comply with
          all applicable Legal Requirements for the Project, and that all fire
          and other health and safety systems in the Improvements are installed,
          operational and sufficient to comply with all applicable Legal Requirements);</FONT></P>
      <P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">satisfaction
          of the requirements set forth in </FONT><U><FONT face="serif">Section
          2.8(f)</FONT></U><FONT face="serif">; and</FONT></P>
      <P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent and the Independent Consultant shall have received any other
          evidence or information concerning Completion that Administrative Agent
          reasonably requires. </FONT></P>
    </td>
  </tr>
</table>
<P align="center">
  <B><FONT face="serif">ARTICLE IV. REPRESENTATIONS AND WARRANTIES</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Borrower represents and warrants to Administrative Agent and each Lender (each of the following representations and warranties: (a) has been and will be relied upon as an inducement to Administrative
Agent and each Lender to make the Loan, and (b) is continuing and shall be deemed remade by Borrower on the Closing Date and at all times thereafter until all Obligations have been fully satisfied) that:</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><U><FONT face="serif">Organization and Existence</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower is a limited liability company,
duly organized, validly existing and in good standing, if applicable, under the laws of its jurisdiction</FONT></P>
<P align="center">
<FONT face="serif">41</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
<FONT face="serif">of organization; the organizational number assigned to Borrower by such jurisdiction is 800306780; Borrower is qualified to do business and is in good standing in each other jurisdiction where the nature of its business or the
property owned by it make such qualification necessary; and each Credit Party, if any, is duly organized, validly existing and in good standing, if applicable, under the laws of the state of its formation and is qualified to do business and in good
standing in each other jurisdiction where the nature of its business or the property owned by it make such qualification necessary. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Execution, Delivery and Performance</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Each Credit Party has the requisite organizational power and
authority to enter into and perform its obligations under the Loan Documents to which it is a party. Borrower holds all necessary permits, licenses, certificates of occupancy and other governmental authorizations and approvals required for the then
current stage of construction or Completion of the Improvements and for the then current operations of Borrower&#8217;s business. The execution, delivery and performance by Borrower and by each of the other Credit Parties of each of the Loan Documents to
which it is a party: (a) have been duly authorized by all requisite organizational action, (b) do not and will not violate or conflict with any law, order or other Legal Requirement, (c) do not and will not violate or conflict with any of the
agreements, instruments or documents which formed or govern the respective Credit Party, and (d) do not and will not breach or violate any of the provisions of, and will not result in a default by any of the Credit Parties under, any other material
agreement, instrument or document to which it is a party or is subject. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.3</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Notices and Approvals</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Except as may have been given or obtained, no notice to or consent or
approval of any Governmental Agency or other third party whatsoever (including any other creditor) is required in connection with the execution, delivery or performance by any Credit Party of this Loan Agreement, the Note and the other Loan
Documents to which it is a party. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.4</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Enforceability</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> The Loan Documents to which any Credit Party is a party are the respective legal,
valid and binding obligations of such Credit Party, enforceable against it or them, as the case may be, in accordance with their respective terms, except as enforceability may be limited by bankruptcy and other similar laws affecting the rights of
creditors generally or by general principles of equity. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.5</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Collateral</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower has good and marketable title to the Real Property Collateral, free and clear
of any Liens, charges, claims, easements, restrictions, rights of first refusal, options, leases, covenants, or other rights, titles, or interests except the Permitted Exceptions. Except for Permitted Exceptions and priorities afforded to any
Permitted Exception: (a) Borrower has good and marketable title to the Personal Property Collateral, (b) none of the Personal Property Collateral is subject to any Lien, and (c) upon the filing of all UCC financing statements with respect to the
Personal Property Collateral in the appropriate jurisdiction(s) and the completion of any other action required by Legal Requirements to perfect its Liens, Administrative Agent (for the benefit of Secured Parties) will have valid and perfected first
Liens upon all of the Personal Property Collateral. Any Tangible Collateral which is not located on the Land is and will remain Personal Property Collateral and is not and shall not constitute real property at such location. Within the past six
years, Borrower has not changed its name, done</FONT></P>
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<FONT face="serif">business under any other name, or merged or been the surviving entity of any merger, except as disclosed in writing to Administrative Agent prior to the Closing Date. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.6</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Financial Statements</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Except as expressly set forth in Borrower&rsquo;s financial statements, all
financial statements of Borrower furnished to Administrative Agent and any Lender have been prepared in conformity with GAAP are true and correct and present fairly in all material respects, the financial condition of Borrower as of such dates and
the results of its operations for the periods then ended (subject, in the case of interim unaudited financial statements, to normal year-end adjustments); and since the most recent date covered by such financial statements, there has been no
material adverse change in any such financial condition or operation. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.7</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Litigation</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  No litigation, arbitration, administrative or governmental proceedings are pending
or, to the Knowledge of Borrower, threatened against any Credit Party, which would, if adversely determined, materially and adversely affect (a) such Credit Party&rsquo;s interest in the Collateral or the Liens and security interests of Administrative
Agent for the benefit of Secured Parties hereunder or under any of the Loan Documents, or (b) the financial condition of such Credit Party or its continued operations. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.8</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Tax Returns</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  All federal, state and local tax returns, reports and statements required to be
filed by any Credit Party have been filed with the appropriate Governmental Agencies, and all taxes due and payable by any Credit Party have been timely paid (except to the extent that any such failure to file or pay will not materially and
adversely affect (a) either the Liens and security interests of Administrative Agent for the benefit of Secured Parties hereunder or under any of the Loan Documents, (b) the financial condition of any Credit Party, or (c) its continued operations).
</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.9</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Relationship with Merrill Lynch</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Neither Borrower nor any shareholder or other Person that
controls Borrower is (a) an executive officer or director of Merrill Lynch &amp; Co., Inc. or any of its subsidiaries or Affiliates, or (b) a holder of more than 10% of any class of voting securities of Merrill Lynch &amp; Co., Inc. or any of its
subsidiaries or Affiliates.  For purposes of this representation, &ldquo;control&rdquo; means the power to vote 25% or more of any class of voting securities; the ability to control the election of a majority of directors; or the power to exercise a controlling
influence over management policies. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.10</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">No Default</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  No Default or Event of Default has occurred and is continuing. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.11</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">No Outside Broker</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Except for employees of Administrative Agent, Merrill Lynch, Pierce, Fenner
&amp; Smith Financial Consultant (&ldquo;</FONT><U><FONT face="serif">MLPF&amp;S</FONT></U><FONT face="serif">&rdquo;) or one of their Affiliates or as described in writing by Borrower to Administrative Agent, Borrower has not in connection with the
transactions contemplated hereby directly or indirectly engaged or dealt with, and was not introduced or referred to Administrative Agent by, any broker or other loan arranger. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.12</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Material Adverse Effect</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Since June 30, 2006, there has been no change which would reasonably be
expected to have a Material Adverse Effect. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.13</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Environmental Matters</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> In the ordinary course of its business, the officers of Borrower consider
the effect of Environmental Laws on the business of Borrower, in the course of which they identify and evaluate potential risks and liabilities accruing to Borrower due to Environmental Laws.  On the basis of this consideration, Borrower has
concluded that Environmental Laws and Environmental Claims would not reasonably be expected to have a Material Adverse Effect on Borrower. Neither Borrower nor any Subsidiary has received any written notice of a material Environmental Claim or to
the effect that its operations are not in material compliance with any of the requirements of applicable Environmental Laws or are the subject of any federal or state investigation evaluating whether any remedial action is needed to respond to a
release of any toxic or hazardous waste or substance into the environment, which non-compliance or remedial action would reasonably be expected to have a Material Adverse Effect on Borrower. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.14</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Investment Company Act</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Neither Borrower nor any Subsidiary is an &ldquo;investment company&rdquo; or a
company &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo;, within the meaning of the Investment Company Act of 1940, as amended. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.15</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Public Utility Holding Company Act</FONT></U><B><FONT face="serif">.  </FONT></B><FONT face="serif">Neither Borrower nor any
Subsidiary is a &ldquo;holding company&rdquo; or a &ldquo;subsidiary company&rdquo; of a &ldquo;holding company&rdquo;, or an &ldquo;affiliate&rdquo; of a &ldquo;holding company&rdquo; or of a &ldquo;subsidiary company&rdquo; of a &ldquo;holding company&rdquo;, within the meaning of the Public Utility Holding Company Act of 2005,
as amended. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.16</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">No Assignment</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower has made no previous assignment of its interest in the Plans, any
Construction Contract, any Property Contract, or any Operating Contract. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.17</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Compliance With Laws</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Each Credit Party is in compliance in all material respects with all Legal
Requirements applicable to such Credit Party.  Upon completion of construction of the Improvements in accordance with the Plans, the Improvements will comply with all applicable Legal Requirements, including zoning laws, building codes, handicap or
disability laws, Environmental Laws, and all rules, regulations and orders relating thereto, and the use to which Borrower is using and intends to use the Land and Improvements complies with and will comply with such Legal Requirements.  Borrower
has obtained all permits, licenses, consents and approvals which are needed as of such date for the construction of the Improvements and use of the Land and Improvements in order to comply with all Legal Requirements. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.18</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Plans</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> The Plans are satisfactory to Borrower, are in compliance with all Legal Requirements and,
to the extent required by any Legal Requirements, have been approved by each Governmental Agency and/or by the governing authority and beneficiaries, as appropriate, of any restrictive covenant or other nongovernmental legal requirements affecting
the Land or Improvements. The Plans are complete in all material respects, contain all necessary detail for construction of the Improvements, are sufficient for construction of all infrastructure and improvements necessary to complete construction
of the Project so that the Project is capable of operating in its intended capacity, and have been sealed by the Design Professional(s) who prepared such Plans. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.19</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Utility Services</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  All utility services of sufficient size and capacity necessary for the
construction of the Improvements and the use thereof for their intended purposes are available at the property line(s) of the Land for connection, and upon Completion are connected, to the Improvements, including potable water, storm and sanitary
sewer, gas, electric and telephone facilities. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.20</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Access</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Access by vehicles to the Land for the full utilization of the Improvements for their
intended purposes exists over paved roadways that have been completed, dedicated to the public use and accepted by the appropriate Governmental Agencies, or the necessary rights-of-way for such road ways have been acquired by the appropriate
Governmental Agencies and all necessary steps have been taken by Borrower and such Governmental Agencies to assure the complete construction and installation of such roadways. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.21</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">No Commencement</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> As of the date of recordation of the Mortgage, (a) no steps to commence
construction on the Land, including steps to clear or otherwise prepare the Land for construction thereon or the delivery of materials for use in construction of the Improvements, have been taken, and (b) no contract or other agreement has been
executed for construction (including development) on the Land for engineering, architecture or other design related to any such construction, has been entered into, for furnishing materials for such construction or for any other related purpose, the
performance of which by the other party thereto could give rise to a Lien. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.22</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Budget Correct</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> The Budget is true, correct, and complete, and accurately reflects Borrower&rsquo;s
best good faith estimate of all of the direct and indirect costs of all matters reflected therein, including completing the Improvements in accordance with the Plans, the Loan Documents, and all Legal Requirements. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.23</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Projections</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> The Projections fairly present Borrower&rsquo;s reasonable forecast of the most probable
results of operations and changes in cash flows for the periods covered thereby, based on the assumptions set forth therein, which assumptions are reasonable based on historical experience and presently known facts. As of the date of this Loan
Agreement, to the best of Borrower&rsquo;s Knowledge (with such due diligence as a reasonable Person would have performed), there have been no changes with respect to any facts, assumptions, or any other matters or conditions which could reasonably be
expected to result in, singly or in the aggregate, a material discrepancy or change with respect to the Projections. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.24</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Contracts</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  There are no Construction Contracts, Property Contracts, or Operating Contracts
(including all amendments thereto), a copy of which has not been delivered to Administrative Agent and the Independent Consultant (if in existence on the date of this Loan Agreement) or that will not have been delivered to Administrative Agent and
the Independent Consultant within five days after execution (if not currently in existence), and all such copies are and shall be true, correct and complete. All Construction Contracts, Operating Contracts, and material Property Contracts have been
duly executed by all parties thereto, and Borrower is not in default, and there exists no event or fact that with the giving of notice, the passage of time, or both, would constitute a default, thereunder.  Borrower has all Operating Contracts (duly
executed and binding upon all parties thereto) needed to operate the Project consistent with the Projections. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.25</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Land</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> If required by applicable Legal Requirements, the Land has been duly platted in accordance
with all Legal Requirements, which plat has been approved and executed by all appropriate Governmental Agencies and has been duly recorded. The Project is taxed separately without regard to any other property, and for all purposes, the Project may
be mortgaged, conveyed, and otherwise dealt with as an independent parcel. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.26</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">ERISA. </FONT></U><FONT face="serif">No ERISA Event has occurred or is reasonably expected to occur that, when taken together
with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.  The present value of all accumulated benefit obligations under each ERISA Plan (based on the
assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than a de minimis amount the fair market value of the assets
of such ERISA Plan, and the present value of all accumulated benefit obligations of all underfunded ERISA Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most
recent financial statements reflecting such amounts, exceed by more than de minimis amount the fair market value of the assets of all such underfunded ERISA Plans. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.27</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Disclosure; Accuracy. </FONT></U><FONT face="serif">Borrower has disclosed to Administrative Agent, Lenders and the Independent
Consultant all agreements, instruments, reports, inspections and corporate or other restrictions related to the Project or to which it or any of its Subsidiaries is subject, and all other matters known to any of them, that, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Effect.  None of the reports, financial statements, certificates or other information furnished or hereafter furnished by or on behalf of Borrower or any other Credit Party to
Administrative Agent, the Independent Consultant or any Lender in connection with the negotiation of this Loan Agreement or any of the Loan Documents or delivered hereunder (as modified or supplemented by other information so furnished) contains or
will contain any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected
financial information, Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.28</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Subsidiaries</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> As of the Closing Date, Borrower has no Subsidiaries other than those specifically
disclosed in </FONT><U><FONT face="serif">Schedule 4.28</FONT></U><FONT face="serif">, and all of the outstanding equity interests in such Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by a Credit Party in the
amounts specified in </FONT><U><FONT face="serif">Schedule 4.28</FONT></U><FONT face="serif"> free and clear of all Liens.  Neither Borrower nor any Subsidiary has any equity investments in any other Person other than those specifically disclosed on
</FONT><U><FONT face="serif">Schedule 4.28</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  All of the equity interests in Borrower have been validly issued and are fully paid and nonassessable.  The Subsidiaries of Borrower as of the Closing Date are specified on
</FONT><U><FONT face="serif">Schedule 4.28</FONT></U><FONT face="serif">, and </FONT><U><FONT face="serif">Schedule 4.28</FONT></U><FONT face="serif"> correctly sets forth the complete and correct name of each Subsidiary, the jurisdiction of
organization of each Subsidiary, the percentage of Borrower&rsquo;s ownership of the outstanding equity interests of each Subsidiary directly owned by Borrower, the percentage of each Subsidiary&rsquo;s ownership of the outstanding equity interests of each
other Subsidiary and the authorized, issued and outstanding equity interests of Borrower and each Subsidiary. Other than those set forth on </FONT><U><FONT face="serif">Schedule 4.28</FONT></U><FONT face="serif">, there are no outstanding
subscriptions, options, warrants, calls or rights (including preemptive rights) to </FONT></P>
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<FONT face="serif">acquire, and no outstanding securities, instruments or rights convertible into, any
    equity interests of Borrower or any Subsidiary. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 4.29</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Labor Controversies</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  There are no labor controversies pending or threatened against any Credit
Party which could reasonably be expected to result in a Material Adverse Effect. </FONT></P>
<P align="center">
<B><FONT face="serif">ARTICLE V. AFFIRMATIVE COVENANTS </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Borrower covenants and agrees that, as long as the Obligations or any part thereof are outstanding or any Lender has any outstanding Commitment hereunder, Borrower will, and will cause each Credit
Party to, perform and observe the following covenants:</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 5.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Financial and Other Information</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower shall furnish or cause to be furnished to
Administrative Agent and Lenders during the term of this Loan Agreement all of the following:</FONT><B><FONT face="serif"> </FONT></B></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Annual
            Financial Statements</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Within 120 days
            after the close of each fiscal year of Borrower, a copy of the annual
            audited financial statements of Borrower, including, in reasonable
            detail, a balance sheet and statement of retained earnings as at
            the close of such fiscal year and statements of profit and loss and
            cash flow for such fiscal year; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Quarterly
            Certificate of Compliance</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Within 60
            days after the close of each calendar quarter, a Certificate of Compliance,
            duly executed by the president, chief financial officer or chief
            executive officer of Borrower, in the form of </FONT><U><FONT face="serif">Exhibit
            B</FONT></U><FONT face="serif"> attached hereto, or such other form
            as may be reasonably required by Administrative Agent from time to
            time; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Interim
            Financial Statements</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Within 60 days
            after the close of each fiscal quarter of Borrower, a copy of the
            interim financial statements of Borrower for such fiscal quarter
            (including in reasonable detail both a balance sheet as of the close
            of such fiscal period, and statement of profit and loss for the applicable
            fiscal period); </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Projections</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Within 60 days prior to the close of each fiscal year of Borrower,
          a copy of the internally prepared projections for Borrower of balance
          sheets and statements of income or operations and cash flows of Borrower
          and its Subsidiaries on a monthly basis for the immediately following
          fiscal year (including the fiscal year in which the Maturity Date occurs); </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Operating
            Statement</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> On or before 60 days after
            the end of each calendar month and on or before 120 days after the
            end of each fiscal year of Borrower, an operating statement for the
            Collateral, such reports to be in such form and in reasonable detail
            as Administrative Agent may request, setting forth the financial
            condition and the income and expenses for the Collateral for the
            immediately preceding calendar month or fiscal year, as applicable,
            and a certificate executed by Borrower certifying that such report
            has been prepared in accordance with GAAP that fairly presents the
            results of the operations of the Collateral for the period covered
    thereby; </FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">47 </FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Operating
            Budget</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> On or before 60 days prior
            to the start of each fiscal year, an annual operating budget for
            the Collateral for the next fiscal year, in form and substance acceptable
            to Administrative Agent; and </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Other
            Information</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Such other financial statements,
            reports and information as Administrative Agent may from time to
            time reasonably request relating to Borrower, any Credit Party or
            the Collateral. </FONT></P>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          5.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">General
          Agreements With Respect to Financial Information</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Borrower agrees that except as otherwise specified herein or otherwise
    agreed to in writing by Administrative Agent: </FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">all
          annual financial statements required to be furnished by Borrower to
          Administrative Agent hereunder will be prepared by either the current
          independent accountants for Borrower or other independent accountants
          of recognized standing reasonably acceptable to Administrative Agent; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">all
          other financial information required to be furnished by Borrower to
          Administrative Agent or any Lender hereunder will be certified as correct
          in all material respects by the party who has prepared such information,
          and, in the case of internally prepared information with respect to
          Borrower, certified as correct by its chief financial officer; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">all
          financial statements shall be prepared in accordance with GAAP; and </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">the
          fiscal year of Borrower will end on December 31. </FONT></P>
      <P align="justify"><FONT face="serif">Section 5.3</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Financial
            Records; Inspection</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Each Credit Party
            will:</FONT></P>
      <P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">maintain at its principal place of business complete and accurate books and records, and maintain all of its financial records in a manner
consistent with the financial statements heretofore furnished to Administrative Agent, or prepared on such other basis as may be approved in writing by Administrative Agent; and</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">permit Administrative Agent, any Lender or their duly authorized representatives, upon reasonable notice and at reasonable times, to
inspect Borrower&rsquo;s, its Subsidiaries&rsquo; and each Credit Party&rsquo;s properties (both real and personal), operations, books and records and to audit, examine, and make copies or extracts of Borrower&rsquo;s books of account and records relating to the
Collateral. </FONT></P>
<P align="justify">
</P>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          5.4</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Taxes</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Each Credit Party will pay when due all of its respective taxes, assessments
          and other governmental charges, howsoever designated, and all other
          liabilities and obligations, except to the extent that any such failure
          to file or pay will not materially and adversely affect either the
          Liens of Administrative Agent under any of the Loan Documents or the
          financial condition or continued operations of any Credit Party. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          5.5</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Compliance
          With Laws and Agreements</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower will,
          and will cause its Subsidiaries to, timely comply (to prevent any breach)
    with and satisfy all Legal </FONT></P>      </td>
  </tr>
</table>
<P align="center"> <FONT face="serif">48 </FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
<FONT face="serif">Requirements that affect or are otherwise related to the Collateral, or the construction, use, or occupancy thereof, excluding non-compliance that, either individually or in the aggregate, could not reasonably be expected to
result in (i) a Material Adverse Effect or (ii) seizure of, forfeiture of or a Lien upon any material portion of the Collateral. No Credit Party will violate (a) any law, regulation or other governmental requirement, any judgment or order of any
court or Governmental Agency, or any other Legal Requirement; (b) any agreement, instrument or document which is material to its operations or to the operation or use of any Collateral, in each case as contemplated by the Loan Documents; or (c) any
agreement, instrument or document to which it is a party or by which it is bound, in each case, if any such violation will materially and adversely affect either the Liens and security interests of Administrative Agent hereunder or under any of the
Loan Documents or the financial condition or continued operations of any Credit Party. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
5.6</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Notification
By Borrower</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower
shall provide Administrative Agent and the Independent  Consultant with prompt
written notification of:</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">any
          Default or Event of Default;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">any
          Material Adverse Effect;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">any
          information which indicates that any financial statements of any Credit
          Party fail in any material respect to present fairly the financial
          condition and results of operations purported to be presented in such
          statements;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">any
          threatened or pending litigation involving any Credit Party;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">any
          Event of Loss, Casualty or Condemnation or any attachment, Lien, judicial
          process, encumbrance or claim affecting or involving any Collateral
          other than a Permitted Exception;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">any
          change in Borrower&rsquo;s outside accountants;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">any
          violation of any Legal Requirement applicable to the Collateral or
          any Credit Party, except for violations that, either individually or
          in the aggregate, could not reasonably be expected to have a material
          effect on the Borrower or create or result in a Lien on any material
          portion of the Collateral;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">any
          actual or threatened condemnation of any portion of the Collateral,
          any negotiations with respect to any such taking, or any loss of or
          substantial damage to the Collateral;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">any
          notice received by Borrower with respect to the cancellation, alteration,
          or nonrenewal of any insurance coverage maintained as required by the
          Loan Documents;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">any
          failure by Borrower or any Contractor, subcontractor, or supplier to
          perform any material obligation under any Construction Contract or
          subcontract, or any other breach under any Construction Contract, or
    any event or condition which would </FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">49 </FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">permit termination of a Construction
          Contract or subcontract or suspension of work thereunder, or any notice
          given by Borrower or any Contractor or Design Professional with respect
          to any of the foregoing;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">any
          required permit, license, certificate, or approval with respect to
          the Collateral that is not timely issued, or lapses or ceases to be
          in full force and effect; and </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">the
          occurrence of a default of any agreement involving any Credit Party
          and involving or evidencing trade payables in an aggregate amount equal
          to or greater than &#36;250,000. </FONT></P>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><P align="justify"><FONT face="serif">Each notification by Borrower pursuant
          hereto shall specify the event or information causing such notification,
          and, to the extent applicable, shall specify the steps being taken
          to rectify or remedy such event or information. </FONT></P>      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          5.7</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Entity
          Organization</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Each Credit Party which
          is an entity will (a) remain (i) validly existing and in good standing
          in the state of its organization and (ii) qualified to do business
          and in good standing in each other state where the nature of its business
          or the property owned by it make such qualification necessary, and
          (b) maintain all governmental permits, licenses and authorizations
          necessary for the operation of its business. Borrower and each Credit
          Party shall give Administrative Agent not less than 30 days prior written
          notice before changing the state where it is organized, changing its &ldquo;place
          of business&rdquo; (as defined in the UCC) if not the state of organization
          or otherwise changing the place where its books and records are maintained,
          changing its name (including any fictitious name), or changing its
          organizational number or taxpayer identification number. </FONT></P>      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          5.8</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Environmental
          Compliance</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Except, in each case, where
          the failure to so comply could not reasonably be expected to have a
          Material Adverse Effect, Borrower will conduct its business operations,
          handle, store, transmit, discharge, emit, release and dispose of Hazardous
          Substances, and use the Collateral so as to comply with all Environmental
          Laws in all material respects and will avoid Environmental Contamination;
          and Borrower, so long as any Obligations remains outstanding, will,
          and will cause each Subsidiary to, continue to have in full force and
          effect all Federal, state and local licenses, permits, orders and approvals
          required to operate the Collateral in compliance with all Environmental
    Laws in all material respects. </FONT></P>
<P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
    5.9</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Insurance</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Coverage</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Without limiting any of the other obligations or liabilities of Borrower
          under the Loan Documents, Borrower shall, and shall cause each Subsidiary
          to, during the term of this Loan Agreement, carry and maintain (or
          cause to be carried and maintained), at its own expense, at least the
          minimum insurance coverage and deductibles in at least such amounts
          (A) as are, at a minimum, usually obtained by similarly-situated companies
          engaged in the same or similar business and with the same or similar
          assets and operations as Borrower and (B) as Administrative Agent may
          reasonably require, with insurers having a minimum A.M. Best rating
          of A- VII and licensed to provide such insurance in the jurisdictions
          where coverage is to be provided, and be in such form, with terms,
          conditions, limits and deductibles as shall be reasonably acceptable
    to </FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">50 </FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"> <div align="justify"><FONT face="serif">Administrative Agent. In addition, Borrower shall,
          and shall cause each Subsidiary to, carry and maintain any other insurance
    that Administrative Agent may reasonably require from time to time.</FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">All
          risk property insurance, including boom and overload and boiler and
          machinery coverage (including electrical malfunction and mechanical
          breakdown), and such other coverage as Administrative Agent may require,
          and insuring the Collateral against physical loss or damage from perils
          including fire and extended coverage, windstorm, collapse, earth movement,
          and such other perils as Administrative Agent may require. Notwithstanding
          anything herein to the contrary, coverage shall be written for an amount
          which is no less than the replacement cost value of the Collateral,
          without reduction for depreciation. Such insurance policy shall contain
          an endorsement waiving any coinsurance requirement and contain deductibles
          not greater than &#36;5,000.</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Commercial
          general liability insurance, including pollution liability (which may
          be provided under a separate policy), products/completed operations,
          blanket contractual liability, environmental liability, premises/ operations,
          independent contractors, personal injury, fire legal liability, loss
          of use, and employee benefits liability with each written on an occurrence
          basis. Such insurance shall not contain an exclusion for punitive or
          exemplary damages where insurable by law. If boom and overload is not
          available as required in </FONT><U><FONT face="serif">clause (i)</FONT></U><FONT face="serif"> above,
          this policy shall be endorsed to include coverage for rigger&rsquo;s liability. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Business
          interruption, extra expense, and contingent business interruption insurance
          (whether a separate policy or additional coverage included under another
          policy) in an amount equal to 12 months projected net profits and continuing
          expenses (including the loan payments due on the Collateral). </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Workers&rsquo;
          compensation insurance in accordance with statutory provisions and
          employer&rsquo;s liability. Such coverage shall not contain any occupational
          disease exclusions. All such insurance will be compulsory and not elective.
          Any deductible contained under the policy will be disclosed to Administrative
          Agent. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Automobile
          liability and automobile physical damage insurance (as appropriate)
          covering all owned, rented, non-owned and hired vehicles written on
          an occurrence basis. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(vi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Excess
          or umbrella liability insurance written on an occurrence basis providing
          coverage on a follow-form basis in excess of the insurance limits and
          terms required under </FONT><U><FONT face="serif">subsections (ii)</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">(iv)</FONT></U><FONT face="serif">,
          and </FONT><U><FONT face="serif">(v)</FONT></U><FONT face="serif"> above.
          Any differences in coverage terms under this policy will be fully disclosed
          to Administrative Agent. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(vii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Prior
          to commencing any construction on the Land, builder&rsquo;s risk insurance,
          including theft, to insure, without limitation, all buildings, machinery, </FONT></P>
    </td>
  </tr>
</table>
<P align="center">&nbsp;<FONT face="serif">51 </FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"><P align="justify"><FONT face="serif">equipment, materials, supplies, temporary
          structures, foundations, other underground property, personal property,
          and all other property of any nature on-site, off-site, and while in
          transit which is to be used in fabrication, construction, and completion
          of the improvements (other than tenant finish-out improvements not
          financed hereby) being constructed, and to remain in effect until all
          such improvements being constructed have been completed and accepted
          by Borrower and Administrative Agent (or Administrative Agent&rsquo;s designee)
          and a Certificate of Occupancy has been issued. Such insurance shall
          be provided on a replacement cost value basis and shall (A) be on a
          non-reporting, completed value, form; (B) cover damage to landscaping
          and debris removal expense (including removal of pollutants); (C) provide
          that Borrower can complete and occupy the premises without further
          written consent from the insurer; (D) cover loss of income resulting
          from delay in occupancy, loss and damage to property due to faulty
          or defective workmanship or materials and error in design or specification,
          and loss while the property is in the care, custody and control of
          others to whom the property may be entrusted; (E) not exclude losses
          due to explosions, collapses, or underground hazards; (F) cover soft
          costs and continuing expenses not directly involved in the direct cost
          of construction or renovation, including interest on money borrowed
          to finance construction or renovation, advertising, promotion, real
          estate taxes and other assessments, the cost of renegotiating leases,
          architectural and engineering costs, legal and accounting costs, and
          other expenses incurred as the result of property loss or destruction
          by the insured peril; (G) cover settling, subsidence, riots, civil
          commotion, vandalism, and malicious mischief; (H) not contain any safeguard
          warranties; and (I) not contain any monthly limitation. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(viii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">If
          requested by Administrative Agent with respect to any time any improvements
          are being constructed on the Land, Borrower shall cause each Contractor
          performing any of such construction work to maintain worker&rsquo;s compensation
          insurance or other applicable insurance providing coverage for injuries
          to such Contractor&rsquo;s personnel, auto liability insurance, and general
          liability insurance, all in the amounts and providing such coverage
          as is reasonably acceptable to Administrative Agent. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ix)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Borrower
          shall cause each Design Professional to maintain errors and omissions
          insurance in amounts and providing such coverage as is reasonably acceptable
          to Administrative Agent. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(x)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Other
          insurance in such amounts as may from time to time be reasonably required
          by Administrative Agent, including liquor liability, environmental
          liability and professional liability. </FONT></P>
    <P align="justify"> </P></td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Endorsements</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Borrower shall, and shall cause each Subsidiary to, cause all insurance
          policies carried and maintained in accordance with this Loan Agreement
          to be endorsed to Administrative Agent for the benefit of Secured Parties,
    its successors and assigns as indicated below. </FONT></P>      </td>
  </tr>
</table>
<P align="center"> <FONT face="serif">52 </FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">As
          the sole loss payee as its interest may appear with respect to the
          Collateral under the property, builder&rsquo;s risk, auto, boiler and machinery,
          business interruption/extra expense, and contingent business interruption
          insurance, and any other insurance obtained pursuant to the provisions
          hereof for which Administrative Agent for the benefit of Secured Parties
          can be named as a loss payee as its interest may appear. Any obligation
          imposed upon Borrower, including the obligation to pay premiums and/or
          coverage deductibles, shall be the sole obligation of Borrower and
          not an obligation of Administrative Agent or any Lender. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">With
          respect to property and builder&rsquo;s risk policies described in the </FONT><U><FONT face="serif">subsection
          (i)</FONT></U><FONT face="serif"> &ldquo;Coverage&rdquo; above, the interests of
          Administrative Agent or a Lender shall not be invalidated by any action
          or inaction of Borrower or any other Person, and shall insure Administrative
          Agent and Lenders regardless of any breach or violation by Borrower
          or any other Person, of any warranties, declarations or conditions
          of such policies. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Inasmuch
          as such policies are written to cover more than one insured, all terms,
          conditions, insuring agreements and endorsements, with the exception
          of the limits of liability, shall operate in the same manner as if
          there were a separate policy covering each insured. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">The
          insurers providing the coverage required hereunder shall waive all
          rights of subrogation against Administrative Agent or any Lender, any
          right of setoff or counterclaim and any other right to deduction, whether
          by attachment or otherwise. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Such
          insurance shall be primary without right of contribution of any other
          insurance carried by or on behalf of Administrative Agent and Lenders
          with respect to its interests as such in the Collateral. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(vi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">If
          such insurance is canceled for any reason whatsoever, including nonpayment
          of premium, or any material changes are made in the coverage which
          adversely affect the interests of Administrative Agent or a Lender,
          such cancellation or change shall not be effective as to Administrative
          Agent until 30 days, except for non-payment of premium which shall
          not be effective as to Administrative Agent or any Lender until 10
          days, in each case, after receipt by Administrative Agent of written
          notice sent by registered mail from such insurer. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(vii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Upon
          the occurrence of a Default hereunder, Borrower irrevocably, appoints
          Administrative Agent as Borrower&rsquo;s true and lawful attorney (and agent-in
          fact) for the purpose of making, settling and adjusting claims under
          such policies, endorsing the name of Borrower on any check, draft,
          instrument or other item of payment for the proceeds of such policies
          and for making all determinations and decisions with respect to such
    policies. </FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">53 </FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(viii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">All
          insurance policies should include a waiver of terrorism exclusion or
          confirmation of said coverage. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ix)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent for the benefit of Secured Parties shall be named as an additional
          insured with respect to the commercial general liability, excess or
          umbrella liability, and any other insurance obtained pursuant to the
          provisions hereof for which Administrative Agent for the benefit of
          Secured Parties can be named as an additional insured. Any obligation
          imposed upon Borrower, including but not limited to the obligation
          to pay premiums and/or coverage deductibles, shall be the sole obligation
          of Borrower and not an obligation of Administrative Agent or any Lender. </FONT></P>
    </td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Certifications</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          On the Closing Date, and at each policy renewal, but not less than
          annually with respect to all Collateral, Borrower shall provide to
          Administrative Agent an Acord 27 &#150; Evidence of Property Insurance
          and loss payable endorsements for each such property policy and an</FONT><B><FONT face="serif"> </FONT></B><FONT face="serif">Acord
          25 Certificate of Liability Insurance for general liability, workers&rsquo;
          compensation, automobile liability, umbrella or excess liability policies.
          All certificates shall identify the insurance carriers, the type of
          insurance, the limits, deductibles, and terms thereof and shall specifically
          list the special provisions delineated for such insurance required
          by this Section. Borrower shall furnish to Administrative Agent a certificate
          signed by a duly authorized representative of the insurer, showing
          the insurance then maintained by or on behalf of Borrower pursuant
          to this Section and stating that such insurance complies in all material
          aspects with the terms hereof, together with evidence of payment of
          premiums.</FONT></P>            <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Forced
            Placement</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> In the event that at any
            time the insurance required by this Section shall be reduced or cease
            to be maintained, then (without limiting the rights of Administrative
            Agent or any Lender hereunder in respect of the Default which arises
            as a result of such failure) Administrative Agent may, at its option,
            maintain the insurance required hereby. Borrower shall reimburse
            Administrative Agent upon demand for the cost thereof with interest
            thereon at a rate per annum equal to the Default Rate, but in no
            event shall the rate of interest exceed the maximum rate permitted
    by law. </FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          5.10</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Additional
          Subsidiaries</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> If any Subsidiary is acquired
          or formed by Borrower after the Closing Date, Borrower will, within
          10 Business Days after such Subsidiary is acquired or formed, notify
          Administrative Agent and will cause such Subsidiary to execute a guaranty,
          a Security Agreement and such other Loan Documents as Administrative
          Agent shall reasonably require, in form and substance satisfactory
          to Administrative Agent, and will cause such Subsidiary to deliver
          simultaneously therewith similar documents applicable to such Subsidiary
          required under </FONT><U><FONT face="serif">Section 3.1</FONT></U><FONT face="serif"> as
          requested by Administrative Agent. </FONT></P>            <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          5.11</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Intellectual
          Property</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower will, and will cause
          each Subsidiary to, obtain and maintain in full force and in effect
          all patents, trademarks, service marks, licenses, franchises, trade
          names, trade styles, copyrights, technology, formulas, know&#150;how
          and processes to be used in or necessary for the construction, ownership
          and operation of the Project and for the current and proposed conduct
    of its business, and in its use thereof it will obtain all required </FONT></P>      </td>
  </tr>
</table>
<P align="center"> &nbsp;<FONT face="serif">54 </FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
<FONT face="serif">licenses and consents and not injure or infringe upon the property or rights of any Person in any material respect. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 5.12</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Use of Proceeds</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall use the proceeds of the Loan solely for a Loan Purpose or as
otherwise permitted under </FONT><U><FONT face="serif">Section 2.9</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> No part of the proceeds of the Loan will be used, whether directly or indirectly, for any purpose that would violate Regulation T, U or X of the Board
of Governors of the Federal Reserve System of the United States of America. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 5.13</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Title; Maintenance of Assets</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower shall, and shall cause each Subsidiary to, maintain good
and marketable title to its interest in the Collateral in which it has an interest and shall warrant and defend its interest and title to the Collateral against all claims that do not constitute Permitted Exceptions. Borrower shall, and shall cause
each Subsidiary to, maintain and preserve the Collateral and all of its other assets and properties in good working order and condition, ordinary wear and tear excepted, such that the Collateral remains in good and safe working order and in
compliance with (a) all manufacturer&rsquo;s or similar provider&rsquo;s suggested and/or approved maintenance programs, (b) insurance and warranty requirements and (c) applicable Legal Requirements. Borrower shall, and shall cause each of its Subsidiaries to,
do or cause to be done all things necessary to preserve, renew and maintain in full force and effect its respective rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and trade names material to the conduct of its
business and will continue to engage in and operate its business as presently conducted. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 5.14</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Operating Margin Protection</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower shall employ, to the extent available for customary and
usual costs, long-term hedging and price-management strategies customary and usual in the ethanol production industry, when it is reasonable to do so, for (a) the procurement of feedstocks, energy and fuel for the Project and (b) the sale of
products produced by the Project. Such hedging and price management strategies will be employed to minimize any reductions in (i) the Project&rsquo;s operating margin and (ii) the Project&rsquo;s ability to repay the Loan in accordance with this Loan Agreement.
</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 5.15</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Deposit Accounts</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower shall maintain all Deposit Accounts (as defined in the Security
Agreement) with financial institutions acceptable to Administrative Agent and shall have executed and delivered all documents, agreements, instruments, including without limitation, control agreements, and taken all action requested by
Administrative Agent to grant to Administrative Agent for the benefit of Secured Parties a first priority perfected Lien in such Deposit Accounts, all in accordance with the Security Agreement and the other Loan Documents. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 5.16</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Lockbox Agreement</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Upon the request of Administrative Agent and after the occurrence and
continuation of an Event of Default, Borrower shall instruct all customers and other Persons obligated with respect to all of Borrower&rsquo;s accounts receivable to make all payments to Administrative Agent (by instructing that such payments be remitted
to a post office box which shall be in the name and control of Administrative Agent) under a lockbox agreement (the &ldquo;</FONT><U><FONT face="serif">Lockbox Agreement</FONT></U><FONT face="serif">&rdquo;) in the form and substance satisfactory to
Administrative Agent in its sole discretion, duly executed by Borrower and Administrative Agent or under other arrangements pursuant to which Borrower shall have irrevocably instructed Administrative Agent, to remit all proceeds of such payments to
Administrative Agent to be applied to the </FONT></P>
<P align="center">
<FONT face="serif">55 </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
<FONT face="serif">Obligations in such order and manner as Administrative Agent may elect.  Any proceeds received by Borrower in violation of this Section shall be promptly delivered to Administrative Agent and until so delivered, all such proceeds
shall be held in trust by Borrower for the benefit of Administrative Agent and shall be segregated from any other funds or property of Borrower. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 5.17</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Reorganizations</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> To the extent Borrower requests consent to the corporate or other entity
reorganization of Borrower, any Subsidiary or any other Credit Party as permitted by this Loan Agreement, due to the often time intensive nature of reviewing such reorganizations, Borrower agrees that the Administrative Agent may retain counsel to
assist in reviewing any reorganization documentation at the Borrower&rsquo;s expense, and may also require an additional review fee of at least &#36;5,000 in the Administrative Agent&rsquo;s reasonable discretion. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 5.18</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Further Assurances</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall, and shall cause each Subsidiary to, at the request of
Administrative Agent duly execute and deliver to Administrative Agent such further instruments and do and cause to be done such further acts as may be necessary or proper in the opinion of Administrative Agent to carry out more effectively the
provisions and purposes of this Loan Agreement. Furthermore, Borrower shall, and shall cause each Subsidiary to, at the request of Administrative Agent or the Independent Consultant duly execute and deliver to Administrative Agent and the
Independent Consultant such further instruments and do and cause to be done such further acts as may be necessary or proper, in the opinion of Administrative Agent or the Independent Consultant, for the Independent Consultant to carry out more
effectively its duties, obligations and responsibilities with respect to the construction of the Project and to comply with its duties, obligations and responsibilities outlined in this Loan Agreement and the other Loan Documents. </FONT></P>
<P align="center">
<B><FONT face="serif">ARTICLE VI. NEGATIVE COVENANTS </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Borrower covenants and agrees that, as long as the Obligations or any part thereof are outstanding or any Lender has any outstanding Commitment hereunder, Borrower will, and will cause each Subsidiary
to, perform and observe the following covenants: </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 6.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Merger, Change in Business</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall not cause or permit any of its Subsidiaries to:
</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">form
          any Subsidiary unless promptly after the formation thereof, such Subsidiary
          executes and delivers to Administrative Agent a guaranty in form and
          substance satisfactory to Administrative Agent;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">consummate
          any merger or consolidation with, or purchase or otherwise acquire
          all or substantially all of the assets of, or any material stock, partnership,
          joint venture or other equity interest in, any Person, or sell, transfer
          or lease all or any substantial part of its assets;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">sell,
          dispose of, or transfer any assets, except for (i) sales of inventory
          in the ordinary course of business or (ii) sales of obsolete, worn-out
          and redundant assets in an aggregate amount not to exceed &#36;250,000
    during any fiscal year of Borrower;</FONT></P>    </td>
  </tr>
</table>
<P align="center">
&nbsp;<FONT face="serif">56 </FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="95%"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">engage
          in any material business substantially different from its business
          in effect as of the date of application by Borrower for credit from
          Administrative Agent or as contemplated for the Project, or cease operating
          any such material business;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">cause
          or permit any other Person to assume or succeed to any material business
          or operations of such Credit Party; or </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">liquidate
          or dissolve. </FONT></P>    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          6.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Use
          of Property; Transactions with Affiliates; Nature of Business;</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Financial
          Condition</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> At no time shall Borrower,
          any Subsidiary or any other Credit Party, use, maintain, operate, or
          occupy, or allow the use, maintenance, operation, or occupancy of,
          any portion of the Collateral for any purpose which (a) in any manner
          may be dangerous unless safeguarded as required by law; (b) may constitute
          a public or private nuisance; or (c) may make void, voidable, or cancelable
          or increase the premium of any insurance then in force with respect
          thereto. At no time shall Borrower, any Subsidiary or any other Credit
          Party (i) enter into or conduct any transaction with any Affiliate
          of Borrower, except a transaction upon terms that are not less favorable
          to it than would be obtained in a comparable transaction at the same
          time as such transaction negotiated at arm&rsquo;s-length with a Person who
          is not such an Affiliate; (ii) conduct any business other than, or
          make any material change in the nature of, its business as carried
          on as of the date hereof or as contemplated for the Project; (iii)
          change its fiscal year or make any significant change in accounting
          treatment or reporting practices except as required by GAAP; (iv) pay
          or become obligated to pay any management, lease, brokerage fee or
          other similar expense to any Person unless approved by Administrative
          Agent, provided that Administrative Agent shall not unreasonably withhold
          or delay such approval; or (v) conduct business or allow the conduct
          of business or other activities on the Collateral that are not consistent
          with the intended uses by Borrower as contemplated and more fully described
          in the Prospectus. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          6.3</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Indebtedness</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Borrower shall not, and shall not permit any Subsidiary to, create,
    incur, assume or permit to exist any Indebtedness, except: </FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">the
          Note or other Obligations arising under the Loan Documents or any guaranty
          of or suretyship arrangement for the Note or other Obligations arising
          under the Loan Documents; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Indebtedness
          under capital leases not to exceed &#36;1,000,000 in the aggregate
          from time to time; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">endorsements
          of negotiable instruments for collection in the ordinary course of
          business;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">the
          Rex Subordinated Debt; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">the
          FEL Subordinated Debt (to be paid prior to the first Advance hereunder);
    and </FONT></P>    </td>
  </tr>
</table>
<P align="center"> <FONT face="serif">57 </FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">other
          Indebtedness not to exceed &#36;5,000,000 in the aggregate at any one
          time outstanding to finance grain in storage and in transit. </FONT></P>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          6.4</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Liens</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Except for Permitted Exceptions, Liens in favor of Administrative Agent
          for the benefit of Secured Parties securing the Obligations, and Liens
          on non-Collateral assets and the proceeds thereof securing the Indebtedness
          referred to in </FONT><U><FONT face="serif">Sections 6.3(b)</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">(d)</FONT></U><FONT face="serif">,
          and </FONT><U><FONT face="serif">(e)</FONT></U><FONT face="serif"> above,
          Borrower shall not, and shall not permit any Subsidiary to, create
          or permit to exist any Liens on any property or assets of Borrower
          or its Subsidiaries, including any of the Collateral. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          6.5</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Restricted
          Payments</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall not make or
          permit any Restricted Payment, except Borrower may prepay in full the
          FEL Subordinated Debt and may pay the Rex Subordinated Debt to the
          extent permitted in the Subordination Agreement. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          6.6</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Investments,
          Loans and Advances</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower will not,
          and will not permit any Subsidiary to, make or permit to remain outstanding
          any investment in, or loan or advance to, any Person (an &ldquo;</FONT><U><FONT face="serif">Investment</FONT></U><FONT face="serif">&rdquo;),
    except that the foregoing restriction shall not apply to: </FONT></P></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">accounts
          receivable arising in the ordinary course of business;</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">direct
          obligations of the United States or any agency thereof, or obligations
          guaranteed by the United States or any agency thereof, in each case
          maturing within one year from the date of creation thereof; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">commercial
          paper maturing within one year from the date of creation thereof rated
          in the highest grade by S&amp;P or Moody&rsquo;s; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">deposits
          maturing within one year from the date of creation thereof with, including
          certificates of deposit issued by, any Lender or any office located
          in the United States of any other bank or trust company which is organized
          under the laws of the United States or any state thereof, has capital,
          surplus and undivided profits aggregating at least &#36;100,000,000
          (as of the date of such bank or trust company&rsquo;s most recent financial
          reports) and has a short term deposit rating of no lower than A2 or
          P2, as such rating is set forth from time to time by S&amp;P or Moody&rsquo;s,
          respectively; and </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">deposits
          in money market funds investing exclusively in Investments described
          in </FONT><U><FONT face="serif">clauses (b)</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">(c)</FONT></U><FONT face="serif">,
          and </FONT><U><FONT face="serif">(d)</FONT></U><FONT face="serif"> above.</FONT> </P>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          6.7</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Lease
          Approval</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall not, and shall
          not permit any Subsidiary to, enter into any Lease for any portion
          of the Land, Improvements, or Project without the prior written consent
          of Administrative Agent. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          6.8</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Amendments
          to Entity Documents and Other Agreements</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Borrower will not, and will not permit any Subsidiary to, amend its
          formation or governing documents without the prior written consent
          of Administrative Agent. Borrower will not amend, modify, waive or
          consent to any change or modification in any material agreement, document,
          contract or instrument to which it is a party, including without limitation,
          any Rex Subordinated Debt Documents, any FEL Subordinated Debt Documents,
    any Operating Contract, any Construction </FONT></P>      </td>
  </tr>
</table>
<P align="center"><FONT face="serif">58 </FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
<FONT face="serif">Contract, any Property Contract or the Plan, except as otherwise permitted pursuant to </FONT><U><FONT face="serif">Section 7.5</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 6.9</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">ERISA</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower will not, and will not permit any Subsidiary to, incur liabilities under Title IV
of ERISA except to the extent that such liabilities would not reasonably be expected to have a Material Adverse Effect. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 6.10</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Financial Covenants</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">EBITDAR
            Coverage Ratio</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower&rsquo;s EBITDAR
            Coverage Ratio shall at all times equal or exceed 1.40 to 1.00 except,
            in the event that the Texas Fuel Ethanol and Biodiesel Production
            Incentive Program is terminated, then (i) for the fiscal quarter
            during which such termination occurred and the next succeeding two
            fiscal quarters thereafter, 1.30 to 1.00 and (ii) thereafter 1.40
            to 1.00. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Leverage
            Ratio</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower&rsquo;s Leverage Ratio shall
            at all times during the applicable periods below equal or exceed
    the ratio corresponding to the applicable period set forth below: </FONT></P></td>
  </tr>
</table>
<P align="justify">&nbsp;</P>
<TABLE width="50%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom" bgcolor="#CCCCCC">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="serif">Period:</FONT></B>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT face="serif">Ratio:</FONT></B>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT face="serif">April 1, 2008 through and</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT face="serif">3.34 to 1.00</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">including March 31, 2009</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT face="serif">April 1, 2009 through and</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT face="serif">2.93 to 1.00</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">including March 31, 2010</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT face="serif">April 1, 2010 through and</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT face="serif">2.54 to 1.00</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">including March 31, 2011</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT face="serif">April 1, 2011 through and</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT face="serif">2.17 to 1.00</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">including March 31, 2012</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">April 1, 2012 and thereafter</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:3px double #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px double #000000;">
<FONT face="serif">1.82 to 1.00</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Notwithstanding anything to the contrary contained herein, (i) in the event Borrower is not in compliance with </FONT><U><FONT face="serif">clause (a)</FONT></U><FONT face="serif"> above, if Borrower
obtains an equity investment by one or more Persons within 45 days after the occurrence of such non-compliance and in an amount sufficient to cure such non-compliance, such non-compliance shall not be deemed a Default or Event of Default hereunder,
and (ii) in the event Borrower is not in compliance with </FONT><U><FONT face="serif">clause (b)</FONT></U><FONT face="serif"> above, if Borrower obtains funds in an amount equal to the principal and interest payments due under the Loan for the next
succeeding six-month period from one or more Persons and deposits same with Administrative Agent within 45 days after the occurrence of such non-compliance, such non-compliance shall not be deemed a Default or Event of Default hereunder so long as,
in case of </FONT><U><FONT face="serif">clauses (i)</FONT></U><FONT face="serif"> and </FONT><U><FONT face="serif">(ii)</FONT></U><FONT face="serif"> above, (A) no other Default or Event of Default has occurred and is continuing, (B) Borrower has
not elected to utilize </FONT><U><FONT face="serif">clauses (i)</FONT></U><FONT face="serif"> and/or </FONT><U><FONT face="serif">(ii)</FONT></U><FONT face="serif"> more than two times during the term of this Loan Agreement and (C) Borrower has not
elected to utilize </FONT><U><FONT face="serif">clauses (i)</FONT></U><FONT face="serif"> and </FONT><U><FONT face="serif">(ii)</FONT></U><FONT face="serif"> during any two consecutive reporting periods. </FONT></P>
<P align="center">
<FONT face="serif">59 </FONT></P>

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<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 6.11</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Project Management</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower shall not, and shall not permit any Subsidiary to, engage any other
Person to manage the Project without Administrative Agent&rsquo;s prior written consent as to such Person and the management agreement, including all amendments thereto, which consent shall not be unreasonably withheld or delayed by Administrative Agent.
</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 6.12</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Alterations</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall not, and shall not permit any Subsidiary to, make any material
alterations to the Project, including any improvements on the Land, without the prior written consent of Administrative Agent, which consent shall not be unreasonably withheld. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 6.13</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">No Commingling of Funds</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall not, and shall not permit any Subsidiary to, commingle,
or allow the commingling of, funds related to the Project, including Loan proceeds, revenues, or other receivables, with funds from any other property or business. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 6.14</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">No Use of Administrative Agent or any Lender&rsquo;s Name</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> No Credit Party will directly or indirectly
publish, disclose or otherwise use in any advertising or promotional material, or press release or interview, the name, logo or any trademark of Administrative Agent, any Lender, MLPF&amp;S, Merrill Lynch and Co., Inc. or any of their Affiliates,
except as required in any applicable securities filing.  Any press release mentioning this Loan facility must be (a) factual only as to the making of the Loan and not have the appearance of an endorsement, and (b) expressly pre-approved by
Administrative Agent&rsquo;s Equipment Finance Senior Transaction Attorney. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 6.15</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Swap Contract</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall not enter into any Swap Contract without the written consent of
Administrative Agent. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 6.16</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Burdensome Agreements</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower will not, and will not permit any Subsidiary to, directly or
indirectly, enter into, incur or permit to exist any agreement that prohibits, restricts or imposes any condition upon (a) the ability of Borrower or such Subsidiary to create, incur or permit any Lien upon any of its assets or properties, whether
now owned or hereafter acquired, or (b) the ability of any Subsidiary to make any Restricted Payment to Borrower or any other Subsidiary, to make or repay loans or advances to Borrower or any other Subsidiary, to create or incur Guaranteed
Indebtedness where the Borrower or any other Subsidiary is the primary obligor or to transfer any of its assets or properties to Borrower or any other Subsidiary; provided however, the foregoing shall not apply to restrictions or conditions imposed
by applicable Legal Requirements, this Loan Agreement or any other Loan Document. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 6.17</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Sale or Discount of Receivables</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Neither Borrower nor any of its Subsidiaries shall discount or
sell (with or without recourse) any of its notes receivables or accounts receivable. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 6.18</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Abandonment</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall not abandon the Project or cease to operate the Project for any
period other than (a) down-time for usual and customary maintenance or repair and (b) by reason of the occurrence of an event of Force Majeure so long as (i) such cessation of operations of the Project as a result of such Force Majeure does not
continue for </FONT></P>
<P align="center">
<FONT face="serif">60 </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
<FONT face="serif">more than three consecutive months and (ii) such cessation is covered by business interruption insurance for such three-month period. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 6.19</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Sale and Leaseback Transactions</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall not, and shall not permit any Subsidiary to,
enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereinafter acquired, and thereafter rent or lease such property or other
property that it intends to use for substantially the same purpose or purposes as the property sold or transferred. </FONT></P>
<P align="center">
<B><FONT face="serif">ARTICLE VII. ADDITIONAL CONSTRUCTION COVENANTS </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Borrower covenants and agrees that, so long as the Obligations or any part thereof are outstanding or any Lender has any outstanding Commitment hereunder, Borrower will, and will cause each Subsidiary
to, perform and observe the following covenants: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.1</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">[Reserved] </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Surveys</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower will furnish to Administrative Agent and the Independent Consultant, at
Borrower&rsquo;s expense, the following surveys prepared by a registered engineer or surveyor acceptable to Administrative Agent: (a) a pre-construction survey of the Land and any existing improvements thereon, prepared by a registered surveyor or
engineer and certified to Administrative Agent, Borrower, and the Title Company, with a certification in form and substance acceptable to Administrative Agent, reflecting such matters as required by Administrative Agent, showing no state of facts
objectionable to Administrative Agent, and certifying that none of the Land is located within any designated flood plain or special flood hazard area (or, in lieu thereof, Borrower shall provide evidence that Borrower has applied for and received
flood insurance covering the Improvements in an amount acceptable to Administrative Agent); (b) if requested by Administrative Agent, a foundation survey, upon completion of staking the foundation for the Improvements, showing the location of the
foundation and all Improvements, reflecting that the location of the Improvements will be entirely within the boundary lines of the Land, will not encroach upon any set-back line, easement, or right-of-way, and will not violate any covenant,
condition, or restriction affecting the Land, and other matters customarily included in a foundation survey for the type of property and improvements being surveyed; and (c) an &ldquo;as built&rdquo; survey, within 60 days after substantial completion of the
Improvements, showing the locations of the Improvements, and certifying that same are entirely within the property lines of the Land, do not encroach upon any easement, setback or building line or restrictions, and are placed in accordance with the
Plans and all Legal Requirements affecting the Land and/or Improvements, showing and certifying to such other matters customarily shown and contained in certifications for an &ldquo;as built&rdquo; survey for the type of property and improvements being
surveyed, and showing no state of facts objectionable to Administrative Agent.  All surveys shall be in form and substance reasonably acceptable to Administrative Agent.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.3</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Appraisals</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  In addition to the Appraisal contemplated in </FONT><U><FONT face="serif">Section
3.1</FONT></U><FONT face="serif">, Administrative Agent may, from time to time, obtain an Appraisal of all or any part of the Collateral prepared in accordance with written instructions from Administrative Agent. Administrative Agent, in
Administrative Agent&rsquo;s sole discretion, may (but shall have no </FONT></P>
<P align="center">
<FONT face="serif">61 </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
<FONT face="serif">obligation to) have any such Appraisal reviewed by another appraiser.  The cost of any such Appraisal and review (if any) shall be borne by Borrower if the Appraisal (a) is obtained to confirm compliance with any financial
covenants of Borrower pursuant to this Loan Agreement, (b) is obtained at least 24 months after the last appraisal of the Collateral, or (c) is obtained after the occurrence of an Event of Default. If the Appraisal cost is payable by Borrower, such
cost shall be due and payable upon demand from Administrative Agent and shall be secured by the Loan Documents. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.4</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Permits; Licenses; Approvals</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower shall (a) timely obtain, in accordance with the
Construction Schedule and in conformity with the Plans, building permits and all other permits and licenses, and all approvals or consents of Governmental Agencies and appropriate bodies or Persons pursuant to any restrictive covenants, required
with respect to the construction of the Improvements; (b) obtain prior to the date Completion has occurred, certificates of occupancy and all other permits and licenses required with respect to the occupancy and use of the Collateral for its
intended purposes; and (c) obtain prior to the date Borrower has commenced operating any portion of the Project, all permits, licenses, approvals and consents of Governmental Agencies, and any other approvals or consents necessary to operate the
Project for its intended purposes. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.5</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Plans and Construction Contracts, and Approvals and Amendments</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall deliver to
Administrative Agent and the Independent Consultant a true and complete copy of the Plans and each Construction Contract for Administrative Agent&rsquo;s review and approval, including each amendment or supplement thereto.  Administrative Agent&rsquo;s approval
is subject to Administrative Agent being satisfied, in Administrative Agent&rsquo;s reasonable discretion, with each Contractor, each Design Professional, the terms and conditions of the Construction Contracts, all aspects of the Plans, and any other
issues or matters related thereto. Each Construction Contract shall be for a fixed price or a guaranteed maximum price, and all Construction Contracts, individually and jointly, shall be in conformity with the Budget. The Plans shall incorporate all
recommendations contained in any soils or geological report that is obtained with respect to the Improvements. The Plans and Construction Contracts will not be amended, altered, or changed (pursuant to change order, amendment, or otherwise) unless
the same shall have been approved in advance (a) in writing by Administrative Agent (except to the extent Administrative Agent&rsquo;s approval is expressly not required for such action as provided below), (b) by all requisite Governmental Agencies, (c)
by each surety under payment or performance bonds (if any) covering the Construction Contracts or otherwise covering the construction of all or any portion of the Improvements; and (d) by any another third party who has a contractual or other right
to approve the amendment.  Borrower shall have provided evidence reasonably satisfactory to Administrative Agent of all such third party approvals, or, if requested by Administrative Agent, evidence that an approval not obtained by Borrower is not
required.  Administrative Agent may have the Independent Consultant review and advise Administrative Agent as to any or all of the foregoing or approve any of the foregoing on behalf of Administrative Agent.  Notwithstanding the foregoing, Borrower
shall not be required to obtain Administrative Agent&rsquo;s approval of an amendment to the Plans made pursuant to a change order which satisfies all of the following conditions:  (i) such amendment does not have a material effect on the contemplated
Improvements, and complies with all Legal Requirements and other requirements applicable thereto and all other requirements of the Loan Documents; (ii) such amendment does not increase the cost of the construction of the Improvements; </FONT></P>
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<FONT face="serif">(iii) such amendment does not substitute a lesser quality material; (iv) the anticipated date of Completion is not changed; (v) the Budget is not modified, including any Allocation or contingency; (vi) any such change, or all
changes in the aggregate, shall not affect any structural component or the structural integrity, or the utility or appearance, of the Improvements; and (vii) Borrower, Contractor, and the Design Professional who prepared the Plans approve such
amendment and the corresponding change order in writing, and a copy of such approval and change order is promptly provided to Administrative Agent or the Independent Consultant. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.6</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Construction</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  No construction will be commenced or otherwise performed on the Land until after
(a) the Mortgage is duly recorded in the appropriate records of the county in which the Land is located; (b) Administrative Agent and Independent Consultant have approved, in writing, the Plans, such review by Administrative Agent and Independent
Consultant not to be unreasonably delayed; and (c) Administrative Agent and Independent Consultant have approved, in writing, each Construction Contract which in any way relates to, or will relate to, the construction being performed, such review by
Administrative Agent and Independent Consultant not to be unreasonably delayed. Borrower will cause the construction of the Improvements (i) to be constructed pursuant to the Construction Contracts; (ii) to commence by the Construction Commencement
Date and to be prosecuted with diligence and continuity until completion; (iii) to be constructed in a good and workman like manner; (iv) to comply with the Plans and all applicable Legal Requirements; and (v) to be completed on or before March 31,
2008, free and clear of Liens or claims for Liens, except for Liens created by the Loan Documents and any Liens inferior to the Lien of the Loan Documents which inferior Liens have been approved in writing by Administrative Agent.  Borrower shall
promptly report to Administrative Agent and the Independent Consultant any variances in which the Construction Costs with respect to any Allocation are exceeding the Budget for such Allocation. Borrower shall exercise diligent efforts to cause the
Contractors to meet all time lines in the Construction Schedule, and shall amend the Construction Schedule, and provide a copy thereof to Administrative Agent and the Independent Consultant, as soon as Borrower determines that a time contained
therein will not be met. Borrower must resolve all disputes arising in connection with the construction of the Improvements in a manner allowing the construction to proceed expeditiously and to be completed by March 31, 2008.  Further, from time to
time, Administrative Agent may direct Borrower to provide such additional reports related to the construction as Administrative Agent may reasonably request, and Borrower agrees to provide such reports promptly. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.7</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Defects and Variances</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Upon demand of Administrative Agent and at Borrower&rsquo;s sole expense,
Borrower shall correct (a) any structural defect in the Improvements; (b) any material variance from the Plans which is not approved in writing by Administrative Agent; (c) any non-compliance with any Legal Requirement; (d) any encroachment by any
part of the Improvements or any other structures or improvements over or on any set-back line, easement, adjoining property or other restricted area; and (e) any encroachment of any adjoining structure upon the Land which any survey or inspection
reflects. If Administrative Agent makes demand for Borrower to correct any such nonconformities, Borrower must promptly correct the nonconformity to Administrative Agent&rsquo;s reasonable satisfaction, and Administrative Agent may (i) withhold its
consent to further Advances, and (ii) with respect to a nonconformity under </FONT><U><FONT face="serif">clauses</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">(a)</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">(b)</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">(c)</FONT></U><FONT face="serif">, or </FONT><U><FONT face="serif">(d)</FONT></U><FONT face="serif"> above, require the nonconforming work and all other work which may be
affected by the nonconforming work to be stopped, until the nonconformity is completely </FONT></P>
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<FONT face="serif">corrected to Administrative Agent&rsquo;s reasonable satisfaction. No such action by Administrative Agent will affect Borrower&rsquo;s obligation to complete the Improvements on or before the Completion Date. Administrative Agent&rsquo;s reliance
on the recommendations of the Independent Consultant in making any demands or requiring any work to be stopped pursuant to this Section shall be deemed reasonable. Administrative Agent shall have no obligation to make demand for Borrower to correct
any such nonconformity, and Administrative Agent not making a demand for Borrower to correct any such nonconformity shall not relieve Borrower from any of its obligations under the Loan Documents or otherwise with respect to construction of the
Improvements, nor imply or be deemed to constitute a consent or waiver by Administrative Agent with respect to any such nonconformity. No disbursement of any Loan proceeds or other actions taken by Administrative Agent shall constitute a waiver of
Administrative Agent&rsquo;s rights under this Section. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.8</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Independent Consultant</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Administrative Agent shall be entitled to engage one or more Independent
Consultants from time to time to assist Administrative Agent with any and all matters related to the acquisition, development, construction, or operation of the Project or requests for Advances. Borrower shall pay the reasonable fees and expenses
of, and cooperate with, the Independent Consultant and cause each Design Professional and each Contractor to cooperate with the Independent Consultant in connection with the performance of the Independent Consultant&rsquo;s duties.  Without limiting the
generality of the foregoing, Borrower shall furnish or cause to be furnished to the Independent Consultant such items as working details, the Plans and details thereof, samples of materials, licenses, permits, certificates of Governmental Agencies,
zoning ordinances, building codes and copies of the Construction Contracts and related subcontracts (if applicable). Borrower will permit Administrative Agent, the Independent Consultant and their representatives to enter upon the Land and wherever
else any of the Collateral is located for the purposes of inspecting same. Borrower acknowledges that the duties of the Independent Consultant run solely to Administrative Agent and that the Independent Consultant shall have no obligations or
responsibilities whatsoever to Borrower, any Contractor, any Design Professional, or to any of Borrower&rsquo;s, Contractor&rsquo;s, or Design Professional&rsquo;s agents, employees, contractors or subcontractors. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.9</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Contracts</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower will (a) deliver to Administrative Agent (or its representatives) and the
Independent Consultant immediately upon demand, counterparts and, if requested by Administrative Agent, collateral assignments of any and all contracts, bills of sale, chattel paper, statements, conveyances, receipted vouchers, or agreements of any
nature under which Borrower claims title to any materials, fixtures, or personal property used or to be used in the construction of the Improvements; (b) either cause each Construction Contract to contain a provision specifically subordinating any
Lien right against the Collateral to the Liens created by the Loan Documents or cause the other party thereto to execute any and all instruments, acceptable in form and substance to Administrative Agent, to accomplish the same; (c) cause each
Construction Contract to be based on a fixed price or a guaranteed maximum contract amount consistent with the Budget; (d) if Administrative Agent shall request, furnish Administrative Agent and the Independent Consultant with a list of
subcontractors, materialmen, vendors, and laborers who are to provide materials for or perform work with respect to the Improvements, and promptly notify Administrative Agent and the Independent Consultant of any changes to any list provided to
Administrative Agent; and (e) comply with and satisfy all the </FONT></P>
<P align="center">
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<FONT face="serif">terms and conditions of Borrower under each Construction Contract, any Property Contracts, and any Operating Contracts. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.10</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Affidavit of Commencement</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Within 10 days after the Construction Commencement Date, but not
before construction of the Improvements has actually begun, Borrower shall file or cause to be filed in the appropriate records of the county or counties in which the Land is situated, an Affidavit of Commencement duly executed by Borrower and
Contractor. The date of commencement of work set forth in such Affidavit of Commencement shall not be the date of or prior to the date on which the Mortgage was recorded. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.11</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Affidavit of Completion</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Within 10 days after construction of the Improvements has been
completed, Borrower shall file or cause to be filed in the appropriate records in the county or counties in which the Land is situated an Affidavit of Completion. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.12</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Advertising by Administrative Agent and Lenders</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Upon the direction of Administrative Agent, but
not otherwise, Borrower shall erect and thereafter during the Construction Phase maintain on the Land one or more advertising signs furnished by Administrative Agent and Lenders indicating that the financing for construction of the Improvements has
been furnished by Administrative Agent and Lenders. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.13</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Delivery of Property Contracts</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall deliver to Administrative Agent and the
Independent Consultant a copy of each Property Contract promptly after the execution of same by all parties thereto. Within 20 days after a request by Administrative Agent, Borrower shall prepare and deliver to Administrative Agent and the
Independent Consultant a complete listing of all Property Contracts, showing date, term, parties, subject matter, concessions, contractual fees and costs payable by Borrower, whether any defaults exist, and other information specified by
Administrative Agent, with respect to each of such Property Contracts. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.14</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Operating Contracts</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall deliver to Administrative Agent and the Independent
Consultant a copy of each Operating Contract promptly after the execution of same by all parties thereto, such Operating Contract to be in form and substance satisfactory to Administrative Agent. Within 20 days after a request by Administrative
Agent, Borrower shall prepare and deliver to Administrative Agent and the Independent Consultant a complete listing of all Operating Contracts, showing date, term, parties, subject matter, concessions, contractual fees and costs payable by Borrower,
anticipated revenues to Borrower (if applicable), whether any defaults exist, and other information specified by Administrative Agent, with respect to each of such Operating Contracts. Borrower agrees to promptly execute and deliver such collateral
assignments and other documents, obtain such consents, and take such other actions as Administrative Agent may reasonably request to perfect Administrative Agent&rsquo;s security interest and (in the case of an Event of Default) enable Administrative
Agent, at Administrative Agent&rsquo;s option, to succeed to Borrower&rsquo;s rights under any or all Operating Contracts. Borrower shall not amend or terminate any Operating Contract without the prior consent of Administrative Agent. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.15</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Safe Storage</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower shall store all equipment, supplies and materials not affixed to or
incorporated into the Improvements (a) on the Land or (b) with Administrative Agent&rsquo;s prior approval, in a bonded warehouse, or other facility, acceptable to Administrative </FONT></P>
<P align="center">
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<FONT face="serif">Agent and with such agreements and certifications as Administrative Agent may require to assure the perfected security interest therein, and in each case under adequate safeguard to minimize the possibility of loss, theft, damage
or commingling with other property.  Upon Administrative Agent&rsquo;s request, Borrower will furnish an inventory of all such equipment, supplies and materials stored off the Land, specifying their location, and will furnish such other information,
including any requisition, invoice, bill of sale, evidence of insurance, evidence of bond, and other documentation, as Administrative Agent may request. Administrative Agent, or its representatives, must have the right to inspect from time to time
all such equipment, supplies, and materials not stored on the Land. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.16</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Title Insurance Endorsement</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Within 15 days after Completion and the final Advance, Borrower
shall cause the Title Policy to be endorsed to remove any exceptions related to completion of improvements, mechanics&rsquo; or materialmen&rsquo;s liens, or pending disbursements, with no additional title change or exception objectionable to Administrative
Agent. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.17</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Site Visits, Observation and Testing</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Administrative Agent and its agents and representatives
shall have the right at any reasonable time to enter and visit the Project for the purpose of performing appraisals, observing the Project, inspecting the progress of construction of the Project, taking and removing soil or groundwater samples, and
conducting tests on any part of the Project. Administrative Agent has no duty, however, to visit or observe the Project or to conduct tests, and no site visit, observation or testing by Administrative Agent, its agents or representatives, shall
impose any liability on any of Administrative Agent, its agents or representatives.  Neither Borrower nor any other party is entitled to rely on any site visit, observation or testing by any of Administrative Agent, its agents or representatives.
Neither Administrative Agent, its agents nor representatives owe any duty of care to protect Borrower or any other party against, or to inform Borrower or any other party of any other adverse condition affecting the Project.  Administrative Agent
shall give Borrower reasonable notice before entering the Project. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.18</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Project Commencement and Operation</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower shall commence operating the Project for its
intended purposes on or before 30 days after the date Completion shall have occurred. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.19</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Reserve Account</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Upon written request by Administrative Agent, Borrower shall establish a
Special Account and maintain cash reserves in such Special Account in the amount of the reserves set forth in the budgets provided to Administrative Agent pursuant to </FONT><U><FONT face="serif">Section 7.1</FONT></U><FONT face="serif"> or in an
amount reasonably determined by Administrative Agent as being appropriate for deferred maintenance of the Collateral. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 7.20</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Accounts</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower agrees promptly to execute and provide such documentation and information as
Administrative Agent may reasonably request in connection with opening, securing, servicing, and closing any accounts opened with financial institutions acceptable to Administrative Agent or with any Lender pursuant to this Loan Agreement. All
accounts opened pursuant to this Loan Agreement shall be in such form and content and have such persons with signature authority as Administrative Agent deems acceptable, including to </FONT></P>
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<FONT face="serif">make an officer or officers of Administrative Agent as a required, joint signator or to make an officer or officers of Administrative Agent as the sole signator. </FONT></P>
<P align="center">
<B><FONT face="serif">ARTICLE VIII. COLLATERAL </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
8.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Collateral</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
To secure payment and performance of the Obligations, Borrower and each other
Credit  Party shall grant to Administrative Agent, for the benefit of Secured
Parties, Liens in and upon all of the Collateral, subject only to the Permitted
Exceptions. Furthermore,</FONT><B><FONT face="serif"> </FONT></B><FONT face="serif">Borrower
shall  grant, assign, and transfer to Administrative Agent, for the Secured Parties,
a security interest in all accounts, and all funds in such accounts, which are
established by Borrower with Administrative Agent pursuant to this Loan Agreement,
including  the Construction Account and any Special Account, to secure the full
and timely payment of all Obligations, which accounts shall be deemed Personal
Property Collateral and subject to all of the applicable provisions of the Mortgage
and Security  Agreement. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
8.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Collateral
Assignment of Construction Contracts and Property Contracts</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
As additional security for  the payment and performance of the Obligations, Borrower
hereby grants, transfers and assigns to Administrative Agent for the benefit
of Secured Parties all of Borrower&rsquo;s rights and interest, but not its obligations,
in, under and to each  Construction Contract and Property Contract upon the following
terms and conditions: </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Borrower
          represents and warrants that the copy of each Construction Contract
          and Property Contract Borrower has furnished or will furnish to Administrative
          Agent and the Independent Consultant is or will be (as applicable)
          a true and complete copy thereof, including all amendments thereto,
          if any, and that Borrower&rsquo;s interest therein is not subject to any
          Lien, claim, setoff or other encumbrance. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Neither
          this assignment nor any action by Administrative Agent or any Lender
          shall constitute an assumption by Administrative Agent or such Lender
          of any obligations under any Construction Contract or Property Contract,
          and Borrower shall continue to be liable for all obligations of Borrower
          thereunder, Borrower hereby is agreeing to perform all of its obligations
          under each Construction Contract and Property Contract. Borrower agrees
          to indemnify and hold Administrative Agent and Lenders harmless against
          and from any loss, cost, liability or expense (including attorneys&rsquo;
          fees) resulting from any failure of Borrower to so perform. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">After
          the occurrence of an Event of Default, Administrative Agent shall have
          the right at any time (but shall have no obligation) to take in its
          name or in the name of Borrower any action which Borrower could take
          under or with respect to each Construction Contract and Property Contract,
          including such action as Administrative Agent may at any time determine
          to be necessary or advisable to cure any default under any Construction
          Contract or Property Contract or to protect the rights of Borrower
          or Administrative Agent and Lenders thereunder. Neither Administrative
          Agent nor any Lender shall incur any liability if any action so taken
          by it or in its behalf shall prove to be inadequate or invalid other
          than liability resulting solely from the gross negligence or willful
          misconduct of Administrative Agent or such Lender, and Borrower agrees
          to indemnify and hold Administrative Agent and Lenders harmless against
    and from any </FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">67 </FONT></P>
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<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td><P align="justify"><FONT face="serif">loss, cost, liability or expense (including
          but not limited to reasonable attorneys&rsquo; fees) incurred in connection
          with any such action, excluding any such loss, liabilities or expenses
          arising solely from the gross negligence or willful misconduct of Administrative
          Agent or any Lender. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Prior
          to the occurrence of an Event of Default, Borrower shall have the right
          to exercise its rights as owner under each Construction Contract and
          Property Contract, provided that Borrower shall not cancel or amend
          any Construction Contract or Property Contract or do or suffer to be
          done any act which would impair the security constituted by this assignment
          without the prior written consent of Administrative Agent. Administrative
          Agent shall have the right, but no obligation, to exercise its rights
          as attorney-in-fact granted pursuant to </FONT><U><FONT face="serif">Section
          9.4</FONT></U><FONT face="serif"> in connection with this assignment,
          along with any other rights or remedies, all of which are cumulative.</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">This
          assignment shall inure to the benefit of Administrative Agent and its
          successors and assigns, any purchaser upon foreclosure of the Mortgage,
          any receiver in possession of any portion of the Collateral and any
          Person affiliated with Administrative Agent which assumes Administrative
          Agent&rsquo;s rights and obligations under this Loan Agreement. </FONT></P>    </td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          8.3</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Collateral
          Assignment of Plans</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> As additional security
          for the payment and performance of the Obligations, Borrower hereby
          grants, transfers and assigns to Administrative Agent for the benefit
          of Secured Parties all of Borrower&rsquo;s rights and interest in and to
          the Plans and hereby represents and warrants to and agrees with Administrative
    Agent and Lenders as follows: </FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">The
          copy of the Plans (or schedules thereof if so specified by Administrative
          Agent) delivered or to be delivered to Administrative Agent and the
          Independent Consultant is and shall be complete and accurate. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">The
          Plans are and shall be complete and adequate for the construction of
          the Improvements, and there have been no modifications thereof except
          as reflected in such Plans (and described in the schedules, if provided). </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent may use the Plans for any purpose relating to the Improvements,
          including inspections of construction and the Completion of the Improvements. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent&rsquo;s acceptance of this assignment shall not constitute approval
          of the Plans by Administrative Agent. Neither Administrative Agent
          nor any Lender has any liability or obligation in connection with the
          Plans and no responsibility for the adequacy thereof or for the construction
          of the Improvements contemplated by the Plans. Neither Administrative
          Agent nor any Lender has any duty to inspect the Improvements, and
          if Administrative Agent or any Lender should inspect the Improvements,
          neither Administrative Agent nor any Lender shall have any liability
          or obligation to Borrower or any other party arising out of such inspection.
          No such inspection nor any failure by Administrative Agent or any Lender
    to make objections </FONT></P>    </td>
  </tr>
</table>
<P align="center"> <FONT face="serif">68 </FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="left"><FONT face="serif">after any such inspection shall constitute
          a representation by Administrative Agent or such Lender that the Improvements
          are in accordance with the Plans or any other requirement or constitute
          a waiver of Administrative Agent&rsquo;s or such Lender&rsquo;s right thereafter
          to insist that the Improvements be constructed in accordance with the
          Plans or any other requirement. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">This
          assignment shall inure to the benefit of Administrative Agent, Lenders
          and their respective successors and assigns, any purchaser upon foreclosure
          under the Mortgage, any receiver in possession of the Collateral and
          any entity which assumes Administrative Agent&rsquo;s rights and obligations
          under this Agreement. </FONT></P>
      <P align="left"> <FONT face="serif">Section 8.4</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">No
            Obligation or Agency of Administrative Agent or any Lender</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">No
            Obligation by Administrative Agent or any Lenders to Construct</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
            Neither Administrative Agent nor any Lender has any liability or
            obligation in connection with the Land or Improvements or the development,
            construction or completion thereof or work performed thereon, and
            has no obligation except to disburse the Loan proceeds as herein
            agreed. Neither Administrative Agent nor any Lender is obligated
            to inspect the Improvements nor is Administrative Agent or any Lender
            liable, and under no circumstances shall Administrative Agent or
            any Lender be or become liable, for the performance or default of
            any contractor or subcontractor, or for any failure to construct,
            complete, protect or insure the Collateral, or any part thereof,
            or for the payment of any cost or expense incurred in connection
            therewith, or for the performance or nonperformance of any obligation
            of any Credit Party to Administrative Agent or any Lender nor to
            any other person, firm or entity, without limitation. Nothing, including
            any disbursement of Loan proceeds or Borrower&rsquo;s Deposit, any inspection,
            any other action taken pursuant to any Loan Document, or acceptance
            of any document or instrument, shall be construed as an assumption,
            representation or warranty, express or implied, on Administrative
            Agent&rsquo;s or any Lender&rsquo;s part. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">No
            Obligation by Administrative Agent or any Lender to Operate</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
            Any term or condition of any of the Loan Documents to the contrary
            notwithstanding, neither Administrative Agent nor any Lender shall
            have, and by its execution and acceptance of this Loan Agreement
            hereby expressly disclaims, any obligation or responsibility for
            the management, conduct or operation of the business and affairs
            of any Credit Party or the Project. Any term or condition of the
            Loan Documents which permits Administrative Agent or any Lender to
            disburse funds, whether from the proceeds of the Loan, Borrower&rsquo;s
            Deposit or otherwise, or to take or refrain from taking any action
            with respect to any Credit Party, the Collateral or any other collateral
            for repayment of the Loan, shall be deemed to be solely to permit
            Administrative Agent or a Lender to audit and review the management,
            operation and conduct of the business and affairs of any Credit Party,
            and to maintain and preserve the security given by Borrower to Administrative
            Agent or a Lender for the Loan, for the sole benefit of the Secured
            Parties, and may not be relied upon by any other Person. Further,
            neither Administrative Agent nor any Lender shall have assumed, nor
            be deemed or construed to have assumed, and by its execution and
            acceptance of this Loan Agreement hereby expressly disclaims any
            liability or responsibility for any aspect of Borrower&rsquo;s business
    or affairs, including the management </FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">69 </FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><P align="justify"><FONT face="serif">or operation of the Project, the payment
          or performance of any Indebtedness, or other obligation of any Credit
          Party, and no term or condition of the Loan Documents shall be construed
          otherwise. </FONT></P>
    <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">No
            Agency</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Nothing herein shall be construed
            as making or constituting Administrative Agent or any Lender as the
            agent of any Credit Party in making payments pursuant to any construction
            contracts or subcontracts entered into by any Credit Party for construction
            of the Improvements or otherwise, except to the extent, if any, the
            attorney-in-fact powers are construed to create an agency. The purpose
            of all requirements of Administrative Agent and Lenders hereunder
            is solely to allow Administrative Agent or any Lender to check and
            require documentation (including lien waivers) sufficient to protect
            Administrative Agent, Lenders and the Loan contemplated hereby. Borrower
            shall have no right to rely on any procedures required by Administrative
            Agent or any Lender, nor any approvals given by Administrative Agent
            or any Lender. Borrower hereby acknowledges that Borrower has sole
            responsibility for constructing the Improvements, managing and operating
            the Project, and conducting all other aspects of its business and
            affairs. Borrower has solely, on Borrower&rsquo;s own behalf, selected
            or approved each contractor, each subcontractor and each materialman,
            neither Administrative Agent nor any Lender having any responsibility
            for any such persons or entities or for the quality of their materials
            or workmanship. </FONT></P>            <P align="left"> <FONT face="serif">Section 8.5</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Casualty;
            Condemnation</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">If
          the Casualty is covered by insurance, Borrower shall immediately make
          proof of loss and collect all insurance proceeds, all such proceeds
          to be payable to Administrative Agent or as Administrative Agent shall
          direct. If an Event of Default exists, or if Borrower shall not be
          proceeding, in Administrative Agent&rsquo;s good faith opinion, to collect
          such insurance proceeds, then Administrative Agent may, but shall not
          be obligated to, make proof of loss, and is authorized but not obligated
          to settle any claim with respect thereto, and to collect the proceeds
          thereof. Borrower shall not accept any settlement of an insurance claim
          for &#36;50,000 or more without the prior written consent of Administrative
          Agent, which consent shall not be unreasonably withheld or delayed. </FONT></P>            <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent shall make the net insurance proceeds received by it (after reimbursement
          of Administrative Agent&rsquo;s out-of-pocket costs of collecting and disbursing
          the same) available to Borrower to pay the cost of restoration, repair,
          replacement and rebuilding of Tangible Collateral, subject to the following
    conditions: </FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">There
          shall be no Event of Default in existence at the time of any disbursement
          of the insurance proceeds; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent shall have determined, in its reasonable discretion, that the
          cost of restoration, repair, replacement and rebuilding is and will
          be equal to or less than the amount of insurance proceeds and other
          funds deposited by Borrower with Administrative Agent </FONT></P>
    </td>
  </tr>
</table>
<P align="center"> <FONT face="serif">70 </FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent shall have determined, in its sole discretion, that the restoration,
          repair, replacement and rebuilding can be completed in accordance with
          plans and specifications approved by Administrative Agent (such approval
          not to be unreasonably withheld), in accordance with codes and ordinances
          and in accordance with the terms, and within the time requirements
          in order to prevent termination, of the Construction Contracts and
          Operating Contracts, and in any event not less than six months prior
          to the Maturity Date; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">All
          funds shall be disbursed, at Administrative Agent&rsquo;s option, in accordance
          with Administrative Agent&rsquo;s customary disbursement procedures for construction
          loans; and </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">The
          Casualty shall have occurred more than 12 months prior to the Maturity
          Date. </FONT></P>    </td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><P align="justify"><FONT face="serif">If any of these conditions shall
          not be satisfied, then Administrative Agent shall have the right to
          use the insurance proceeds to prepay the Loan in accordance with the
          Loan Documents. If any insurance proceeds shall remain after completion
          of the restoration, repair and rebuilding of Tangible Collateral, they
          shall be disbursed to Borrower, or at Administrative Agent&rsquo;s discretion,
          used to prepay the Loan in accordance with the Loan Documents. </FONT></P>      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">If
          any portion of the Collateral shall be subject to Condemnation, Borrower
          shall diligently pursue any negotiation and prosecute any proceeding
          in connection with the Condemnation at Borrower&rsquo;s expense. If an Event
          of Default shall be in existence, or if Borrower, in Administrative
          Agent&rsquo;s reasonable opinion, shall not be diligently negotiating or
          prosecuting the claim, Administrative Agent is authorized, but not
          required, to negotiate and prosecute the claim and appear at any hearing
          for itself and on behalf of Borrower and to compromise or settle all
          compensation for the Condemnation, Administrative Agent shall not be
          liable to Borrower for any failure by Administrative Agent to collect
          or to exercise diligence in collecting any such compensation except
          for any liability arising solely from the gross negligence or willful
          misconduct of Administrative Agent. Borrower shall not compromise or
          settle any claim resulting from the Condemnation if such settlement
          shall result in payment of &#36;50,000 or more without Administrative
          Agent&rsquo;s written consent, which consent shall not be unreasonably withheld
          or delayed. All awards shall be paid to Administrative Agent. </FONT></P>            <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent shall make the net proceeds of any Condemnation received by it
          (after reimbursement of Administrative Agent&rsquo;s out-of-pocket costs
          of collecting and disbursing the same) available to Borrower for restoration,
    repair and rebuilding of Collateral, subject to the following conditions: </FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">There
          shall be no Event of Default in existence at the time of any disbursement
          of the condemnation proceeds; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent shall have determined, in its reasonable discretion, that the
    cost of restoration, repair, replacement and rebuilding is and </FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">71 </FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><P align="justify"><FONT face="serif">will be equal to or less than the
          amount of condemnation proceeds and other funds deposited by Borrower
          with Administrative Agent. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent shall have determined, in its sole discretion, that the restoration,
          repair, replacement and rebuilding can be completed in accordance with
          plans and specifications approved by Administrative Agent (such approval
          not to be unreasonably withheld), in accordance with codes and ordinances
          and in accordance with the terms, and within the time requirements
          in order to prevent termination, of the Construction Contracts and
          Operating Contracts, and in any event not less than six months prior
          to the Maturity Date; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">All
          funds shall be disbursed, at Administrative Agent&rsquo;s option, in accordance
          with Administrative Agent&rsquo;s customary disbursement procedures for construction
          loans; and </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">The
          Condemnation shall have occurred more than 12 months prior to the Maturity
          Date. </FONT></P>    </td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><P align="justify"><FONT face="serif">If any of these conditions
          shall not be satisfied, then Administrative Agent shall have the right
          to use the condemnation proceeds to prepay the Loan in accordance with
          the Loan Documents. If any condemnation proceeds shall remain after
          completion of the restoration, repair, replacement and rebuilding of
          the Collateral, they shall be disbursed to Borrower, or at Administrative
          Agent&rsquo;s discretion, used to prepay the Loan in accordance with the
    Loan Documents. </FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><P align="center"><B><FONT face="serif">ARTICLE IX. EVENTS OF DEFAULT
            AND REMEDIES </FONT></B></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          9.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Events
          of Default</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> The occurrence of any of
          the following events shall constitute an &ldquo;Event of Default&rdquo; under this
    Loan Agreement:</FONT><B><FONT face="serif"> </FONT></B></P>      </td>
  </tr>
  <tr>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Failure
            to Pay</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower or any other Credit
            Party shall fail to pay when due (i) any principal or interest under
            any Loan Document when and as the same shall become due and payable
            and (ii) any fee or other amount (other than principal or interest)
            under any Loan Document when and as the same shall become due and
            payable, and in each such case such failure shall continue unremedied
            for a period of five days. </FONT></P>            <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Failure
            to Perform</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Any Credit Party shall
            default in the performance or observance of (i) any covenant or agreement
            on its part to be performed or observed under </FONT><U><FONT face="serif">Section
            5.1</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">5.2</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">5.3</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">5.6</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">5.9</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">5.10</FONT></U><FONT face="serif">,
            and </FONT><U><FONT face="serif">Article VI</FONT></U><FONT face="serif"> (and
            such default does not constitute an Event of Default described under
            any other clause of this Section), and (ii) any other provision of
            this Loan Agreement, the Note or any of the other Loan Documents
            (and such default does not constitute an Event of Default described
            under any other clause of this Section), and such default shall continue
            unremedied for 10 Business Days (A) after written notice thereof
            shall have been given by Administrative Agent to Borrower, or (B)
            from Borrower&rsquo;s receipt of any notice or knowledge of such default
    from any other source. </FONT></P>      </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">72 </FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Breach
            of Warranty</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Any representation or
            warranty made by any Credit Party contained in this Loan Agreement,
            the Note or any of the other Loan Documents shall at any time prove
            to have been incorrect in any material respect when made or shall
            become so at any time prior to repayment in full of all Obligations. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Default
            Under Other Merrill Lynch Agreement</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
            A default or event of default by any Credit Party shall occur under
            the terms of any other agreement, instrument or document with or
            intended for the benefit of Administrative Agent, MLPF&amp;S or any
            of their Affiliates, and any required notice shall have been given
            and required passage of time shall have elapsed. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Bankruptcy
            Event</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Any Bankruptcy Event shall occur. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">[Reserved.] </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Default
            Under Other Agreements</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Any event shall
            occur which results in any default of any material agreement involving
            any Credit Party or any agreement evidencing any indebtedness of
            any Credit Party of &#36;50,000 or more other than a default of any
            agreement involving or evidencing trade payables to the extent the
            same is being diligently contested in good faith by appropriate proceedings. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Collateral
            Impairment or Lapse in Insurance Coverage</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
            The loss, theft or destruction of any Collateral that is not fully
            covered by insurance, the occurrence of any material deterioration
            or impairment of any Collateral outside ordinary wear and tear or
            any material decline or depreciation in the value or market price
            thereof, which causes any Collateral, in the reasonable opinion of
            Administrative Agent, to become unsatisfactory as to value or character;
            or any levy, attachment, seizure or confiscation of more than a de
            minimis portion of the Collateral which is not released within 10
            Business Days; or the failure to maintain insurance in accordance
            with </FONT><U><FONT face="serif">Section 5.9</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Contested
            Obligation</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> (i) Any of the Loan Documents
            shall for any reason cease to be, or is asserted by any Credit Party
            not to be, a legal, valid and binding obligation of any Credit Party
            thereto, enforceable in accordance with its terms; or (ii) the validity,
            perfection or priority of Administrative Agent&rsquo;s first Lien and security
            interest (subject to the Permitted Exceptions) on any of the Collateral
            is contested by any Person; or (iii) any Credit Party shall or shall
            attempt to repudiate, revoke, contest or dispute, in whole or in
            part, such Credit Party&rsquo;s obligations under any Loan Document. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Judgments</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          A judgment shall be entered against any Credit Party in excess of &#36;50,000,
          and the judgment is not paid in full and discharged, or stayed and
          bonded to the satisfaction of Administrative Agent, prior to the deadline
          for filing an appeal to such judgment or such earlier date that the
          judgment creditor is entitled to assert a lien against such Credit
          Party&rsquo;s assets as a result of such judgment. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Change
            in Control/Change in Management</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> (i)
            Any direct or indirect sale, conveyance, assignment or other transfer
            of or grant of a security interest in any ownership interest of any
            Credit Party which results, or if any rights related thereto were
            exercised would result, in any change in the identity of the individuals
    or entities </FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">73 </FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td><P align="justify"><FONT face="serif">previously in control of any Credit
          Party; or (ii) the owner(s) of the controlling equity interest of any
          Credit Party on the date hereof shall cease to own and control such
          Credit Party; or (iii) a competent management and operations company
          shall for any reason cease to manage and operate the Project and such
          company is not replaced by another company reasonably acceptable to
          Administrative Agent within 45 days. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Withdrawal,
            Death, etc</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> The incapacity, death,
            withdrawal, dissolution, or the filing for dissolution of: (i) any
            Credit Party; or (ii) any controlling shareholder, partner, or member
            of any Credit Party. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Construction</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          The construction of the Improvements is (i) at any time discontinued
          for an unscheduled period of 10 or more consecutive days other than
          by reason of an event of Force Majeure, (ii) not resumed within 90
          days after the date of any event of Force Majeure, or (iii) not completed
          by March 31, 2008, or Borrower is unable to satisfy any condition precedent
          to Borrower&rsquo;s right to receive Advances hereunder for a period in excess
          of 30 days after Administrative Agent&rsquo;s refusal to make any further
          Advances. </FONT></P>    </td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
          9.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Remedies</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Upon the occurrence and during the continuance of any Event of Default,
          Administrative Agent and Lenders may at their sole option do any one
          or more or all of the following, at such time and in such order as
    Administrative Agent may in its sole discretion choose: </FONT></P>      </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Termination</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Administrative Agent or Lenders may without notice terminate their
          obligation to extend any credit to or for the benefit of Borrower (it
          being understood, however, that upon the occurrence of any Bankruptcy
          Event all such obligations shall automatically terminate without any
          action on the part of Administrative Agent or Lenders). </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Acceleration</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Administrative Agent or Lenders may declare the principal of and interest
          and any premium on the Note, and all other Obligations, to be forthwith
          due and payable, whereupon all such amounts shall be immediately due
          and payable, without presentment, demand for payment, protest and notice
          of protest, notice of dishonor, notice of acceleration, notice of intent
          to accelerate or other notice or formality of any kind, all of which
          are hereby expressly waived; provided, however, that upon the occurrence
          of any Bankruptcy Event all such principal, interest, premium and other
          Obligations shall automatically become due and payable without any
          action on the part of Administrative Agent or any Lender. The acceleration
          of any obligations shall not limit, negate, or cancel the Prepayment
          Premium, which shall for all purposes be included within the Obligations. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Exercise
            Other Rights</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Administrative Agent
            or any Lender may exercise any or all of the remedies of a secured
            party under Legal Requirements and in equity, including under the
            UCC, and any or all of its other rights and remedies under the Loan
    Documents. </FONT></P>    </td>
  </tr>
</table>
<P align="center"> <FONT face="serif">74 </FONT></P>
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<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Possession</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Administrative Agent may require Borrower or any other Credit Party
          to make the Collateral and the records pertaining to the Collateral
          available to Administrative Agent at a place designated by Administrative
          Agent which is reasonably convenient to Borrower, or may take possession
          of the Collateral and the records pertaining to the Collateral without
          the use of any judicial process and without any prior notice to Borrower
          to the extent permitted by Legal Requirements. Administrative Agent&rsquo;s
          sole duty with respect to the custody, safe-keeping, and physical preservation
          of any Collateral in its possession, under Section 9.207 of the UCC
          or otherwise, shall be to deal with such Collateral in the same manner
          as Administrative Agent deals with similar property for its own account. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Sale</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
          Administrative Agent may sell any or all of the Collateral at public
          or private sale (in addition to and separate from a sale pursuant to
          the Mortgage) upon such terms and conditions as Administrative Agent
          may reasonably deem proper, whether for cash, on credit, or for future
          delivery, in bulk or in lots. Administrative Agent may purchase any
          Collateral at any such sale free of Borrower&rsquo;s right of redemption,
          if any, which Borrower expressly waives to the extent not prohibited
          by Legal Requirements. The net proceeds of any such public or private
          sale and all other amounts actually collected or received by Administrative
          Agent pursuant hereto, after deducting all costs and expenses incurred
          at any time in the collection of the Obligations and in the protection,
          collection and sale of the Collateral, will be applied to the payment
          of the Obligations and to Obligations owing to any Eligible Swap Counterparty
          in respect of any Swap Contracts permitted, but not required, by the
          terms of this Loan Agreement, with any remaining proceeds paid to Borrower
          or whoever else may be entitled thereto, and with Borrower and each
          other Credit Party remaining jointly and severally liable for any amount
          remaining unpaid after such application. Neither Administrative Agent
          nor any Lender has any obligation to repair, refurbish or otherwise
          prepare the Collateral for sale, lease or other use or disposition
          as authorized herein. If Administrative Agent sells any Collateral
          upon credit, Borrower will receive credit against the Obligations only
          for cash payments made by the purchaser to Administrative Agent. If
          the purchaser fails to pay the purchase price, then Administrative
          Agent may resell the Collateral, to the extent permitted by Legal Requirements. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Delivery
            of Cash, Checks, Etc</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Administrative
            Agent may require Borrower or any other Credit Party to forthwith,
            upon receipt, transmit and deliver to Administrative Agent, in the
            form received, all cash, checks, drafts and other instruments for
            the payment of money (properly endorsed, where required, so that
            such items may be collected by Administrative Agent) which may be
            received by Borrower at any time in full or partial payment of any
            Collateral, and require that Borrower not commingle any such items
            which may be so received by Borrower with any other of its funds
            or property but instead hold them separate and apart and in trust
            for Administrative Agent until delivery is made to Administrative
            Agent. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Notification
            of Account Debtors</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Administrative
            Agent may notify any account debtor of Borrower or any other Credit
            Party that its Account or Chattel Paper has been assigned to Administrative
            Agent for the benefit of Secured Parties and direct such account
    debtor to make payment directly to Administrative Agent of all amounts </FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">75 </FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">due or becoming due with respect
          to such Account or Chattel Paper; and Administrative Agent may enforce
          payment and collect, by legal proceedings or otherwise, such Account
          or Chattel Paper. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Control
            of Collateral</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Administrative Agent
            may otherwise take control in any lawful manner of any cash or non-cash
            items of payment or proceeds of Collateral and of any rejected, returned,
            stopped in transit or repossessed goods included in the Collateral
            and endorse Borrower&rsquo;s name on any item of payment on or proceeds
            of the Collateral. </FONT></P>
    <P align="justify"> </P></td>
  </tr>
</table>
<P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 9.3</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Set-Off</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
    Administrative Agent and each Lender shall have the further right upon the
    occurrence and during the continuance of an Event of Default to set-off,
    appropriate and apply toward payment of any of the Obligations, in such order
    of application as Administrative Agent and such Lender may from time to time
    and at any time elect, any cash, credit, deposits, accounts, financial assets,
    investment property, securities and any other property of Borrower which
    is in transit to or in the possession, custody or control of Administrative
    Agent or such Lender, MLPF&amp;S or any agent, bailee,
or Affiliate of such Lender or MLPF&amp;S. Borrower hereby collaterally assigns
and grants to Administrative Agent, for itself and the benefit of each Lender,
a continuing security interest in all such property as Collateral and as additional
security for the Obligations. Upon the occurrence and during the continuance
of an Event of Default, Administrative Agent shall have all rights in such property
available to collateral assignees and secured parties under all Legal Requirements,
including the UCC.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 9.4</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Power of Attorney</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Effective upon the occurrence and during the continuance of an Event of
Default, Borrower hereby irrevocably appoints Administrative Agent as its attorney-in-fact, with full power of substitution, in its place and stead and in its name or in the name of Administrative Agent, to from time to time in Administrative
Agent&rsquo;s sole discretion take any action and to execute any instrument which Administrative Agent may deem necessary or advisable to accomplish the purposes of this Loan Agreement and the other Loan Documents, including to receive, endorse and
collect all checks, drafts and other instruments for the payment of money made payable to Borrower included in the Collateral. The powers of attorney granted to Administrative Agent in this Loan Agreement are coupled with an interest and are
irrevocable until the Obligations have been indefeasibly paid in full and fully satisfied and all obligations of Administrative Agent and Lenders under this Loan Agreement have been terminated. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 9.5</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Remedies are Severable and Cumulative</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  All rights and remedies of Administrative Agent and
Lenders herein are severable and cumulative and in addition to all other rights and remedies available in the Note, the other Loan Documents, at law or in equity, and any one or more of such rights and remedies may be exercised simultaneously or
successively. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 9.6</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">No Marshalling</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Neither Administrative Agent nor any Lender shall be under any duty or obligation
to (a) preserve, protect or marshal the Collateral; (b) preserve or protect the rights of any Credit Party or any other Person claiming an interest in the Collateral; (c) realize upon the Collateral in any particular order or manner, (d) seek
repayment of any Obligations from any particular source; (e) proceed or not proceed against any Credit Party pursuant to any guaranty or security agreement or against any Credit Party under the Loan </FONT></P>
<P align="center">
<FONT face="serif">76 </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
<FONT face="serif">Documents, with or without also realizing on the Collateral; (f) permit any substitution or exchange of all or any part of the Collateral; or (g) release any part of the Collateral from the Loan Agreement or any of the other Loan
Documents, whether or not such substitution or release would leave Administrative Agent and Lenders adequately secured. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 9.7</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Notices</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> To the fullest extent permitted by Legal Requirements, Borrower hereby irrevocably waives
and releases Administrative Agent and Lenders of and from any and all liabilities and penalties for failure of Administrative Agent or any Lender to comply with any statutory or other requirement imposed upon Administrative Agent or any Lender
relating to notices of sale, holding of sale or reporting of any sale, and Borrower waives all rights of redemption or reinstatement from any such sale.  Except as otherwise required by Legal Requirements, any notices required under Legal
Requirements shall be reasonably and properly given to Borrower if given by any of the methods provided herein at least five Business Days prior to taking action. Administrative Agent or any Lender shall have the right to postpone or adjourn any
sale or other disposition of Collateral at any time without giving notice of any such postponed or adjourned date.  In the event Administrative Agent or any Lender seeks to take possession of any or all of the Collateral by court process, Borrower
further irrevocably waives to the fullest extent permitted by law any bonds and any surety or security relating thereto required by any statute, court rule or otherwise as an incident to such possession, and any demand for possession prior to the
commencement of any suit or action. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 9.8</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Application of Funds</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  During the existence of an Event of Default (including after the maturity
of the Note), any amounts received on account of the Obligations shall be applied by Administrative Agent in the following order: </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">First</FONT></U><FONT face="serif">,
          to payment of that portion of the Obligations constituting fees, indemnities,
          expenses and other amounts (other than principal and interest) payable
          to Administrative Agent, in its capacity as such (including fees, charges
          and disbursements of counsel to Administrative Agent); </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Second</FONT></U><FONT face="serif">,
          to payment of that portion of the Obligations constituting accrued
          and unpaid interest on the Loan and other Obligations; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Third</FONT></U><FONT face="serif">,
          to payment of that portion of the Obligations constituting unpaid principal
          of the Loan; </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Fourth</FONT></U><FONT face="serif">,
          to payment of that portion of the Obligations constituting obligations
          owing to any Eligible Swap Counterparty in respect of any Swap Contracts
          permitted, but not required, by the terms of this Loan Agreement; and </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Last</FONT></U><FONT face="serif">,
          the balance, if any, after all of the Obligations have been indefeasibly
    paid in full, to Borrower or as otherwise required by Legal Requirements. </FONT></P>    </td>
  </tr>
</table>
<P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 9.9</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Completion of the Improvements</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Administrative Agent and Lenders shall have the right, upon the
occurrence of a Default or an Event of Default, in addition to any rights or remedies available to any of them under this Loan Agreement and all other Loan Documents, to enter into possession of the Collateral and perform any and all work and labor
necessary to complete the Improvements in accordance with the Plans. All amounts so expended </FONT></P>
<P align="center">
<FONT face="serif">77 </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
<FONT face="serif">by Administrative Agent or any Lender shall be deemed to have been disbursed to Borrower as Loan proceeds and secured by the Mortgage. For this purpose, Borrower hereby constitutes and appoints (which appointment is coupled with
an interest and is therefore irrevocable) Administrative Agent as Borrower&rsquo;s true and lawful attorney-in-fact, with full power of substitution to complete the Improvements in the name of Borrower, and hereby empowers Administrative Agent, acting as
Borrower&rsquo;s attorney-in-fact, as follows:  to use any funds of Borrower, including any balance which may be held in escrow, any Borrower&rsquo;s Deposit and any funds which may remain unadvanced under the Note, for the purpose of completing the
Improvements; to make such additions and changes and corrections in the Plans which shall be necessary or desirable to complete the Improvements; to continue, amend, or terminate all or any existing Construction Contracts or subcontracts; to employ
such contractors, subcontractors, agents, design professionals and inspectors as shall be required for said purposes; to pay, settle or compromise all existing bills and claims which are or may be payable with respect to any Construction Contract,
Property Contract, or Operating Contract, may be or become Liens, or may be necessary or desirable for the Completion of the Improvements or the clearing of title; to execute all applications, certificates, and other documents in the name of
Borrower which may be required by any Construction Contract, Property Contract, or Operating Contract; and to do any and every act with respect to the construction of the Improvements which Borrower could do in Borrower&rsquo;s own behalf. Administrative
Agent, acting as Borrower&rsquo;s attorney-in-fact, shall also have power to prosecute and defend all actions or proceedings in connection with the Collateral and to take such action and require such performance as is deemed necessary. In no event shall
Administrative Agent have any obligation to take any action pursuant to its rights as attorney-in-fact. The power of attorney under this Section shall terminate upon payment of the Obligations in full or upon foreclosure (or conveyance in lieu of
foreclosure) of all of the Collateral.  Administrative Agent shall incur no liability if any action taken by it as attorney-in-fact as permitted above shall prove to be inadequate, invalid, or in poor judgment, so long as Administrative Agent did
not act with gross negligence or willful misconduct. <B><FONT face="serif">Borrower agrees to indemnify and hold harmless Administrative Agent from and against any loss, cost, liability, or expense (including reasonable attorneys&rsquo; fees) incurred in connection with any such action (excluding
Administrative Agent&rsquo;s gross negligence or willful wrongful act). The foregoing indemnity shall apply with respect to matters which in whole or in part are caused by or arise out of the negligence (but not gross negligence) (whether sole,
comparative, or contributory) of Administrative Agent, but shall not apply to matters to the extent such matters are caused by or arise out of the gross negligence or willful wrongful act of Administrative Agent.</FONT></B><FONT face="serif">
</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 9.10</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Receiver</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Administrative Agent and Lenders shall be entitled, without notice or consent, and
completely without regard to the adequacy of any security for the Obligations, to the appointment of a receiver of the Collateral, all operations related thereto, and the rents and profits derived therefrom. This appointment shall be in addition to
any other rights, relief or remedies afforded Administrative Agent and Lenders. Such receiver, in addition to any other rights to which he shall be entitled, shall be authorized to sell, foreclose or complete foreclosure on the Collateral for the
benefit of Administrative Agent and Lenders, pursuant to provisions of Legal Requirements. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 9.11</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Right to Perform Obligations</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> If Borrower shall fail to do any act or thing which it has
covenanted to do under this Loan Agreement or any of the Loan Documents, or any </FONT></P>
<P align="center">
<FONT face="serif">78 </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
<FONT face="serif">representation or warranty on the part of Borrower contained in this Loan Agreement or any of the Loan Documents shall be breached, Administrative Agent may, in its sole discretion, after five Business Days written notice is sent
to Borrower (or such lesser notice, including no notice, as is reasonable under the circumstances), do the same or cause it to be done or remedy any such breach, and may expend its funds for such purpose.  Any and all reasonable amounts so expended
by Administrative Agent or any Lender shall be repayable to Administrative Agent or such Lender by Borrower upon demand, with interest at the Default Rate during the period from and including the date funds are so expended by Administrative Agent or
such Lender to the date of repayment, and all such amounts shall be additional Obligations.  The payment or performance by Administrative Agent or any Lender of any of Borrower&rsquo;s obligations hereunder shall not relieve Borrower of said obligations
or of the consequences of having failed to pay or perform the same, and shall not waive or be deemed a cure of any Default or Event of Default. </FONT></P>
<P align="center">
<B><FONT face="serif">ARTICLE X. ADMINISTRATIVE AGENT </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
10.1</FONT>&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Appointment
and Duties of Administrative Agent.</FONT></U><FONT face="serif"> </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">The
          parties hereto agree that Merrill Lynch Capital, a division of Merrill
          Lynch Business Financial Services Inc., shall act, subject to the terms
          and conditions of this </FONT><U><FONT face="serif">Section 10.1</FONT></U><FONT face="serif">,
          as Administrative Agent and to the extent set forth herein each Lender
          hereby irrevocably appoints, authorizes, empowers and directs Administrative
          Agent to take such action on its behalf and to exercise such powers
          as are specifically delegated to Administrative Agent herein or are
          reasonably incidental thereto in connection with the administration
          of and the enforcement of any rights or remedies with respect to this
          Loan Agreement, the Note and the other Loan Documents. It is expressly
          understood and agreed that the obligations of Administrative Agent
          under the Loan Documents are only those expressly set forth in this
          Loan Agreement. Administrative Agent shall use reasonable diligence
          to examine the face of each document received by it hereunder to determine
          whether such documents, on their face, appear to be what they purport
          to be. However, Administrative Agent shall not be under any duty to
          examine into and pass upon the validity or genuineness of any documents
          received by it hereunder and Administrative Agent shall be entitled
          to assume that any of the same which appears regular on its face is
          genuine and valid and what it purports to be. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Except
          as otherwise set forth in </FONT><U><FONT face="serif">Section 11.19</FONT></U><FONT face="serif">,
          Administrative Agent shall act pursuant to the instructions of Required
          Lenders in all matters relating to the Loan Documents. </FONT></P>
    <P align="justify"> </P></td>
  </tr>
</table>
<P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
    10.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Discretion
    and Liability of Administrative Agent</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Subject
    to </FONT><U><FONT face="serif">Sections 10.1(b)</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">10.3</FONT></U><FONT face="serif">,
    and </FONT><U><FONT face="serif">10.5</FONT></U><FONT face="serif">, Administrative
    Agent shall be entitled to use its  discretion with respect to exercising
    or refraining from exercising any rights which may be vested in it under
    any of the Loan Documents or otherwise, or with respect to taking or refraining
    from taking any action or actions which it may be able to  take under any
    of the Loan Documents. Neither Administrative Agent nor any of its directors,
    officers, employees, agents or representatives shall be liable for any action
    taken or omitted by it hereunder or in connection herewith, except for its
     own gross negligence or willful misconduct. Administrative Agent shall incur
    no liability under, or in respect of this Loan Agreement or the other Loan
    Documents by acting upon a notice, </FONT></P>
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<FONT face="serif">certificate, warranty or other paper or instrument reasonably believed by it to be genuine or authentic or to be signed by the proper party or parties, or with respect to anything which it may do or refrain from doing in the
reasonable exercise of its judgment, or which may seem to it to be necessary or desirable in the premises. </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">Section 10.3</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Event
            of Default</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent shall be entitled to assume that no Default or event which would
          constitute a Default after notice or lapse of time, or both, has occurred
          and is continuing, unless Administrative Agent has actual knowledge
          of such facts or has received notice from Borrower or a Credit Party
          or from a Lender in writing that such Person considers that a Default
          or event which would constitute a Default after notice or lapse of
          time, or both, has occurred and is continuing and which specifies the
          nature thereof. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">In
          the event that Administrative Agent shall acquire actual knowledge
          of any Default or event which would constitute a Default after notice
          or lapse of time, or both, or shall have received notice from Borrower,
          a Credit Party or a Lender as provided in </FONT><U><FONT face="serif">Section
          10.3(a)</FONT></U><FONT face="serif">, Administrative Agent shall promptly
          notify (either orally, confirmed in writing, or in writing) Lenders
          of such Default or event and shall take such action and assert such
          rights as are contemplated under this Loan Agreement and in an emergency,
          or if requested in writing by Required Lenders shall, take such action
          and assert such rights as are contemplated under this Loan Agreement.
          To the extent not otherwise paid by Borrower, Administrative Agent
          shall be indemnified pro rata by Lenders against any liability or expenses
          (except for any liability or expenses caused by Administrative Agent&rsquo;s
          gross negligence or willful misconduct), including, but not limited
          to, travel expenses and external counsel fees and expenses, incurred
          in connection with taking such action as Administrative Agent, and
          not as a Lender. Administrative Agent may refrain from acting in accordance
          with any instructions from Required Lenders until it shall have been
          indemnified to its satisfaction against any and all costs and expenses
          which it will or may expend or incur in complying with such instructions.</FONT> </P>
    </td>
  </tr>
</table>
<P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
    10.4</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Consultation</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
    When acting in connection with this Loan Agreement, or the other Loan Documents,
     Administrative Agent may, with the consent of Required Lenders, engage and
    pay for the advice and services of any lawyers, accountants, surveyors, appraisers
    or other experts whose advice or services may to it appear necessary, expedient
    or  desirable and Administrative Agent shall be entitled to fully rely upon
any opinion or such advice so obtained. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
10.5</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Communications
to and from Administrative Agent</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  When any notice,
approval, consent, waiver or  other communication or action is required or may
be delivered by Lenders hereunder or the other Loan Documents, action by Administrative
Agent (upon the direction, approval or consent of each Lender, all Lenders or
Required Lenders, as applicable  pursuant to the requirements set forth in this
Loan Agreement) shall be effective for all purposes hereunder. Borrower and other
Credit Parties may rely on any communication from Administrative Agent hereunder
or the other Loan Documents, and need  not inquire into the propriety of or authorization
for such communication. Upon receipt by Administrative Agent from Borrower, any
other Credit Party or any Lender of any communication it will, in turn, </FONT></P>
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<FONT face="serif">promptly forward such communication to Lenders; provided, however, that Administrative Agent shall not be liable for any costs, expenses or losses arising from any failure to so forward any such communication unless caused by the
gross negligence or willful misconduct of Administrative Agent. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 10.6</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Limitations of Agency</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Notwithstanding anything in the Loan Documents, expressed or implied, it
is agreed by the parties hereto, that Administrative Agent will act under the Loan Documents as Administrative Agent solely for Lenders and only to the extent specifically set forth herein, and will, under no circumstances, be considered to be an
agent or fiduciary of any nature whatsoever in respect to any other Person.  Administrative Agent, in its individual capacity, may generally engage in any business with Borrower and other Credit Parties or any of their Affiliates as if it was not
Administrative Agent. </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">Section 10.7</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">No
            Representations or Warranty</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">No
          Lender (including Administrative Agent) makes to any other Lender any
          representation or any warranty, expressed or implied, or assumes any
          responsibility with respect to the Loan or the execution, construction
          or enforceability of the Loan Documents or any instrument or agreement
          executed by Borrower, other Credit Parties or any other Person in connection
          therewith. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent takes no responsibility for the accuracy or completeness of any
          information concerning Borrower and other Credit Parties distributed
          by Administrative Agent in connection with the Loan nor for the truth
          of any representation or warranty given or made herein, nor for the
          validity, effectiveness, adequacy or enforceability of this Loan Agreement
          or any of the other Loan Documents. </FONT></P>
    <P align="justify"> </P></td>
  </tr>
</table>
<P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
    10.8</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Lender
    Credit Decision</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Each Lender acknowledges
    that it has independent of and without reliance  upon any other Lender (including
    Administrative Agent) or any information provided by any other Lender (including
    Administrative Agent) and based on the financial statements of Borrower and
    other Credit Parties and such other documents and  information as it has
    deemed appropriate, made its own credit analysis and decision to enter into
    this Loan Agreement. Each Lender also acknowledges that it will, independent
    of and without reliance upon any other Lender (including Administrative
    Agent) and based on such documents and information as it shall deem appropriate
    at that time, continue to make its own credit decisions in taking or not
    taking action under this Loan Agreement and any other documents relating
thereto. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section
10.9</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Indemnity</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
Notwithstanding any of the provisions hereof, to the extent Administrative Agent
has  not been so indemnified by Borrower, Lenders shall severally, pro rata in
respect of their respective Commitments, indemnify Administrative Agent against
any and all losses, costs, liabilities, damages or expenses, including but not
limited to,  reasonable travel expenses and external counsel&rsquo;s reasonable fees
and expenses, arising from, or in connection with, its performance as Administrative
Agent hereunder and not caused by its gross negligence or willful misconduct. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 10.10</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Resignation</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Administrative Agent may resign as such at any time upon at least 30 days&rsquo; prior
notice to Borrower and Lenders, provided that such resignation shall not take effect until a successor agent has been appointed. In the event of a resignation by Administrative Agent, Lenders (in consultation with Borrower, provided no Default or
Event of Default has occurred and is continuing) shall promptly appoint a successor agent from among Lenders. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 10.11</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Disbursements and Distributions</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  On the date of each Loan advance, Administrative Agent shall
disburse each Lender&rsquo;s pro rata portion of the Loan to or at the direction of Borrower pursuant to this Loan Agreement, to the extent received by Administrative Agent from such Lender. Administrative Agent shall be responsible for promptly
distributing, on the Business Day immediately following the date received by Administrative Agent, each Lender&rsquo;s share of all net amounts received by Administrative Agent under any of the Loan Documents pursuant to this Loan Agreement. Each Lender
shall be responsible for designating by written notice to Administrative Agent the account to which such distribution shall be deposited. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 10.12</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Limitation of Suits</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  All rights of action and claims under this Loan Agreement and the other
Loan Documents of Lenders shall be prosecuted and enforced only by Administrative Agent. Lenders agree that they shall not independently institute any proceedings, judicial or otherwise, to enforce their rights against Borrower under this Loan
Agreement or the other Loan Documents.  However, notwithstanding anything contained in this </FONT><U><FONT face="serif">Section 10.12</FONT></U><FONT face="serif">, Lenders shall always retain their ability to retain independent counsel and to
protect their rights under this Loan Agreement and the other Loan Documents. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 10.13</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Right of Setoff</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Subject to the provisions of </FONT><U><FONT face="serif">Section
2.14</FONT></U><FONT face="serif"> hereof, upon the occurrence and during the continuation of any Event of Default, Lenders each are hereby authorized at any time and from time to time, without notice to Borrower (any such notice being expressly
waived by Borrower), to setoff and apply any and all deposits (general or special, time or demand, provisional or final, whether or not such setoff results in any loss of interest or other penalty, and including without limitation all certificates
of deposit) at any time held by Lenders and all of the indebtedness arising in connection with this Loan Agreement irrespective of whether or not such Lender will have made any demand under this Loan Agreement, the Note or any other Loan Document.
Borrower also hereby grants to each of Lenders a Lien in and hereby transfers, assigns, sets over and conveys to each of Lenders, as security for payment of the Loan, all such deposits, funds or property of Borrower or indebtedness of any Lender to
Borrower. Should the right of any Lender to realize funds in any manner set forth hereinabove be challenged and any application of such funds be reversed, whether by court order or otherwise, Lenders shall make restitution or refund to Borrower pro
rata in accordance with their respective portions of the Loan.  Each Lender agrees to promptly notify Borrower and Administrative Agent after any such setoff and application, provided that the failure to give such notice will not affect the validity
of such setoff and application.  The rights of Administrative Agent and Lenders under this </FONT><U><FONT face="serif">Section 10.13</FONT></U><FONT face="serif"> are in addition to other rights and remedies (including without limitation other
rights of setoff) which Administrative Agent or Lenders may have.  Nothing contained herein shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation
of Borrower to such Lender. </FONT></P>
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<P align="center">
<B><FONT face="serif">ARTICLE XI. MISCELLANEOUS </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Non-Waiver</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> No failure or delay on the part of Administrative Agent or any Lender in exercising
any right, power or remedy pursuant to this Loan Agreement, the Note or any of the other Loan Documents shall operate as a waiver thereof, and no single or partial exercise of any such right, power or remedy shall preclude any other or further
exercise thereof, or the exercise of any other right, power or remedy. Neither any waiver of any provision of this Loan Agreement, the Note or any of the other Loan Documents, nor any consent to any departure by Borrower therefrom, shall be
effective unless the same shall be in writing and signed by Administrative Agent or Required</FONT><B><FONT face="serif"> </FONT></B><FONT face="serif">Lenders, and any waiver in writing by Administrative Agent or Required Lenders shall be effective
only in the specific instance and for the specific purpose for which given.  Except as otherwise expressly provided herein, no notice to or demand on Borrower shall in any case entitle Borrower to any other or further notice or demand in similar or
other circumstances. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Disclosure</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower hereby irrevocably authorizes Administrative Agent, each Lender and each of
their respective Affiliates, to at any time (whether or not an Event of Default shall have occurred) obtain from and disclose to each other any and all financial and other information about Borrower. Borrower further irrevocably authorizes
Administrative Agent and each Lender to contact, investigate, inquire and obtain references and other information on Borrower from credit reporting services and agencies, former or current creditors, and other Persons and sources (including any
Affiliate of Administrative Agent or such Lender) and to provide to any references, credit reporting services and agencies, creditors and other Persons and sources (including Affiliates of Administrative Agent or such Lender) all financial, credit
and other information obtained by Administrative Agent or such Lender relating to Borrower. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.3</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Communications</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Delivery of an agreement, instrument or other document may, at the discretion of
Administrative Agent or any Lender, be by electronic transmission. Except as required by law or otherwise provided herein or in a writing executed by the party to be bound, all notices, demands, requests, accountings, listings, statements, advices
or other communications to be given under the Loan Documents shall be in writing, and shall be served either personally, by deposit with a reputable overnight courier with charges prepaid, or by deposit in the United States mail by certified mail
return receipt required. Notices may be addressed to Borrower as set forth at its address shown in the preamble hereto, or to such other address designated in writing by Borrower, or to any office to which billing or account statements are sent; to
Administrative Agent at its address shown in the preamble hereto, or at such other address designated in writing by Administrative Agent; and to each Lender at its address designated in writing by such Lender or Administrative Agent.  Any such
communication shall be deemed to have been given upon and received by, in the case of personal delivery the date of delivery, one Business Day after deposit with an overnight courier, two Business Days after deposit in the United States by certified
mail (return receipt required), or receipt of electronic transmission (which shall be presumed to be three hours after the time of transmission unless an error message is received by the sender), except that any notice of change of address shall not
be effective until actually received. </FONT><B><FONT face="serif">Any documents, agreements, reports, notices, instruments, or other items required to be delivered under the Loan Documents to the Administrative Agent and the Independent Consultant
shall not be effective until both </FONT></B></P>
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<B><FONT face="serif">Administrative Agent and the Independent Consultant shall have received such documents, agreements, reports, notices, instruments or such other items.</FONT></B><FONT face="serif"> </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.4</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Costs and Expenses</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower agrees to pay on demand all reasonable fees, costs and expenses of
Administrative Agent and Lenders in connection (a) with the preparation, execution, delivery, administration, amendment and enforcement of this Loan Agreement, the Note, the other Loan Documents and any other documents to be delivered hereunder and
thereunder (including the appraisal and inspection reports required to be paid by it hereunder) and any amendment, modification or supplement hereto or thereto, including the reasonable fees and out-of-pocket expenses of counsel for Administrative
Agent and Lenders, and any special counsel associated with them, and with respect thereto and the filing of any document or instrument in connection with any of the foregoing, (b) with respect to reasonable fees and out-of-pocket expenses of counsel
for advising Administrative Agent and Lenders as to their respective rights and responsibilities under the Loan Documents and the transactions contemplated thereby after a Default or Event of Default, or both, shall have occurred, (c) with any
filing or recording of any document or instrument, and (d) with respect to any assignment of any portion of the Obligations or the granting of any participation in the Obligations, the reasonable fees and out-of-pocket expenses (not to exceed
&#36;10,000) of counsel for the Administrative Agent, and any special counsel associated with them. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.5</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Taxes and Fees</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Unless otherwise prohibited by Legal Requirements, should any tax (other than a
tax based upon the net income of any Lender) or recording or filing fee become payable in respect of any Loan Document, any of the Collateral, any of the Obligations or any amendment, modification or supplement hereof or thereof, Borrower agrees to
pay such taxes (or reimburse Administrative Agent therefor upon demand for reimbursement), together with any interest or penalties thereon, and agrees to hold Administrative Agent harmless with respect thereto. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.6</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Further Assurances</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower agrees to do such further acts and things and to execute and deliver
to Administrative Agent and Lenders such additional agreements, instruments and documents as Administrative Agent may reasonably require or deem advisable to effectuate the purposes of this Loan Agreement, the Note or any of the other Loan
Documents, or to establish, perfect and maintain Administrative Agent&rsquo;s security interests and Liens upon the Collateral, including to cause third parties to execute and deliver waivers, releases, consents, or subordinations as deemed appropriate by
Administrative Agent. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.7</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Binding Effect</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  This Loan Agreement, the Note and the other Loan Documents shall be binding
upon, and shall inure to the benefit of, Administrative Agent and each Lender, Borrower and their respective successors and assigns. Borrower shall not assign any of its rights or delegate any of its obligations under this Loan Agreement, the Note
or any of the other Loan Documents without the prior written consent of Administrative Agent and each of Lenders. Unless otherwise expressly agreed to in a writing signed by Administrative Agent and each of Lenders, no such consent shall in any
event relieve Borrower of any of its obligations under this Loan Agreement, the Note or any of the other Loan Documents. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.8</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Interpretation; Construction</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  (a) Captions and section and paragraph headings in this Loan
Agreement are inserted only as a matter of convenience, and shall not </FONT></P>
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<FONT face="serif">affect the interpretation hereof; (b) no provision of this Loan Agreement shall be construed against a particular Person or in favor of another Person merely because of which Person (or its representative) drafted or supplied the
wording for such provision; and (c) where the context requires: (i) use of the singular or plural incorporates the other, and (ii) pronouns and modifiers in the masculine, feminine or neuter gender shall be deemed to refer to or include the other
genders. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.9</FONT><FONT face="sans-serif"> </FONT><B><U><FONT face="serif">GOVERNING LAW</FONT></U></B><B><FONT face="serif">.  THIS LOAN AGREEMENT, THE NOTE AND, UNLESS OTHERWISE EXPRESSLY PROVIDED
THEREIN, EACH OF THE OTHER LOAN DOCUMENTS, SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF THE STATE OF ILLINOIS, NOT INCLUDING ITS CONFLICT OF LAW PROVISIONS; PROVIDED THAT THE LAWS OF THE STATE WHERE REAL PROPERTY COLLATERAL IS LOCATED SHALL
GOVERN WITH RESPECT TO THE CREATION, PERFECTION AND ENFORCEMENT OF RIGHTS, SECURITY INTERESTS, REMEDIES AND LIENS AGAINST THE REAL PROPERTY COLLATERAL. </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.10</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Severability of Provisions</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Whenever possible, each provision of this Loan Agreement, the Note
and the other Loan Documents shall be interpreted in such manner as to be effective and valid under Legal Requirements. Any provision of this Loan Agreement, the Note or any of the other Loan Documents which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Loan Agreement, the Note and the other Loan Documents or affecting the
validity or enforceability of such provision in any other jurisdiction. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.11</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Term</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  This Loan Agreement shall become effective when accepted by Administrative Agent at its
office in Chicago, Illinois, and subject to the terms hereof, shall continue in effect so long thereafter as there shall be any moneys owing hereunder or under the Note, or there shall be any other Obligations outstanding.  Borrower hereby waives
notice of acceptance of this Loan Agreement by Administrative Agent. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.12</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Exhibits</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  The exhibits to this Loan Agreement are hereby incorporated and made a part hereof
and are an integral part of this Loan Agreement. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.13</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Counterparts; Facsimiles</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> This Loan Agreement may be executed in one or more counterparts which,
when taken together, constitute one and the same agreement. Signatures transmitted by facsimile or other electronic means shall be effective as originals. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.14</FONT><FONT face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT face="serif">JURISDICTION; WAIVER</FONT></U></B><B><FONT face="serif">.  BORROWER ACKNOWLEDGES THAT THIS LOAN AGREEMENT IS BEING
ACCEPTED BY ADMINISTRATIVE AGENT AND LENDERS IN PARTIAL CONSIDERATION OF ADMINISTRATIVE AGENT&rsquo;S AND EACH LENDER&rsquo;S RIGHT AND OPTION, IN ITS SOLE DISCRETION, TO ENFORCE THE LOAN DOCUMENTS IN EITHER THE STATE OF ILLINOIS OR IN ANY OTHER JURISDICTION
WHERE BORROWER OR ANY COLLATERAL MAY BE LOCATED.  BORROWER IRREVOCABLY SUBMITS ITSELF TO JURISDICTION IN THE STATE OF ILLINOIS AND VENUE IN ANY STATE OR </FONT></B></P>
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<P align="justify">
<B><FONT face="serif">FEDERAL COURT IN THE COUNTY OF COOK FOR SUCH PURPOSES, AND BORROWER WAIVES ANY AND ALL RIGHTS TO CONTEST SAID JURISDICTION AND VENUE AND THE CONVENIENCE OF ANY SUCH FORUM, AND ANY AND ALL RIGHTS TO REMOVE SUCH ACTION FROM STATE
TO FEDERAL COURT. BORROWER FURTHER WAIVES ANY RIGHTS TO COMMENCE ANY ACTION AGAINST ADMINISTRATIVE AGENT OR ANY LENDER IN ANY JURISDICTION EXCEPT IN THE COUNTY OF COOK AND STATE OF ILLINOIS.  BORROWER AGREES THAT ALL SUCH SERVICE OF PROCESS SHALL BE
MADE BY MAIL OR MESSENGER DIRECTED TO IT IN THE SAME MANNER AS PROVIDED FOR NOTICES TO BORROWER IN THIS LOAN AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED UPON THE EARLIER OF ACTUAL RECEIPT OR THREE DAYS AFTER THE SAME SHALL
HAVE BEEN POSTED TO BORROWER OR BORROWER&rsquo;S AGENT.  NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF ADMINISTRATIVE AGENT OR ANY LENDER TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF ADMINISTRATIVE AGENT OR ANY
LENDER TO BRING ANY ACTION OR PROCEEDING AGAINST BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION.  BORROWER WAIVES, TO THE EXTENT PERMITTED BY LAW, ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE
REQUIRED OF ADMINISTRATIVE AGENT OR ANY LENDER. </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.15</FONT><FONT face="sans-serif"> </FONT><B><U><FONT face="serif">JURY WAIVER</FONT></U></B><B><FONT face="serif">.  ADMINISTRATIVE AGENT, LENDERS AND BORROWER HEREBY EACH EXPRESSLY WAIVE
ANY AND ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES AGAINST THE OTHER PARTY WITH RESPECT TO ANY MATTER RELATING TO, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE LOAN, THE OBLIGATIONS,
THIS LOAN AGREEMENT, ANY OF THE OTHER LOAN DOCUMENTS AND/OR ANY OF THE TRANSACTIONS WHICH ARE THE SUBJECT MATTER OF THIS LOAN AGREEMENT. </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.16</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Survival</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  All representations, warranties, agreements and covenants contained in the Loan
Documents shall survive the signing and delivery of the Loan Documents, and all of the waivers made and indemnification obligations undertaken by Borrower shall survive the termination, discharge or cancellation of the Loan Documents. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.17</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Borrower&rsquo;s Acknowledgments</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">  Borrower acknowledges that Borrower: (a) has had ample opportunity
to consult with counsel and such other parties as deemed advisable prior to signing and delivering this Loan Agreement and the other Loan Documents; (b)  understands the provisions of this Loan Agreement and the other Loan Documents, including all
waivers contained therein; and (c) signs and delivers this Loan Agreement and the other Loan Documents freely and voluntarily, without duress or coercion. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.18</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Customer Identification &#150; USA Patriot Act Notice; OFAC and Bank</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Secrecy Act</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Administrative Agent and Lenders hereby notify Borrower and each other Credit Party that pursuant to the requirements of the USA Patriot Act, and Administrative Agent&rsquo;s and each Lender&rsquo;s
policies and practices, Administrative Agent and each Lender is required to obtain, </FONT></P>
<P align="center">
<FONT face="serif">86 </FONT></P>

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<P align="justify">
<FONT face="serif">verify and record certain information and documentation that identifies Borrower and each other Credit Party, which information includes the name and address of Borrower and each other Credit Party and such other information that
will allow Administrative Agent and each Lender to identify Borrower and each other Credit Party in accordance with the USA Patriot Act.  In addition, Borrower shall (a) ensure that no Person who owns a controlling interest in or otherwise controls
Borrower or any Subsidiary of Borrower is or shall be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control (&ldquo;</FONT><U><FONT face="serif">OFAC</FONT></U><FONT face="serif">&rdquo;), the Department of the Treasury or included in any Executive Orders, (b) not use or permit the use of the proceeds of the Loan, or any funds invested in the Project, to violate any of the foreign asset control regulations of OFAC or
any enabling statute or Executive Order relating thereto, the Bank Secrecy Act, the Money Laundering Act of 1986, or any other Legal Requirement related to money laundering, all as amended from time to time, and (c) comply, and cause its
Subsidiaries to comply, in all material respects with all Legal Requirements. </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">Section 11.19</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Amendment</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Neither
          this Loan Agreement nor any other Loan Document, nor any provision
          hereof or thereof, including without limitation this </FONT><U><FONT face="serif">Section
          11.19</FONT></U><FONT face="serif">, may be amended, modified, waived,
          discharged or terminated, or any consent related thereto granted, orally,
          but only by an instrument in writing signed by Borrower and Required
          Lenders except as may be expressly provided in such provision hereunder
          or under any Loan Document; provided, however, that no such amendment,
          modification, waiver, discharge, termination or consent shall, without
          the consent of each Lender directly affected thereby (i) extend any
          Maturity Date, extend the time of payment for or reduce the amount
          of any scheduled principal repayment, or reduce the rate or extend
          the time of payment of interest on the Loan or Note (except that Administrative
          Agent may, in its sole discretion, without the consent of any of the
          Lenders, waive (A) the applicability of up to two Late Charges during
          the term of the Loan and (B) the applicability of the Default Rate
          increase for up to 30 days, provided that Administrative Agent shall
          not grant such waiver more than two times during the term of this Loan
          Agreement) or reduce the principal amount thereof, (ii) release any
          material amount of Collateral for the Loan (except as expressly provided
          in the Loan Documents), (iii) amend, modify or waive any provision
          of this </FONT><U><FONT face="serif">Section 11.19</FONT></U><FONT face="serif">,
          (iv) change the percentage specified in the definition of Required
          Lenders, (v) consent to the assignment or transfer by Borrower of any
          of its rights or obligations under this Loan Agreement or the other
          Loan Documents, (vi) amend, modify or waive any provision in this Loan
          Agreement or in any other Loan Document to the extent providing for
          payments or prepayments on the Note to be applied pro rata among Lenders,
          or (vii) release any Credit Party from its guaranty (except as set
          forth in its guaranty); provided, further, that no such amendment,
          modification, waiver, discharge, termination or consent shall (A) increase
          the Commitment of any Lender over the amount thereof then in effect
          without the consent of such Lender or (B) without the consent of Administrative
          Agent, amend, modify or waive any provision relating to the rights
          or obligations of Administrative Agent. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">This
          Loan Agreement shall be binding upon and inure to the benefit of Borrower,
    other Credit Parties, Administrative Agent and Lenders, and their respective </FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">87 </FONT></P>
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  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">successors and assigns, except
          that Borrower and other Credit Parties shall not have the right to
          assign their rights hereunder or any interest herein without the prior
          written consent of Administrative Agent and all Lenders. </FONT></P>
      <P align="justify"> <FONT face="serif">Section 11.20</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Assignments
            and Participations</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Each
          Lender shall have the right to assign all or any portion of its portion
          of the Loan outstanding under this Loan Agreement or the Note to any
          Eligible Assignee, so long as, at least five Business Days prior to
          the effectiveness of such assignment (except in the case of a Related
          Lender Assignment, which shall be governed by the provisions of </FONT><U><FONT face="serif">Section
          11.20(b)</FONT></U><FONT face="serif"> below) (i) an Assignment and
          Acceptance with respect to such assignment is delivered to Administrative
          Agent, (ii) the assigning Lender or the assignee pays to Administrative
          Agent a transfer fee in an amount equal to &#36;3,500.00 (the &ldquo;</FONT><U><FONT face="serif">Assignment
          Fee</FONT></U><FONT face="serif">&rdquo;), and (iii) except in the case of
          an assignment of the entire remaining amount of the assigning Lender&rsquo;s
          Commitment or its portion of the Loan, the amount of the Commitment
          or the portion of the Loan subject to each such assignment (determined
          as of the date the applicable Assignment and Acceptance is delivered
          to Administrative Agent) shall not be less than &#36;2,500,000 unless
          the Administrative Agent otherwise consents, at which time such Eligible
          Assignee shall become entitled to the benefits, and subject to the
          requirements and obligations, of this Loan Agreement and the other
          Loan Documents.</FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">A
          Lender may effect a Related Lender Assignment without paying the Assignment
          Fee and without delivering an Assignment and Acceptance to Administrative
          Agent or to any other Person; provided, however, that (i) Borrower
          and Administrative Agent may continue to deal solely and directly with
          such assigning Lender until the date that is five Business Days after
          an Assignment and Acceptance has been delivered to Administrative Agent
          for recordation in the Register, (ii) the failure of such assigning
          Lender to deliver an Assignment and Acceptance to Administrative Agent
          shall not affect the legality, validity, or binding effect of such
          assignment as between such assigning Lender and such assignee, and
          (iii) an Assignment and Acceptance between the assigning Lender and
          an Affiliate of such Lender or Approved Fund of such Lender shall be
          effective as of the date specified in such Assignment and Acceptance,
          once recorded on the Related Party Register (as defined below). Subject
          to the provisions of this </FONT><U><FONT face="serif">Section 11.20</FONT></U><FONT face="serif">,
          Borrower agrees that each assignee party to a Related Lender Assignment
          shall be entitled to the benefits, and subject to the requirements
          and obligations, of this Loan Agreement and the other Loan Documents
          to the same extent as if it had consummated such assignment and acceptance
          by delivery of an Assignment and Acceptance to Administrative Agent. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Administrative
          Agent shall, on behalf of and acting solely for this purpose as the
          non-fiduciary agent of Borrower, maintain, or cause to be maintained
          at Administrative Agent&rsquo;s office where Borrower makes payments due
          hereunder, a copy of each Assignment and Acceptance delivered to and
          accepted by it and a register (the &ldquo;</FONT><U><FONT face="serif">Register</FONT></U><FONT face="serif">&rdquo;)
          for the recordation of the names and addresses of Lenders and the Commitments
          of, and portion of the principal amount of the Loan (and stated interest
          thereon) (the &ldquo;</FONT><U><FONT face="serif">Registered Loans</FONT></U><FONT face="serif">&rdquo;).
    In the case of any Related Lender Assignment, </FONT></P>    </td>
  </tr>
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<P align="center">
  <FONT face="serif">88 </FONT></P>
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    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">Lender making such Related Lender
          Assignment shall, on behalf of and acting solely for this purpose as
          the non-fiduciary agent of Borrower, maintain a comparable register
          (the &ldquo;</FONT><U><FONT face="serif">Related Party Register</FONT></U><FONT face="serif">&rdquo;).
          The entries in the Register (or, in the case of a Related Lender Assignment,
          the Related Party Register) shall be conclusive and binding for all
          purposes, absent manifest error. Borrower, Administrative Agent and
          Lenders shall treat each Person whose name is recorded in the Register
          (and any Lender that makes a Related Lender Assignment shall treat
          each Person whose name is recorded in the Related Party Register) as
          a Lender hereunder for all purposes of this Loan Agreement, including,
          without limitation, the right to receive payments of principal and
          interest hereunder. The Register and the Related Party Register shall
          be available for inspection by Borrower at any reasonable time and
          from time to time upon reasonable prior notice. A Registered Loan may
          be assigned or sold in whole or in part only by registration of such
          assignment or sale on the Register or the Related Party Register. Any
          assignment or sale of all or part of such Registered Loan may be effected
          only by registration of such assignment or sale on the Register or
          the Related Party Register. Within 30 days (five Business Days in the
          event of a Related Lender Assignment) after its receipt of a completed
          Assignment and Acceptance executed by an assigning Lender and an assignee,
          and the Assignment Fee if required by the provisions of this </FONT><U><FONT face="serif">Section
          11.20</FONT></U><FONT face="serif">, Administrative Agent or a Lender,
          as the case may be, shall record the information contained therein
          in the Register or the Related Party Register. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Each
          Lender may sell participations to one or more banks or other entities
          in or to all or a portion of its rights and obligations under this
          Loan Agreement and the other Loan Documents (including, without limitation,
          all or a portion of its Commitment or Advances made by it under the
          Loan); provided, that (i) such Lender&rsquo;s obligations under this Loan
          Agreement (including without limitation, its Commitment) and the other
          Loan Documents shall remain unchanged; (ii) such Lender shall remain
          solely responsible to the other parties hereto for the performance
          of such obligations, and Borrower, Administrative Agent and other Lenders
          shall continue to deal solely and directly with such Lender in connection
          with such Lender&rsquo;s rights and obligations under this Loan Agreement
          and the other Loan Documents; and (iii) a participant shall not be
          entitled to require such Lender to take or omit to take any action
          hereunder except that a participant that is an Affiliate or Approved
          Fund of the participating Lender may require such Lender to obtain
          such participant&rsquo;s approval before such participating Lender approves
          any (A) action directly effecting an extension of the maturity dates
          or decrease in the principal amount of the Loan, (B) action directly
          effecting an extension of the due dates or a decrease in the rate of
          interest payable on the Loan or the fees payable under this Loan Agreement,
          or (C) actions directly effecting a release of all or a substantial
          portion of the collateral or any Credit Party (except as set forth
          in this Loan Agreement or any other Loan Document). </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">In
          the event that any Lender sells participations in a Registered Loan,
          such Lender shall, on behalf of and acting solely for this purpose
          as a non-fiduciary agent of Borrower, maintain a register on which
          it enters the name of all participants in the Registered Loans held
          by it and the principal amount (and stated interest thereon) of the
          portion of the Registered Loan which is the subject of the participation
          (the &ldquo;</FONT><U><FONT face="serif">Participant</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Register</FONT></U><FONT face="serif">&rdquo;).
    A Registered Loan may be participated in whole or in part only by </FONT></P>    </td>
  </tr>
</table>
<P align="center">
  <FONT face="serif">89 </FONT></P>
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  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="justify"><FONT face="serif">registration of such participation
          on the Participant Register (and each registered note shall expressly
          so provide). Any participation of such Registered Loan may be effected
          only by the registration of such participation on the Participant Register.
          The Participant Register shall be available for inspection by Borrower
          at any reasonable time and from time to time upon reasonable prior
          notice. Further, any Lender shall have the right, without notice or
          the payment of an Assignment Fee, to encumber or hypothecate its interest
          to any funding source or participant (collectively, for purposes of
          this paragraph, a &ldquo;</FONT><U><FONT face="serif">Funding Source</FONT></U><FONT face="serif">&rdquo;)
          as long as such Funding Source maintains a &ldquo;blind&rdquo; status and such
          Lender continues to act in its capacity as a Lender hereunder notwithstanding
          the Funding Source. </FONT></P>
      <P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif"> </FONT><FONT face="serif">Except
          to the extent set forth in </FONT><U><FONT face="serif">Section 11.20(d)</FONT></U><FONT face="serif"> above,
          neither any participant of a Registered Loan nor any Funding Source
          shall be entitled to the benefits, or subject to the requirements and
          obligations, of this Loan Agreement, and Borrower and Administrative
          Agent may continue to deal solely and directly with the participating,
    encumbering or hypothecating Lender. </FONT></P>    </td>
  </tr>
</table>
<P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Section 11.21</FONT><FONT face="sans-serif"> </FONT><B><U><FONT face="serif">INTEGRATION</FONT></U></B><B><FONT face="serif">.
      THIS LOAN AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, CONSTITUTES
      THE ENTIRE UNDERSTANDING AND REPRESENTS THE FULL AND FINAL AGREEMENT BETWEEN
      THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF, AND MAY NOT BE CONTRADICTED
      BY EVIDENCE OF PRIOR WRITTEN AGREEMENTS OR PRIOR, CONTEMPORANEOUS OR SUBSEQUENT
      ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS
      OF THE PARTIES. WITHOUT LIMITING THE FOREGOING, BORROWER ACKNOWLEDGES THAT:
      (I) NO PROMISE OR COMMITMENT HAS BEEN MADE TO IT BY ADMINISTRATIVE AGENT,
      ANY LENDER, MLPF&amp;S OR ANY
OF THEIR RESPECTIVE EMPLOYEES, AGENTS OR REPRESENTATIVES TO MAKE ANY LOAN ON
      ANY TERMS OTHER THAN AS EXPRESSLY SET FORTH HEREIN, OR TO MAKE ANY OTHER
      LOAN OR OTHERWISE EXTEND ANY OTHER CREDIT TO BORROWER OR ANY OTHER PARTY;
      AND (II) EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, THIS LOAN AGREEMENT
      SUPERSEDES AND REPLACES ANY AND ALL PROPOSALS, LETTERS OF INTENT AND APPROVAL
      AND COMMITMENT LETTERS FROM ADMINISTRATIVE AGENT OR ANY LENDER TO BORROWER,
      NONE OF WHICH SHALL BE CONSIDERED A LOAN DOCUMENT. NO AMENDMENT OR MODIFICATION
      OF ANY OF THE LOAN DOCUMENTS TO WHICH BORROWER IS A PARTY SHALL BE EFFECTIVE
      UNLESS IN A WRITING SIGNED BY ADMINISTRATIVE AGENT, REQUIRED LENDERS OR
ALL LENDERS AND BORROWER. </FONT></B></P>
<P align="center">
<FONT face="serif">[Remainder of Page Intentionally Left Blank.] </FONT></P>
<P align="center">
<FONT face="serif">90 </FONT></P>

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<P align="left">
<B><FONT face="serif">This Loan Agreement and the other Loan Documents are executed under seal and are intended to take effect as sealed instruments. </FONT></B></P>
<P align="left">&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="48%" colspan="2"><P align="left"><B><FONT face="serif">BORROWER: </FONT></B><BR>
          <BR>
          <B><FONT face="serif">L</FONT></B><B><FONT size=2 face="serif">EVELLAND</FONT></B><B><FONT face="serif">/H</FONT></B><B><FONT size=2 face="serif">OCKLEY </FONT></B><B><FONT face="serif">C</FONT></B><B><FONT size=2 face="serif">OUNTY</FONT></B><B><FONT face="serif"> </FONT></B><BR>
          <B><FONT face="serif">E</FONT></B><B><FONT size=2 face="serif">THANOL</FONT></B><B><FONT face="serif">,</FONT></B><B><FONT size=2 face="serif"> </FONT></B><B><FONT face="serif">LLC </FONT></B><br>
          <BR>
          <BR>
          </P>
    </td>
  </tr>
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%" valign="top"><FONT face="serif">By: </FONT></td>
    <td valign="bottom">
      <div style="border-bottom:1px solid #000000">&nbsp;</div>
    <FONT face="serif">&nbsp; </FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td colspan="2"><FONT face="serif">James P. Halbert </FONT><BR>
      <FONT face="serif"> Vice President </FONT></td>
  </tr>
</table>
<P align="left"><FONT face="serif">Accepted at Chicago, Illinois: </FONT></P>
<P align="left">
<B><FONT face="serif">ADMINISTRATIVE AGENT AND LENDERS: </FONT></B></P>
<P align="left">
<B><FONT face="serif">M</FONT></B><B><FONT size=2 face="serif">ERRILL </FONT></B><B><FONT face="serif">L</FONT></B><B><FONT size=2 face="serif">YNCH </FONT></B><B><FONT face="serif">C</FONT></B><B><FONT size=2 face="serif">APITAL</FONT></B><FONT face="serif">, <br>
</FONT><FONT face="serif">a
division of Merrill Lynch Business Financial Services Inc., <br>
as Administrative
Agent and a Lender </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=7% nowrap>
<FONT face="serif">By:</FONT>&nbsp;
  </TD>
  <TD width=8%>&nbsp;
  </TD>
  <TD align=left width=83% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=8%>&nbsp;
  </TD>
  <TD align=left width=83% nowrap>
<FONT face="serif">Steve Coley</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=8%>&nbsp;
  </TD>
  <TD align=left width=83% nowrap>
<FONT face="serif">Vice President, Group Credit Manager</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">Construction and Term Loan Agreement &#150; Signature Page </FONT></P>

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<P align="center">
<B><FONT face="serif">EXHIBIT A <br>
TO<br>
</FONT></B>
<B><FONT face="serif">LOAN AGREEMENT </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Description of Land</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="justify">
<FONT face="serif">METES AND BOUNDS DESCRIPTION of a portion of Tracts 22 and 23, William Tubbs Subdivision, Public School Land, Block A, Hockley County, Texas, according to the map, plat and/or dedication deed thereof recorded in Volume 1, Page 5
of the Plat Records of Hockley County, Texas, being further described as follows: </FONT></P>
<P align="justify">
<FONT face="serif">BEGINNING at a &frac12;&rdquo; iron rod with cap set in the North right-of-way line of Cactus Drive as recorded in Volume 36, Page 419, Deed Records of Hockley County, Texas, for the Southeast corner of this tract which bears N.
00&ordm;53&rsquo;52&rdquo; E., a distance of 50.00 feet from a &frac34;&rdquo; iron pipe found at the Southeast corner of said Tract 23, William Tubbs Subdivision; </FONT></P>
<P align="justify">
<FONT face="serif">THENCE N. 89&ordm;14&rsquo; W., along said North right-of-way line, a distance of 3280.49 feet to a &frac12;&rdquo; iron rod with cap set in the East right-of-way line of F.M. Road 2646 as recorded in Volume 216, Page 112, Deed Records of
Hockley County, Texas, for the Southwest corner of this tract; </FONT></P>
<P align="justify">
<FONT face="serif">THENCE Northwesterly, along said East right-of-way line around a curve to the left, said curve having a radius of 3869.83 feet, a central angle of 11&ordm;03&rsquo;29&rdquo;, a chord bearing of N. 00&ordm;59&rsquo;46&rdquo; W. and a chord distance of
745.71 feet to a &frac12;&rdquo; iron road with cap set for a point of intersection; </FONT></P>
<P align="justify">
<FONT face="serif">THENCE N. 06&ordm;31&rsquo;30&rdquo; W., continuing along said East right-of-way line, a distance of 614.10 feet to a &frac12;&rdquo; iron rod with cap set at a point of intersection; </FONT></P>
<P align="justify">
<FONT face="serif">THENCE Northwesterly, continuing along said East right-of-way line around a curve to the right, said curve having a radius of 3769.83 feet, a central angle of 07&ordm;18&rsquo;32&rdquo;, a chord bearing of N. 02&ordm;52&rsquo;15&rdquo; W. and a chord
distance of 480.57 feet to a &frac12;&rdquo; iron rod with cap set for a point of intersection; </FONT></P>
<P align="justify">
<FONT face="serif">THENCE N. 00&ordm;45&rsquo;04&rdquo; E., continuing along said East right-of-way line, a distance of 1052.61 feet to a &frac12;&rdquo; iron rod with cap set in the North line of Tract 22, William Tubbs Subdivision and the South line of the South
Plains &amp; Santa Fe Railroad right-of-way, for the Northwest corner of this tract; </FONT></P>
<P align="justify">
<FONT face="serif">THENCE S. 89&ordm;14&rsquo;56&rdquo; E., along the South line of the South Plains &amp; Santa Fe Railroad right-of-way as recorded in Volume 15, Page 77 of the Deed Records of Hockley County, Texas and the North line of said Tract 22, at
940.97 feet pass a &frac34;&rdquo; iron pipe found at the Northeast corner of said Tract 22 and the Northwest corner of Tract 23, William Tubbs Subdivision, continuing along the South line of the South Plains &amp; Santa Fe Railroad right-of-way and the
North line of said Tract 23 for a total distance of 3418.75 feet to a &frac12;&rdquo; iron rod with cap set for the Northwest corner of Tract 24, William Tubbs Subdivision and the Northeast corner of said Tract 23 being the northeast corner of this tract;
</FONT></P>


<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>

<P align="justify">
<FONT face="serif">THENCE S. 00&ordm;53&rsquo;52&rdquo; W., along the West line of said Tract 24, and the East line of said Tract 23, a distance of 2887.65 feet to the Point of Beginning. </FONT></P>
<P align="center">
<FONT size=2 face="serif">Construction and Term Loan Agreement &#150; Signature Page </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>


<P align="center">
<B><FONT face="serif">EXHIBIT B </FONT></B><BR>
<B><FONT face="serif">TO </FONT></B><BR>
<B><FONT face="serif">LOAN AGREEMENT </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Form of Compliance Certificate</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<FONT face="serif">[See Attached] </FONT></P>

<br>



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<P align="left" style="page-break-before:always"></P><page><br>


<P align="center">
<B><FONT face="serif">EXHIBIT C </FONT></B><BR>
<B><FONT face="serif">TO </FONT></B><BR>
<B><FONT face="serif">LOAN AGREEMENT </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Form of Draw Request</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<B><FONT face="serif">[Letterhead of Borrower] </FONT></B><BR>
<BR>
<FONT face="serif">Date: ___________, 20_____ </FONT></P>
<P align="justify">
<FONT face="serif">Merrill Lynch Capital (&ldquo;</FONT><U><FONT face="serif">Administrative Agent</FONT></U><FONT face="serif">&rdquo;) <br>
222 North LaSalle Street <br>
Chicago, IL 60601 </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Reference is made to that certain Construction and Term Loan Agreement (&ldquo;</FONT><U><FONT face="serif">Loan</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Agreement</FONT></U><FONT face="serif">&rdquo;) among Levelland/Hockley County Ethanol, LLC (&ldquo;</FONT><U><FONT face="serif">Borrower</FONT></U><FONT face="serif">&rdquo;), certain lenders party thereto from time to time and Administrative Agent, dated as of September 27, 2006. The terms
used and not otherwise defined in this Draw Request shall have the same meanings as provided therefor in the Loan Agreement. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="4%" align=left nowrap>
<FONT size=2 face="serif">A.</FONT>&nbsp;
  </TD>
  <TD width="2%">&nbsp;
  </TD>
  <TD align=left nowrap colspan=4>
<U><FONT face="serif">GENERAL</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT>&nbsp;
  </TD>
  <TD width="3%">&nbsp;
  </TD>
  <TD width="13%" align=left nowrap>&nbsp;

  </TD>
  <TD width="2%">&nbsp;
  </TD>
  <TD width="7%" align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="2%" align=right nowrap>
<FONT size=2 face="serif">1</FONT>
  </TD>
  <TD width="3%" align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD width="2%">&nbsp;
  </TD>
  <TD width="62%" align=left nowrap>
<FONT face="serif">Construction Costs to be paid pursuant</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">to this Draw Request (after deducting retainage)</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="3" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">&#36;</FONT>&nbsp;
  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Advance amount requested</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">&#36;</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Construction draw cut-off date</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">, 20</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Requested funding date (must be at least 15</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Business Days from date of submission</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">to Administrative Agent)</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">, 20</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">B.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap colspan=4>
<U><FONT face="serif">FUNDS AVAILABLE TO FUND REQUESTED ADVANCE</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Total Commitments</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">&#36;</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Plus Borrower&rsquo;s Deposit (not disbursed)</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">+&#36;</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Plus Special Account deposits:</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">+&#36;</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Less all prior Loan Advances</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">-&#36;</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Equals amount available for</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">additional Advances</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">&#36;</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="4%" align=right nowrap>&nbsp;</TD>
  <TD width="2%" align=right nowrap>&nbsp;</TD>
  <TD width="2%" align=right nowrap>
<FONT size=2 face="serif">6</FONT>
  </TD>
  <TD width="2%" align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD width="3%">&nbsp;
  </TD>
  <TD width="72%" align=left>
<FONT face="serif">Less Borrower&rsquo;s Deposit balance</FONT>&nbsp;
  </TD>
  <TD width="2%">&nbsp;
  </TD>
  <TD width="13%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">-&#36;</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">Less Borrower&rsquo;s Equity to be paid</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">pursuant to this Draw Request</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">-&#36;</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">Less Special Account deposits to be paid</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">pursuant to this Draw Request</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">-&#36;</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">Equals Advance amount available for this</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">Draw Request</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">&#36;</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left> <div align="justify"><FONT face="serif">The amount on line B9
        must be greater than the amount on line A2. The Construction Account and
        Borrower&rsquo;s Deposit must be exhausted before Loan proceeds may be advanced.
        Borrower&rsquo;s Equity and Special Account deposits must be paid before Loan
        proceeds are advanced to the extent contemplated in the Loan Agreement,
    Budget, and terms for a Special Account. </FONT></div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=2 face="serif">C.</FONT><FONT size=2 face="sans-serif">&nbsp; </FONT><U><FONT face="serif"></FONT></U></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="6" align=left><U><FONT face="serif">RUNNING TOTAL OF AMOUNT
        SPENT ON CONSTRUCTION OF IMPROVEMENTS</FONT></U><FONT face="serif">&nbsp; </FONT><U><FONT face="serif">TO
    DATE</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&nbsp; </FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">Amount of total Construction Costs</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">(in the Budget).</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">&#36;</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">Less amount of initial Advance and Borrower&rsquo;s</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">Equity used for Construction Costs</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">-&#36;</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">Less total amount included in prior Draw</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">Requests from all sources (including</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">amounts provided by Borrower and</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">prior Advances).</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">-&#36;</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">Equals unpaid Construction Costs</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">&#36;</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">Less amount of this Draw Request (A1)</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">-&#36;</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">.</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">Equals balance of Construction Costs</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">after this Draw Request</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">&#36;</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><FONT size=2 face="serif">D.</FONT></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=left><div align="justify"><U><FONT face="serif">REPRESENTATIONS
        AND WARRANTIES</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Borrower
    hereby represents, warrants, and certifies to Lender as follows: </FONT></div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right valign="top" nowrap><FONT size=2 face="serif">1</FONT></TD>
  <TD align=left valign="top" nowrap><FONT size=2 face="serif">.</FONT>
</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=left><div align="justify"><U><FONT face="serif">Loan Agreement</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> The
        authorized representative of Borrower executing this Draw Request on
        behalf of Borrower (herein referred to as &ldquo;</FONT><U><FONT face="serif">Authorized
        Representative</FONT></U><FONT face="serif">&rdquo;) has read the Loan Agreement
        and other pertinent Loan Documents and understands the Advance procedures
        and requirements, including (without limitation) the Draw Request procedures
        and the conditions precedent to an Advance. Authorized Representative
        has made such examination and investigation as is necessary to enable
        Borrower to represent, warrant, and certify as to the matters set forth
    in this Draw Request. </FONT></div></TD>
</TR>
</TABLE>
<BR>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>


<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">2.</FONT><FONT size=2 face="sans-serif">&nbsp;</FONT></td>
    <td valign="top"><div align="justify"><U><FONT face="serif">Prior Advances</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;<FONT face="serif"> All
          prior Advances to Borrower have been applied to the payment of obligations
          of Borrower for materials, labor and other costs incurred in connection
        with the construction of the Improvements, and for no other purpose. </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">3.</FONT></td>
    <td valign="top"><div align="justify"><FONT size=2 face="sans-serif"> </FONT><U><FONT face="serif">Draw
            Request and Attachments Constituting Complete Draw Package</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;<FONT face="serif"> Attached
            to this Draw Request is a fully completed set of all the documents
            required by the Loan Agreement for the requested Advance specified
            in item A1 above, including a disbursement report that shows the amount
            of Construction Costs under this Draw Request allocable to each Allocation
            and the amount from each Allocation payable by Loan proceeds and other
            sources (identifying such other sources), and reflects the retainage
            for such Construction Costs. This Draw Request is accompanied by a
            transmittal letter to Administrative Agent which lists all of the attachments
          to this Draw Request which collectively comprise the draw package. </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">4.</FONT><FONT size=2 face="sans-serif">&nbsp; </FONT><U><FONT face="serif"></FONT></U></td>
    <td valign="top"><div align="justify"><U><FONT face="serif">Approval of Certificates for Payment</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;<FONT face="serif"> Borrower
        expressly approves the attached Contractor certificates for payment. </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">5.</FONT><FONT size=2 face="sans-serif">&nbsp; </FONT><U><FONT face="serif"></FONT></U></td>
    <td valign="top"><div align="justify"><U><FONT face="serif">Down Date Endorsement</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;<FONT face="serif"> Borrower
          expressly represents that Administrative Agent will receive a title down
          date endorsement dated within two days prior to the Advance showing no
          liens or notices of liens against the Property (as defined in the Mortgage)
        recorded after the Mortgage was recorded. </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">6.</FONT><FONT size=2 face="sans-serif">&nbsp;</FONT></td>
    <td valign="top"><div align="justify"><U><FONT face="serif">Requested Advance to Pay Costs Incurred
            on or Before Construction Draw Cut-off</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Date</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;<FONT face="serif"> The
            requested Advance represents items owed by Borrower for labor, materials,
            and other costs incurred on or before the construction draw cut-off
          date specified in item A2 above. </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">7.</FONT><FONT size=2 face="sans-serif">&nbsp;</FONT></td>
    <td valign="top"><div align="justify"><U><FONT face="serif">Disbursement of Proceeds of Requested
            Advance</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;<FONT face="serif"> Borrower
            will use the proceeds of the requested Advance solely for the purpose
            of paying obligations owed by Borrower for labor, materials, and other
            costs incurred in connection with such construction as shown on the
          Budget and this Draw Request, and for no other purpose. </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">8.</FONT><FONT size=2 face="sans-serif">&nbsp;</FONT></td>
    <td valign="top"><div align="justify"><U><FONT face="serif">Representation of Full Payment</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;<FONT face="serif"> Upon
          disbursement by Borrower of the proceeds of the requested Advance, all
          obligations for labor, materials, and other costs incurred by Borrower
          in connection with such construction and which are due and payable on
          or before the construction draw cut-off date referred to in item A2 above
        will be fully and promptly paid and satisfied. </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">9.</FONT><FONT size=2 face="sans-serif">&nbsp; </FONT><U><FONT face="serif"></FONT></U></td>
    <td valign="top"><div align="justify"><U><FONT face="serif">Compliance with Conditions Precedent</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;<FONT face="serif"> All
          covenants, agreements, and conditions required by the terms of the Loan
          Agreement to be performed or complied with by Borrower as conditions
          precedent to the funding of the requested Advance have been performed
        and complied with. </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">10.</FONT><FONT size=2 face="sans-serif">&nbsp;</FONT></td>
    <td valign="top"><div align="justify"><U><FONT face="serif">Confirmation of Representations, Etc. </FONT></U><FONT face="serif">As
          of the date hereof, the representations and warranties contained in the
        Loan Agreement are true and correct in all material </FONT></div></td>
  </tr>
</table>
<P align="left">&nbsp;</P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>


<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><div align="justify"><FONT face="serif">respects and no Event of Default and/or event which,
          with the lapse of time or giving of notice, or both, would constitute
    an Event of Default, exists. </FONT></div></td>
  </tr>
</table>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Draw Request is given for the purpose of inducing Administrative Agent and Lenders to disburse the requested Advance. Borrower recognizes that Administrative Agent and Lenders are relying upon
this Draw Request and the accuracy of the attachments in making such Advance. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">DATED: ______________, 20___. </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="52%">&nbsp;</td>
    <td colspan="2"><B><U><FONT face="serif">BORROWER</FONT></U></B><B><FONT face="serif">:</FONT></B><FONT face="serif">&nbsp; </FONT><BR>
      <BR>
      <FONT face="serif">LEVELLAND/HOCKLEY COUNTY ETHANOL, </FONT><BR>
      <FONT face="serif">LLC, a Texas limited liability company </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td nowrap><FONT face="serif">By: </FONT></td>
    <td width="44%"><div style="border-bottom:1px solid #000000"></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT face="serif">Name: </FONT>
    <div style="border-bottom:1px solid #000000"></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT face="serif">Title: </FONT>
    <div style="border-bottom:1px solid #000000"></div></td>
  </tr>
</table>
<P align="left">
<FONT face="serif"> </FONT><BR>
<FONT face="serif"> </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>


<P align="center">
<B><FONT face="serif">EXHIBIT D TO </FONT></B></P>
<P align="center">
<B><FONT face="serif">LOAN AGREEMENT </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Affidavit of Commencement</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">BEFORE ME, the undersigned authority, on this day personally appeared ____________________________________________, the ___________________________ of LEVELLAND/HOCKLEY COUNTY ETHANOL,
LLC, a Texas limited liability company (&ldquo;</FONT><U><FONT face="serif">Owner</FONT></U><FONT face="serif">&rdquo;), and ____________________________________, the ________________________ of ______________________________________
(&ldquo;</FONT><U><FONT face="serif">Contractor</FONT></U><FONT face="serif">&rdquo;), known to me to be the persons (collectively, &ldquo;</FONT><U><FONT face="serif">Affiants</FONT></U><FONT face="serif">&rdquo;) whose names are subscribed below, and who, being by me
first duly sworn, did each on his or her oath state as follows: </FONT></P>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><font face="serif">1.</font></td>
    <td colspan="3"><font face="serif"><u>Owner</u>. The name and address of Owner are:</font></td>
  </tr>
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td width="15%">&nbsp;</td>
    <td><font face="serif">Levelland/Hockley County Ethanol, LLC</font></td>
    <td width="21%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="serif">1012 Austin Street</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="serif">Levelland, Texas 79336</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="serif">2.</font></td>
    <td colspan="3"><font face="serif"><u>Contractor</u>. The name and address of Contractor are:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom:solid black 1px ">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom:solid black 1px ">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom:solid black 1px ">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="serif">3.</font></td>
    <td colspan="3"><font face="serif"><u>Property</u>. Owner is the owner of the real property (the &ldquo;<u>Land</u>&rdquo;) situated in Hockley County, Texas, more particularly described as follows:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="4"><font face="serif">See <u>Exhibit A</u> attached hereto and incorporated herein by reference for all purposes.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="serif">4.</font></td>
    <td colspan="3"><font face="serif"><u>Improvements</u>. The improvements (which shall include all improvements by contractor, &ldquo;<u>Improvements</u>&rdquo;), which are being, or will be, constructed on the Land are generally described as follows:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td style="border-bottom:solid black 1px ">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom:solid black 1px ">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom:solid black 1px ">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom:solid black 1px ">&nbsp;</td>
  </tr>
</table>



<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="4">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><FONT face="serif">5.<U></U></FONT></td>
    <td colspan="4"><FONT face="serif"><U>Original Contractors</U>. The name and address of each original contractor (other than Contractor) with Owner, presently known, after diligent inquiry, to the Affiants, Owner or Contractor, that is furnishing, or will furnish, labor, service, or materials (including specifically fabricated materials), for the construction of the Improvements, and the nature of such labor, service or materials (including specifically fabricated materials), are as stated on <U>Exhibit B</U> attached hereto and incorporated herein by reference for all purposes.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="4">&nbsp;</td>
  </tr>
</table>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>


<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">6. </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Commencement
Date</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;&nbsp;<FONT face="serif">Work,
as contemplated by </FONT><U><FONT face="serif">Texas Property Code</FONT></U><FONT face="serif">
&#167;53.124(c)(4), on the Improvements actually commenced on (and not before)
_______________, 20___ at approximately ___________ o&rsquo;clock __.m.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">7. </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Affidavit</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;<FONT face="serif"> This
Affidavit of Commencement has been jointly made by Owner and Contractor by and
through an authorized representative of  each, the same being the Affiants, and
may be recorded by any person with the County Clerk of the county in which the
Land is located, whereupon it shall be deemed to have been jointly filed by Owner
and Contractor. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">DATED this ____ day of _____________, 20___. </FONT></P>
<div style="border-bottom:1px solid #000000">
  <table width="100%"  border="0" cellpadding="0" cellspacing="0">
    <tr>
      <td colspan="2">&nbsp;</td>
      <td colspan="2"><p align="left"><u><font face="serif">AFFIANTS</font></u><font face="serif">: </font>              <br>
              </p>
          <p align="justify"> </p></td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
      <td colspan="2"><div style="border-bottom:1px solid #000000"></div></td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
      <td width="9%"><font face="serif">Print Name: </font></td>
      <td width="55%" valign="bottom"><div align="right"><font face="serif">, </font>
      </div>
      <div style="border-bottom:1px solid #000000"></div></td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
      <td colspan="2"><font face="serif">who is an authorized representative </font></td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
      <td colspan="2"><font face="serif">of Owner </font></td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
      <td colspan="2"><div style="border-bottom:1px solid #000000"></div></td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
      <td><font face="serif">Print Name: </font></td>
      <td valign="bottom"><div align="right"><font face="serif">, </font> </div>
          <div style="border-bottom:1px solid #000000"></div></td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
      <td colspan="2"><font face="serif">who is an authorized representative </font></td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
      <td colspan="2"><font face="serif">of Contractor </font></td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="4"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">SUBSCRIBED
      AND SWORN BEFORE ME, on this the _____ day of _______________, 20___. </FONT></td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
      <td colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2"><FONT face="serif">[SEAL]</FONT></td>
      <td colspan="2"><div style="border-bottom:1px solid #000000"></div></td>
    </tr>
    <tr>
      <td colspan="2">&nbsp;</td>
      <td colspan="2"><FONT face="serif">Notary Public, State of Texas</FONT>&nbsp; </td>
    </tr>
    <tr>
      <td colspan="2"><FONT face="serif">My Commission Expires:</FONT>&nbsp;</td>
      <td colspan="2"><div style="border-bottom:1px solid #000000">&nbsp;</div></td>
    </tr>
    <tr>
      <td width="30%"><div style="border-bottom:1px solid #000000"></div></td>
      <td width="6%">&nbsp;</td>
      <td colspan="2"> <FONT face="serif">Printed or Typed Name of Notary</FONT>&nbsp; </td>
    </tr>
  </table>
<P align="left">&nbsp;</P>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>


<P align="center">
<B><FONT face="serif">EXHIBIT E </FONT></B><BR>
<B><FONT face="serif">TO </FONT></B><BR>
<B><FONT face="serif">LOAN AGREEMENT </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Affidavit of Completion</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">BEFORE ME, the undersigned authority, on this day personally appeared ________________________________________ (&ldquo;</FONT><U><FONT face="serif">Affiant</FONT></U><FONT face="serif">&rdquo;), the
____________________ of LEVELLAND/HOCKLEY COUNTY ETHANOL, LLC, a Texas limited liability company (&ldquo;</FONT><U><FONT face="serif">Owner</FONT></U><FONT face="serif">&rdquo;), known to me to be the person whose name is subscribed below, and who,
being by me first duly sworn, did his oath state as follows: </FONT></P>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="2" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U><FONT face="serif">Owner</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;<FONT face="serif"> The
        name and address of Owner are:</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="19%" align=left nowrap>&nbsp; </TD>
    <TD width="81%" align=left nowrap><FONT face="serif">Levelland/Hockley County
        Ethanol, LLC</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap><FONT face="serif">1012 Austin Street</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap><FONT face="serif">Levelland, Texas 79336</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp; </TD>
  </TR>
</TABLE>
<P align="justify"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Contractor</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;<FONT face="serif"> The
    name and address of the original contractor (&ldquo;</FONT><U><FONT face="serif">Contractor</FONT></U><FONT face="serif">&rdquo;)
    are: </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">3. </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Improvements</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;<FONT face="serif"> Certain
improvements (&ldquo;</FONT><U><FONT face="serif">Improvements</FONT></U><FONT face="serif">&rdquo;)
were furnished under an  original contract (&ldquo;</FONT><U><FONT face="serif">Contract</FONT></U><FONT face="serif">&rdquo;)
between Owner and Contractor, which Improvements are located on the Real Property
generally described as follows: </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td><div style="border-bottom:1px solid #000000"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div style="border-bottom:1px solid #000000"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div style="border-bottom:1px solid #000000"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="30%">&nbsp;</td>
    <td><div style="border-bottom:1px solid #000000"></div></td>
    <td width="30%">&nbsp;</td>
  </tr>
</table>
<P align="justify"><FONT face="serif"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">4. </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Real
      Property</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;<FONT face="serif"> Owner
      is the owner of the real property (&ldquo;</FONT><U><FONT face="serif">Real Property</FONT></U><FONT face="serif">&rdquo;)
       situated in ________________ County, Texas, on which the Improvements
      were constructed and are located, which Real Property is more particularly
      described as follows: </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">See </FONT><U><FONT face="serif">Exhibit A</FONT></U><FONT face="serif"> attached hereto and incorporated herein by reference for all purposes. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5. </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Completion</FONT></U><FONT face="serif">.</FONT>&nbsp;&nbsp;<FONT face="serif">  The
Improvements under the Contract between Owner and Contractor have been completed
within the meaning of </FONT><U><FONT face="serif">Texas</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Property</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Code</FONT></U><FONT face="serif"> &#167;53.106(e),
and the date of such completion was  _________________, 20___ (&ldquo;</FONT><U><FONT face="serif">Date
of Completion</FONT></U><FONT face="serif">&rdquo;). </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">6. </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">Affiant</FONT></U><FONT face="serif">.</FONT>&nbsp;<FONT face="serif"> The
Affiant is an authorized representative of Owner and has been duly authorized
to execute this Affidavit of Completion and  cause it to be recorded with the
County Clerk of the county in which the Real Property is situated. </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>


<P align="center">
<B><U><FONT face="serif">NOTICE</FONT></U></B><B><FONT face="serif">: A CLAIMANT MAY NOT HAVE A LIEN </FONT></B><BR>
<B><FONT face="serif">ON RETAINED FUNDS UNLESS THE CLAIMANT FILES </FONT></B><BR>
<B><FONT face="serif">THE AFFIDAVIT CLAIMING A LIEN NOT LATER THAN </FONT></B><BR>
<B><FONT face="serif">THE 30TH DAY AFTER THE DATE OF COMPLETION. </FONT></B></P>
<P align="center">
<FONT face="serif">DATED as of the _____ day of __________________, 20___. </FONT></P>
<P align="center">&nbsp;</P>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="2"><p align="left"><u><font face="serif">AFFIANTS</font></u><font face="serif">: </font> <br>
      </p>
        <p align="justify"> </p></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="2"><div style="border-bottom:1px solid #000000"></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td width="2%"><font face="serif">Print Name: </font></td>
    <td width="72%" valign="bottom"><div align="right"><font face="serif">, </font> </div>
        <div style="border-bottom:1px solid #000000"></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="2"><font face="serif">who is an authorized representative </font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="2"><font face="serif">of Owner </font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="4"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">SUBSCRIBED
        AND SWORN BEFORE ME, on this the _____ day of _______________, 20___. </FONT></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><FONT face="serif">[SEAL]</FONT></td>
    <td colspan="2"><div style="border-bottom:1px solid #000000"></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="2"><FONT face="serif">Notary Public, State of Texas</FONT>&nbsp; </td>
  </tr>
  <tr>
    <td colspan="2"><FONT face="serif">My Commission Expires:</FONT>&nbsp;</td>
    <td colspan="2"><div style="border-bottom:1px solid #000000"></div></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td colspan="2"border-bottom:1px solid #000000><font face="serif">Printed or Typed Name of Notary</font>&nbsp;</td>
  </tr>
  <tr>
    <td width="18%"><div style="border-bottom:1px solid #000000"></div></td>
    <td width="8%">&nbsp;</td>
    <td colspan="2">&nbsp;  </td>
  </tr>
</table>
<P align="center"><BR>
</P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><page><br>


<P align="center">
<B><FONT face="serif">EXHIBIT F </FONT></B><BR>
<B><FONT face="serif">TO </FONT></B><BR>
<B><FONT face="serif">LOAN AGREEMENT </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Budget</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<FONT face="serif">[See Attached] </FONT></P>
<P align="center"><BR>
</P>
<HR noshade width="100%" size=4>


</BODY>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.(B)
<SEQUENCE>6
<FILENAME>c47932_ex-10b.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c47932_ex-10b.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<p align="right"><b>Exhibit 10(b) </b></p>
<p align="center"><B><U><FONT face="serif">AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT</FONT></U></B><FONT face="serif"> </FONT></p>
<p align="justify">
  <FONT face="serif"> </FONT><B><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT</FONT></B><FONT face="serif"> (the &#147;Amendment&#148;) is entered into as of the 20</FONT><SUP><FONT face="serif">th</FONT></SUP><FONT face="serif"> day of
                        December, 2006 between Rex Radio and Television, Inc., an Ohio corporation (the &#147;Corporation&#148;), and Stuart A. Rose (the &#147;Employee&#148;). </FONT></p>
<P align="center">
<B><FONT face="serif">Recitals</FONT></B><FONT face="serif"> </FONT></P>
<P align="justify">
<FONT face="serif"> <B><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>A. The Corporation and the Employee entered an Employment Agreement dated November 29, 2005 (the &#147;Agreement&#148;). </FONT></P>
<P align="justify">
<FONT face="serif"> <B><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>B. The Corporation and the Employee desire to amend the terms and conditions of the Agreement to comply with Section 409A of the Internal Revenue Code of 1986, as enacted. </FONT></P>
<P align="justify">
<FONT face="serif"> <B><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>NOW, THEREFORE, the Corporation and the Employee hereby amend the Agreement as follows: </FONT></P>
<P align="justify">
<FONT face="serif">1.<B><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B> </FONT><U><FONT face="serif">Definitions</FONT></U><FONT face="serif">. All capitalized terms used herein and not otherwise defined shall have the same meaning herein as in the Agreement. </FONT></P>
<P align="justify">
<FONT face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="serif">Amendment to Section 2.1</FONT></U><FONT face="serif">.  Section 2.1 of the Agreement is hereby amended and supplemented by adding the following sentences at the end thereof: </FONT></P>
<blockquote>
  <blockquote>
    <p align="justify">
      <FONT face="serif">&#147;Each twelve month period ending on January 31 during the Employment Period or any period of renewal provided for in Section 2.2 below shall be referred to as a &#147;Performance Period.&#148; For purposes of the Agreement, the Employment
      Period shall consist of two (2) Performance Periods: (i) the Performance Period ending January 31, 2007; and (ii) the Performance Period ending January 31, 2008.&#148; </FONT></p>
  </blockquote>
</blockquote>
<P align="justify">
<FONT face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="serif">Amendment to Section 4.2</FONT></U><FONT face="serif">.  Section 4.2(c) of the Agreement is hereby amended and supplemented by adding the following sentence at the end thereof: </FONT></P>
<blockquote>
  <blockquote>
    <p align="justify">
        <FONT face="serif">&#147;Subject to Section 6.3 below, the Corporation shall pay the Retail Bonus and Energy Investment Bonus (collectively, the &#147;Bonus Payments&#148;) to Employee during the calendar year in which the Performance Period ends.&#148; </FONT></p>
  </blockquote>
</blockquote>
<P align="justify">
<FONT face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="serif">Amendment to Section 6.3</FONT></U><FONT face="serif">.  Section 6.3 of the Agreement is hereby deleted in its entirety, and the following is inserted in its place: </FONT></P>
<blockquote>
  <blockquote>
    <p align="justify">
      <FONT face="serif">&#147;6.3 </FONT><U><FONT face="serif">Effect of Termination of Employment Without Cause On or Prior to</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">January 31, 2007</FONT></U><FONT face="serif">.  In the event the
        Corporation terminates Employee&#8217;s employment on or prior to January 31, 2007 other than: (a) &#147;For Cause&#148; (as defined in Section 6.1); or (b) due to death or total disability as provided in Section 2.1, the Corporation shall pay Employee, in full
        satisfaction and complete discharge of all obligations and liabilities of the Corporation to Employee under this Agreement or otherwise: (i) the balance of his compensation under </FONT></p>
  </blockquote>
</blockquote>
<HR align="JUSTIFY" width="100%" size=4 noshade>



<P align="justify" style="page-break-before:always"></P>
<div align="justify"><PAGE>
    <A name="page_2"></A>

</div>
<blockquote>
  <blockquote>
    <p align="justify">
      <FONT face="serif">Section 3.1 for the remainder of the Employment Period; plus (ii) all Bonus Payments for the remainder of the Employment Period, computed pursuant to Section 4.2 hereof.  Employee shall be paid the balance of his compensation
      under Section 3.1 no less frequently than monthly, </FONT><U><FONT face="serif">provided that</FONT></U><FONT face="serif"> the compensation that is to be paid to Employee for the six months immediately following termination shall be paid in a lump
        sum on the first business day of the seventh month following the date of termination.  Employee shall be paid his Bonus Payments in two installments, the first installment being paid during the calendar year in which the Performance Period that
        includes the date of termination ends and the second installment being paid in the next following calendar year.&#148; </FONT></p>
  </blockquote>
</blockquote>
<P align="justify">
<FONT face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="serif">Amendment to Section 6.4</FONT></U><FONT face="serif">.  Section 6.4 of the Agreement is hereby amended and supplemented by adding the following sentence at the end thereof: </FONT></P>
<blockquote>
  <blockquote>
    <p align="justify">
      <FONT face="serif">&#147;Employee shall be paid his pro rata Bonus Payments during the calendar year in which the Performance Period that includes the date of termination ends.&#148; </FONT></p>
  </blockquote>
</blockquote>
<P align="justify">
<FONT face="serif">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="serif">Amendment to Section 6.5</FONT></U><FONT face="serif">.  Section 6.5 of the Agreement is hereby amended and supplemented by adding the following sentence at the end thereof: </FONT></P>
<blockquote>
  <blockquote>
    <p align="justify">
      <FONT face="serif">&#147;Employee shall be paid his pro rata Bonus Payments during the calendar year in which the Performance Period that includes the date of termination ends.&#148; </FONT></p>
  </blockquote>
</blockquote>
<P align="justify">
<FONT face="serif">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="serif">Amendment to Section 6.6</FONT></U><FONT face="serif">.  Section 6.6 of the Agreement is hereby amended and supplemented by adding the following sentence at the end thereof: </FONT></P>
<blockquote>
  <blockquote>
    <p align="justify">
      <FONT face="serif">&#147;Employee shall be paid his pro rata Bonus Payments during the calendar year in which the Performance Period that includes the date of termination ends.&#148; </FONT></p>
  </blockquote>
</blockquote>
<P align="justify">
<FONT face="serif">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="serif">Addition of Section 6.7</FONT></U><FONT face="serif">. The Agreement is hereby amended and supplemented by adding a new Section 6.7 as follows: </FONT></P>
<blockquote>
  <blockquote>
    <p align="justify">
      <FONT face="serif">&#147;6.7 </FONT><U><FONT face="serif">Effect of Termination of Employment Without Cause After January 31,</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">2007</FONT></U><FONT face="serif">.  In the event the Corporation
        terminates Employee&#8217;s employment after January 31, 2007 other than: (a) &#147;For Cause&#148; (as defined in Section 6.1); or (b) due to death or total disability as provided in Section 2.1, the Corporation shall pay Employee, in full satisfaction and
        complete discharge of all obligations and liabilities of the Corporation to Employee under this Agreement or otherwise: (i) the balance of his compensation under Section 3.1 for the remainder of the Employment Period or period of renewal; plus (ii)
        all Bonus Payments, for the remainder of the Employment Period or period of renewal, computed pursuant to Section 4.2 hereof.  Employee shall be paid the balance of his compensation under Section 3.1 no less frequently than monthly, </FONT><U><FONT face="serif">provided that</FONT></U><FONT face="serif"> the compensation that is to be paid to Employee for the six months immediately following termination shall be paid in a lump sum on the first business day of the </FONT></p>
  </blockquote>
</blockquote>
<HR align="JUSTIFY" width="100%" size=4 noshade>



<P align="justify" style="page-break-before:always"></P>
<div align="justify"><PAGE>
    <A name="page_3"></A>

</div>
<blockquote>
  <blockquote>
    <p align="justify">
      <FONT face="serif">seventh month following the date of termination.  Employee shall be paid his Bonus Payments during the calendar year in which the Performance Period that includes the date of termination ends.&#148; </FONT></p>
  </blockquote>
</blockquote>
<P align="justify">
<FONT face="serif">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="serif">Effectiveness</FONT></U><FONT face="serif">.  This Amendment shall be effective as of the date first written above. Except as specifically amended by this Amendment, all other terms and conditions of the Agreement shall remain in full force and effect and are hereby ratified and confirmed. </FONT></P>
<P align="justify">
<FONT face="serif">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="serif">Miscellaneous</FONT></U><FONT face="serif">. This Amendment shall be deemed to be a contract made under the laws of the State of Ohio and for all purposes shall be governed by and construed in
accordance with the laws of such State applicable to contracts made and to be performed entirely within such State. If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to
be invalid, void or unenforceable, the remainder of the terms, provisions, covenants, and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.</FONT></P>
<P align="justify">
<FONT face="serif"> <B><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and attested, all as of the day and year first above written. </FONT></P>

<table width="100%"  border="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><FONT face="serif">&nbsp;</td>
    <td width="50%">REX RADIO AND TELEVISION, INC.<br><br>

By:_____________________________________________________<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edward M. Kress, Secretary<br><br>

EMPLOYEE<br><br>
_______________________________________________________<br>

Stuart A. Rose
</td>
  </tr>
</table>


<P align="left">
<FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif">       </FONT></P>
<P align="left">
<FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif"> </FONT></P>

<HR align="JUSTIFY" width="100%" size=4 noshade>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.(O)
<SEQUENCE>7
<FILENAME>c47932_ex-10o.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c47932_ex-10o.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<P align="right">
<B><FONT face="serif">Exhibit 10(o)<br><br>
Execution Version </FONT></B></P>
<P align="center">
<B><FONT face="serif">PURCHASE AND SALE AGREEMENT </FONT></B></P>
<P align="center">
<B><FONT face="serif">by and among </FONT></B></P>
<P align="center">
<B><FONT face="serif">REX RADIO AND TELEVISION, INC., KELLY &amp; COHEN APPLIANCES, INC. and<br>
STEREO TOWN, INC., as Seller,<br>
REX STORES CORPORATION, </FONT></B></P>
<P align="center">
<B><FONT face="serif">and </FONT></B></P>
<P align="center">
<B><FONT face="serif">COVENTRY REAL ESTATE INVESTMENTS, LLC, as Purchaser </FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">TABLE OF CONTENTS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=14% nowrap>&nbsp;

  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>&nbsp;

  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<B><U><FONT face="serif">PAGE</FONT></U></B>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 1</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">DEFINITIONS</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">1</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 2</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">AGREEMENT TO SELL AND PURCHASE; PURCHASE PRICE;</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>&nbsp;

  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">LEASEBACK</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">6</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">2.1</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Agreement to Sell and Purchase</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">6</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">2.2</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Payment of Purchase Price; Earnest Money</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">7</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">2.3</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Leaseback; License</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">8</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 3</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Seller&#146;s DELIVERIES; CONDITIONS PRECEDENT</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">9</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">3.1</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Seller&#146;s Deliveries</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">9</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">3.2</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Inspections and Access</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">11</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">3.3</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Title and Survey; Material Due Diligence Issues</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">12</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">3.4</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Estoppels and Consents</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">15</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">3.5</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Right of First Refusal and Purchase Option Properties</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">16</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">3.6</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Memorandum regarding No Shareholder Approval; SNDAs</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">19</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">3.7</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Additional Conditions to Purchaser&#146;s Obligation to Close</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">19</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">3.8</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Additional Conditions to Seller&#146;s Obligations to Close</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">20</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">3.9</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Fairness Opinion</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">21</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">3.10</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Covenants Regarding Change in Property Condition</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">22</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">3.11</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Delivery of New Surveys in Event of Termination</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">22</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 4</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">CLOSING</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">22</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">4.1</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Time and Place</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">22</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">4.2</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Deliveries</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">23</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 5</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">PRORATIONS</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">25</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">5.1</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Prorations and Adjustments</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">25</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 6</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">REPRESENTATIONS AND WARRANTIES</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">27</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">6.1</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Seller&#146;s Representations and Warranties</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">27</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">6.2</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Purchaser&#146;s Representations and Warranties</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">30</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">6.3</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Survival</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">31</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">6.4</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Indemnification</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">31</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 7</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">PURCHASE AS-IS</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">31</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 8</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">CLOSING COSTS</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">32</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">8.1</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Seller&#146;s Closing Costs</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">32</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">8.2</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Purchaser&#146;s Closing Costs</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">32</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 9</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">BROKERAGE COMMISSIONS</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">32</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 10</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">NOTICE</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">32</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 11</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">CASUALTY AND CONDEMNATION</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">33</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">11.1</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Casualty</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">33</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">11.2</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Right of First Refusal in the Event of Termination Post-Casualty</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">34</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">11.3</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Condemnation</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">34</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 12</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">OPERATIONS PRIOR TO CLOSING OR TERMINATION</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">35</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 13</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">DEFAULTS AND REMEDIES</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">36</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">13.1</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Seller Defaults</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">36</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">13.2</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=70% nowrap>
<FONT face="serif">Purchaser Defaults</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=right width=7% nowrap>
<FONT face="serif">36</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT face="serif">i </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 14</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">OTHER OFFERS</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">37</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 15</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">MISCELLANEOUS</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">38</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.1</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Entire Agreement; Amendments</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">38</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.2</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=6% nowrap>
<FONT face="serif">Time</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>&nbsp;

  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">38</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.3</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Counterpart Execution</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">38</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.4</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Governing Law</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">38</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.5</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Assignment; Third Party Beneficiaries</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">38</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.6</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Section Headings</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">38</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.7</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Severability</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">39</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.8</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">WAIVER OF TRIAL BY JURY</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">39</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.9</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">No Waiver</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">39</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.10</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Time of Performance</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">39</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.11</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Commercially Reasonable Efforts</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">39</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.11</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Termination; Reduction of Purchase Price</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">39</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.13</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Further Assurances</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">39</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.14</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Non-Solicitation</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">40</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.15</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">1031 Exchange</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">40</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.16</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Joint and Several Liability</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">40</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">15.17</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Allocations</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">40</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">SECTION 16</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">ESCROW</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">40</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">16.1</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Earnest Money</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">40</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">16.2</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=6% nowrap>
<FONT face="serif">Duties</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>&nbsp;

  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">41</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT face="serif">16.3</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=58% nowrap colspan=3>
<FONT face="serif">Closing</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>
<FONT face="serif">42</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=7>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=7>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">Exhibit 1.1</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=6% nowrap>&nbsp;

  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">List of Sites</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Exhibit 2.1(a)(i)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Legal Descriptions</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">Exhibit 2.3(a)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=6% nowrap>&nbsp;

  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Form of Lease</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">Exhibit 2.3(b)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=6% nowrap>&nbsp;

  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Form of Guaranty</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">Exhibit 2.3(c)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=6% nowrap>&nbsp;

  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Form of License Agreement</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">Exhibit 3.4(a)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=6% nowrap>&nbsp;

  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Form of Space Lease Estoppel</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">Exhibit 3.4(b)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=6% nowrap>&nbsp;

  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Form of REA Estoppel</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Exhibit 4.2(a)(i)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Form of Deed</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Exhibit 4.2(a)(ii)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Form of Space Lease Assignment</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Exhibit 4.2(a)(iii)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Form of Non-Foreign Transferor Certification</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Exhibit 4.2(a)(vii)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Form of Date-Down Letter</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Exhibit 4.2(a)(x)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Form of REA Assignment</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Exhibit 4.2(a)(xii)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Form of Bill of Sale and Assignment</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=14% nowrap>
<FONT face="serif">Exhibit 12(f)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=6% nowrap>&nbsp;

  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Insurance Certificate</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Schedule 2.1(a)(iv)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Schedule of Space Lease Documents</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Schedule 2.3(a)(i)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Schedule of Twenty Leased Properties</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Schedule 2.3(a)(ii)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Schedule of Twenty Non-Leased Properties</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Schedule 2.3(e)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Schedule of Twenty-Two Properties</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Schedule 3.1(a)(xix)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Schedule of Service Contracts</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Schedule 3.3(f)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Schedule of Additional Properties</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Schedule 3.3(i)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Schedule of Environmental Assessment Properties</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=21% nowrap colspan=3>
<FONT face="serif">Schedule 3.6(a)(vii)</FONT>&nbsp;
  </TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD align=left width=51% nowrap>
<FONT face="serif">Schedule of 25 Properties</FONT>&nbsp;
  </TD>
  <TD width=22%>&nbsp;
  </TD>
  <TD align=left width=2% nowrap>&nbsp;

  </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT face="serif">ii </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=32% nowrap>
<FONT face="serif">Schedule 6.1(c)(i)</FONT>&nbsp;
  </TD>
  <TD width=6%>&nbsp;
  </TD>
  <TD align=left width=61% nowrap>
<FONT face="serif">Schedule of Purchase Options</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=32% nowrap>
<FONT face="serif">Schedule 6.1(c)(ii)</FONT>&nbsp;
  </TD>
  <TD width=6%>&nbsp;
  </TD>
  <TD align=left width=61% nowrap>
<FONT face="serif">Schedule of Rights of First Refusal</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=32% nowrap>
<FONT face="serif">Schedule 6.1(e)</FONT>&nbsp;
  </TD>
  <TD width=6%>&nbsp;
  </TD>
  <TD align=left width=61% nowrap>
<FONT face="serif">Schedule of Litigation</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=32% nowrap>
<FONT face="serif">Schedule 6.1(h)</FONT>&nbsp;
  </TD>
  <TD width=6%>&nbsp;
  </TD>
  <TD align=left width=61% nowrap>
<FONT face="serif">Schedule of Leasing Commissions</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=32% nowrap>
<FONT face="serif">Schedule 6.1(j)</FONT>&nbsp;
  </TD>
  <TD width=6%>&nbsp;
  </TD>
  <TD align=left width=61% nowrap>
<FONT face="serif">Schedule of Required Consents</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=32% nowrap>
<FONT face="serif">Schedule 15.17</FONT>&nbsp;
  </TD>
  <TD width=6%>&nbsp;
  </TD>
  <TD align=left width=61% nowrap>
<FONT face="serif">Purchase Price Allocations</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT face="serif">iii </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">LIST OF DEFINED TERMS</FONT></U></B><FONT face="serif"> </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">90-Day License Agreement</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">9</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Additional Properties</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">14</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Additional Properties Material Maintenance Issue</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">15</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Adjusted Aggregate Square Footage</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">42</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Adjusted Purchase Price</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">41</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Agreement</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">1, 2</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Beltline</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">19</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Beltline Release</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">19</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Bill of Sale and Assignment</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">25</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Business Day</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">40</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">CBL</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">18</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">CBL Release</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">18</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">CERCLA</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">29</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Closing</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">2</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Closing Date</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">2</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Closing Statement</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">26</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Creditors' Rights Statutes</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">30</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Default Notice</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">42</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Delivery Items</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">10</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Earnest Money</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">8</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Effective Date</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">1</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Environmental Evaluation Property</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">15</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Environmental Laws</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">29</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Escrow Agent</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">2</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Existing Survey</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">12</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Existing Surveys</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">12</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Fairness Opinion</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">21</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Governmental Notices</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">10</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Guaranty</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">9</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Hazardous Materials</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">29</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Improvements</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">6</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Indemnitee</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">32</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Indemnitor</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">32</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Inspections</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">11</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Intangible Property</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">7</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Land</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">6</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Lease</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">8</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Leased Property</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">3</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Leasing Commissions</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">29</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Material Due Diligence Issue</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">3</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Material Due Diligence Issue Objection</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">14</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Met Life</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">17</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Met Life Release</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">17</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Newtowne</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">18</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=51% nowrap>
<FONT face="serif">Newtowne Release</FONT>&nbsp;
  </TD>
  <TD width=44%>&nbsp;
  </TD>
  <TD align=right width=3% nowrap>
<FONT face="serif">18</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Notice</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">33</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Offer</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">22</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Offer Notice</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">22</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Owner&#146;s Title Policies</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">20</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Permitted Exceptions</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">12</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Personal Property</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">7</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Pre-Closing Impositions</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">28</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Prohibited Transaction</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">41</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Properties</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">7</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Property</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">7</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Proposed Transaction</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">4</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">PSI Reports</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">33</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Purchase Option Agreements</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">28</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Purchase Price</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">7</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Purchaser</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">1</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Purchaser Right of First Refusal</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">22</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Randolph</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">19</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Randolph Release</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">19</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">REA</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">10</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">REA Assignments</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">24</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">REA Estoppel</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">16</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Real Property</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">4</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Rent Roll</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">11</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Required Consents</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">30</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Restricted Parties</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">4</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">REX Stores</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">1</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Right of First Refusal Agreements</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">28</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">ROFR Holder</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">16</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">ROFR Notice</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">16</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">ROFR Release</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">17</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Seller</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">1</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Seller One</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">1</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Seller Three</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">1</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Seller Two</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">1</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Seller&#146;s Material Due Diligence Issue Response Notice</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">14</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Seller&#146;s REA Estoppel</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">16</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Seller&#146;s Space Lease Estoppel</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">16</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Seller&#146;s Title Response Notice</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">13</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Seller&#146;s Update Title Response Notice</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">13</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Service Contracts</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">11</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">SNDA</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">20</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Space Lease</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">7</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Space Lease Tenant</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">11</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Space Lease Assignment</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">24</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Space Lease Estoppel</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">16</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap>
<FONT face="serif">Space Lease Tenants</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">11</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">v</FONT><FONT face="serif"> </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">Square Footage Allocation</FONT>&nbsp;
  </TD>
  <TD width=46%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">41</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">Superior Transaction</FONT>&nbsp;
  </TD>
  <TD width=46%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">5</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">Surviving Obligations</FONT>&nbsp;
  </TD>
  <TD width=46%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">6</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">Termination Fee</FONT>&nbsp;
  </TD>
  <TD width=46%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">39</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">Title Commitments</FONT>&nbsp;
  </TD>
  <TD width=46%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">12</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">Title Company</FONT>&nbsp;
  </TD>
  <TD width=46%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">6</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">Title Objection</FONT>&nbsp;
  </TD>
  <TD width=46%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">12</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">Title/Survey Review Period</FONT>&nbsp;
  </TD>
  <TD width=46%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">6</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">Uncured Material Due Diligence Issue Objection</FONT>&nbsp;
  </TD>
  <TD width=46%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">14</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">Uncured Title Objection</FONT>&nbsp;
  </TD>
  <TD width=46%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">13</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">Uncured Update Objection</FONT>&nbsp;
  </TD>
  <TD width=46%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">13</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">Update Objection</FONT>&nbsp;
  </TD>
  <TD width=46%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">13</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">Woelfel</FONT>&nbsp;
  </TD>
  <TD width=46%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">18</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">Woelfel Release</FONT>&nbsp;
  </TD>
  <TD width=46%>&nbsp;
  </TD>
  <TD align=right width=2% nowrap>
<FONT face="serif">18</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">vi</FONT><FONT face="serif"> </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><FONT face="serif">PURCHASE AND SALE AGREEMENT </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">THIS PURCHASE AND SALE AGREEMENT (this &#147;</FONT><U><FONT face="serif">Agreement</FONT></U><FONT face="serif">&#148;) is made as of the 8th day of February, 2007 (the &#147;</FONT><U><FONT face="serif">Effective
Date</FONT></U><FONT face="serif">&#148;), by and between REX RADIO AND TELEVISION, INC., an Ohio corporation (&#147;</FONT><U><FONT face="serif">Seller One</FONT></U><FONT face="serif">&#148;), KELLY &amp; COHEN APPLIANCES, INC., an Ohio corporation
(&#147;</FONT><U><FONT face="serif">Seller Two</FONT></U><FONT face="serif">&#148;), and STEREO TOWN, INC., a Georgia corporation (&#147;</FONT><U><FONT face="serif">Seller Three</FONT></U><FONT face="serif">&#148;), all having an address at 2875 Needmore Road, Dayton,
OH 45414 (collectively, Seller One, Seller Two and Seller Three, &#147;</FONT><U><FONT face="serif">Seller</FONT></U><FONT face="serif">&#148;), REX STORES CORPORATION, a Delaware corporation (&#147;</FONT><U><FONT face="serif">REX Stores</FONT></U><FONT face="serif">&#148;), and COVENTRY REAL ESTATE INVESTMENTS, LLC, a Delaware limited liability company having an address c/o Coventry Real Estate Advisors, L.L.C., 1 East 52</FONT><SUP><FONT face="serif">nd</FONT></SUP><FONT face="serif"> Street,
4</FONT><SUP><FONT face="serif">th</FONT></SUP><FONT face="serif"> Floor, New York, NY 10022 (&#147;</FONT><U><FONT face="serif">Purchaser</FONT></U><FONT face="serif">&#148;). </FONT></P>
<P align="center">
<B><FONT face="serif">RECITALS </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">A. Seller is the owner of the Properties (as defined below) and desires to sell the Properties, subject to the terms and conditions of this Agreement.</FONT><B><FONT face="serif"> </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">B.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Purchaser desires to purchase the Properties, subject to the terms and conditions of this Agreement. </FONT></P>
<P align="justify">
<FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
</FONT></P>
<P align="justify">
<B><U><FONT face="serif">SECTION 1 DEFINITIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The following capitalized terms shall have the meanings set forth in this Section 1 for all purposes under this Agreement: </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">90-Day License Agreement</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 2.3(c) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Acquisition Agreement</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 14.2. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><U><FONT face="serif">Acquisition Proposal</FONT></U><FONT face="serif">&#148; means any good faith offer or proposal for the direct or indirect purchase of all or a material portion of the
Properties. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Additional Properties</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.3(f) . </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><U><FONT face="serif">Additional Properties Material Maintenance Issue</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.3(f) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Adjusted Aggregate Square Footage</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 15.17. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Adjusted Purchase Price</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 15.17. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Agreement</FONT></U><FONT face="serif">" shall have the meaning set forth in the first paragraph hereof. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Beltline</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.5(h) . </FONT></P>
<P align="center">
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<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Beltline Release</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.5(h) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Bill of Sale and Assignment</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 4.2(a)(xii) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Business Day</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 15.10. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">CBL</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.5(e) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">CBL Release</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.5(e) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">CERCLA</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 6.1(f) . </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><U><FONT face="serif">Closing</FONT></U><FONT face="serif">&#148; shall mean the consummation of the transactions described herein as more fully described in Section 4 below. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Closing Date</FONT></U><FONT face="serif">&#148; shall mean April 30, 2007. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Closing Statement</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 5.1(a) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Creditors&#8217; Rights Statutes</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 6.1(r) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Default Notice</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 16.1(b)(ii)(B) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Delivery Items</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.1(a) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Earnest Money</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 2.2(b) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Effective Date</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in the first paragraph hereof. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Environmental Evaluation Properties</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.3(i) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Environmental Laws</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 6.1(f) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Escrow Agent</FONT></U><FONT face="serif">&#148; shall mean the Title Company.</FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Existing Survey</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.3(a) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Fairness Opinion</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.9. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Governmental Notices</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.1(a)(viii) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Guaranty</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 2.3(b) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Hazardous Materials</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 6.1(f) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Improvements</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 2.1(a)(ii) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Indemnitee</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 6.4. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Indemnitor</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 6.4. </FONT></P>
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<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Inspections</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.2(a) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Intangible Property</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 2.1(a)(v) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Land</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 2.1(a)(i) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Lease</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 2.3(a) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Leased Property</FONT></U><FONT face="serif">&#148; shall mean any Property that is to be subject to a Lease at Closing. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Leasing Commissions</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 6.1(h) . </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><U><FONT face="serif">Material Due Diligence Issue</FONT></U><FONT face="serif">&#148; means any zoning, litigation, leasing or other due diligence issue that may materially and adversely affect
the condition, operations or valuation of any Property, as determined by Purchaser, excluding any matter expressly identified in the PSI Reports for a Property other than an Additional Property or any Permitted Exception and subject to Sections
3.3(f) and (i) hereof. Purchaser agrees that zoning restrictions on any Property that prohibit a restaurant use shall not be deemed a Material Due Diligence Issue, if such restrictions do not prohibit other non-restaurant retail uses. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><U><FONT face="serif">Material Due Diligence Issue Objection</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.3(e) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Met Life</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.5(c) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Met Life Release</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.5(c) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Newtowne</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.5(f) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Newtowne Release</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.5(f) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Notice</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 10. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Offer</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.9(c) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Offer Notice</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.9(c) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Owner&#146;s Title Policies</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.7(a)(vi) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Permitted Exceptions</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.3(b) . </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><U><FONT face="serif">Person</FONT></U><FONT face="serif">&#148; shall mean an individual, corporation, partnership, limited liability company, association, trust or any other entity or
organization, including a government or political subdivision or any agency or instrumentality thereof. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Personal Property</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 2.1(a)(iii) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Pre-Closing Impositions</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 5.1(b) . </FONT></P>
<P align="center">
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<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Prohibited Transaction</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 15.14. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Property</FONT></U><FONT face="serif">&#148; or &#147;</FONT><U><FONT face="serif">Properties</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 2.1(a) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Proposed Transaction</FONT></U><FONT face="serif">&#148; shall mean the transactions contemplated by this Agreement. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">PSI Reports</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 8.2. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Purchase Option Agreements</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 6.1(c). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Purchase Price</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 2.2(a). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Purchaser</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in the first paragraph hereof. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Purchaser&#146;s Right of First Refusal</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.9(c). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Randolph</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.5(g). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Randolph Release</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.5(g). </FONT></P>
<P align="justify">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">REA</FONT></U><FONT face="serif">&#148; and &#147;</FONT><U><FONT face="serif">REAs</FONT></U>
<FONT face="serif">&#148; shall have the meanings set forth in Section 3.1(a)(vii). &#147;</FONT><U><FONT face="serif">REA
Assignments</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 4.2(a)(x). &#147;</FONT><U><FONT face="serif">REA Estoppel</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.4(b) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Real Property</FONT></U><FONT face="serif">&#148; shall mean the Land and the Improvements. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Rent Roll</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.1(a)(xvii). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Required Consents</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 6.1(j). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Restricted Parties</FONT></U><FONT face="serif">&#148; shall mean and include REX Stores and each of the Sellers. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">REX Stores</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in the first paragraph hereof. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Right of First Refusal Agreements</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 6.1(c). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">ROFR Holder</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.5(a). </FONT></P>


<P align="justify">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">ROFR Notice</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.5(a).</FONT></P>

<P align="justify">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">ROFR Release</FONT></U><FONT face="serif">&#148; shall have the meaning set
forth in Section 3.5(a) . &#147;</FONT><U><FONT face="serif">Seller</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in the first paragraph hereof. </FONT></P>


<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Seller One</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in the first paragraph hereof. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Seller Three</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in the first paragraph hereof. </FONT></P>
<P align="center">
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<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Seller Two</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in the first paragraph hereof. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><U><FONT face="serif">Seller&#146;s Material Due Diligence Issue Response Notice</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.3(e). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Seller&#146;s REA Estoppel</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.4(b). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Seller&#146;s Space Lease Estoppel</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.4(a). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Seller&#146;s Title Response Notice</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.3(b). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><U><FONT face="serif">Seller&#146;s Update Title Response Notice</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.3(c). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Service Contracts</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.1(a)(xix). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Sites</FONT></U><FONT face="serif">&#148; shall mean the sites of each Property identified on </FONT><U><FONT face="serif">Exhibit 1.1</FONT></U><FONT face="serif"> attached hereto. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">SNDA</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.6(b). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Space Lease</FONT></U><FONT face="serif">&#148; and &#147;</FONT><U><FONT face="serif">Space Leases</FONT></U><FONT face="serif">&#148; shall have the meanings set forth in Section 2.1(a)(iv). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Space Lease Assignment</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 4.2(a)(ii) . </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Space Lease Estoppel</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.4(a). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Space Lease Tenant</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.1(a)(xvii). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Square Footage Allocation</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 15.17. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><U><FONT face="serif">Superior Transaction</FONT></U><FONT face="serif">&#148; means a transaction embodying an Acquisition Proposal having terms (including conditions to consummation of the
contemplated transaction) that the Board of Directors of REX Stores determines, in its good faith judgment, to be more favorable to REX Stores and its stockholders than the Proposed Transaction and for which financing, to the extent required, is
then committed or is reasonably likely to be obtained in a timely manner. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><U><FONT face="serif">Surviving Obligations</FONT></U><FONT face="serif">&#148; shall mean all obligations of Purchaser or Seller hereunder that expressly survive the Closing or termination of this
Agreement. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif"></FONT></U><U><FONT face="serif">Termination Fee</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 14.2. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif"></FONT></U><U><FONT face="serif">Title Commitments</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.3(a). </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><U><FONT face="serif"></FONT></U><U><FONT face="serif">Title Company</FONT></U><FONT face="serif">&#148; shall mean Chicago Title Insurance Company, 1360 East 9th Street, Suite 500, Cleveland, Ohio 44114. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif"></FONT></U><U><FONT face="serif">Title Objection</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.3(b). </FONT></P>
<P align="center">
<FONT face="serif">-5- </FONT></P>

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<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><U><FONT face="serif">Title/Survey Review Period</FONT></U><FONT face="serif">&#148; shall mean the period commencing on the Effective Date and continuing until 5:00 p.m. eastern time on April 18,
2007. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;</FONT><U><FONT face="serif">Uncured Material Due Diligence Issue Objection</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.3(e). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Uncured Update Objection</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.3(c). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Update Objection</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.3(c). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Woelfel</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.5(d). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</FONT><U><FONT face="serif">Woelfel Release</FONT></U><FONT face="serif">&#148; shall have the meaning set forth in Section 3.5(d). </FONT></P>
<P align="left">
<FONT face="serif">All terms defined in this Agreement in the singular shall have comparable meanings when used in the plural and vice versa.</FONT></P>
<P align="left">
<B><U><FONT face="serif">SECTION 2 AGREEMENT TO SELL AND PURCHASE; PURCHASE PRICE;</FONT></U></B><B><FONT face="serif"> </FONT></B><B><U><FONT face="serif">LEASEBACK</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Agreement to Sell and Purchase</FONT></U><FONT face="serif">. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Subject to the terms and conditions of this Agreement, Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from Seller,
the following: </FONT></P>

<table width="100%"  border="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(i)</td>
    <td width="85%"><div align="justify"><FONT face="serif">fee simple title to the land described on </FONT><U><FONT face="serif">Exhibit 2.1(a)(i) </FONT></U><FONT face="serif">attached hereto and all rights, easements and
  appurtenances thereto, including any right, title or interest of Seller in and to adjacent streets, alleys or rights-of-way (the &#147;</FONT><U><FONT face="serif">Land</FONT></U><FONT face="serif">&#148;). </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(ii)</td>
    <td><div align="justify"><FONT face="serif">all buildings, improvements, structures and fixtures situated on the Land, excluding trade fixtures owned by Space Lease Tenants (as defined below) (the &#147;</FONT><U><FONT face="serif">Improvements</FONT></U><FONT face="serif">&#148;);</FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(iii)</td>
    <td><div align="justify"><FONT face="serif">all equipment and other personal property owned by Seller and located in, or affixed to, the Improvements, excluding inventory owned by Seller and held for sale in the
  ordinary course of business and sale and inventory scanning systems, cash registers, computer equipment and hardware systems utilized by Seller in the ordinary course of business as a consumer electronics retailer and audio and car display boards
  (collectively, the &#147;</FONT><U><FONT face="serif">Personal</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Property</FONT></U><FONT face="serif">&#148;); </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(iv)</td>
    <td><div align="justify"><FONT face="serif">all of Seller&#146;s right, title and interest as landlord in and to each of the leases and other occupancy agreements (including any amendments or modifications thereto)
  encumbering the Land and Improvements, each as described on </FONT><U><FONT face="serif">Schedule 2.1(a)(iv) </FONT></U><FONT face="serif">attached hereto, together with any new leases and other occupancy </FONT></div></td>
  </tr>
</table>

<P align="center">
<FONT face="serif">-6- </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>

<table width="100%"  border="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="85%"><FONT face="serif"><FONT face="serif">agreements entered into prior to the Closing Date and permitted under the terms of this Agreement (each, a &#147;</FONT><U><FONT face="serif">Space Lease</FONT></U><FONT face="serif">&#148;); </FONT></FONT><U><FONT face="serif">Land</FONT></U><FONT face="serif">&#148;). </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(v)</td>
    <td><div align="justify"><FONT face="serif">Seller&#146;s right, title and interest in and to any intangible property owned by Seller and currently used in the ownership or operation for the Property, including,
     without limitation, plans and specifications, architectural and engineering
reports, surveys, permits, licenses, guarantees and warranties, excluding
Seller&#146;s right, title and interest (if any) in and to the trade names
&#147;Rex&#148;, &#147;Rex Radio and Television&#148;, &#147;Rex Television and
Appliance Centers&#148;, &#147;Rex TV &amp; Appliance Centers&#148;,
&#147;rexstores.com&#148;, &#147;Kelly &amp; Cohen Appliances&#148;,
&#147;Stereo Town&#148;, and &#147;T.V. &amp; Stereo Town&#148; or any variation
thereof (collectively, the &#147;</FONT><U><FONT
face="serif">Intangible</FONT></U><FONT face="serif"> </FONT><U><FONT
face="serif">Property</FONT></U><FONT face="serif">&#148;); and
</FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(vi)</td>
    <td><div align="justify">all of Seller&#146;s right, title and interest in the REAs (as defined below). </div>
    </FONT></td>
  </tr>
</table>


<P align="justify">
<FONT face="serif">Items (i)-(vi) above collectively are referred to in this Agreement as to each Site as a &#147;</FONT><U><FONT face="serif">Property</FONT></U><FONT face="serif">&#148; and as to all Sites as the &#147;</FONT><U><FONT face="serif">Properties</FONT></U><FONT face="serif">.&#148; The delineation of which Property is owned by Seller One, Seller Two and Seller Three is set forth in </FONT><U><FONT face="serif">Exhibit 1.1</FONT></U><FONT face="serif"> attached
hereto.</FONT></P>
<P align="justify">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Payment of Purchase Price; Earnest Money</FONT></U><FONT face="serif">. </FONT></P>
<P align="justify">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The total purchase price to be paid by Purchaser to Seller for the Properties shall be Eighty Four Million Thirteen Thousand Two Hundred
Thirty One and 86/100 Dollars (&#36;84,013,231.86), subject to reduction and
adjustment as set forth in this Agreement (the &#147;</FONT><U><FONT
face="serif">Purchase Price</FONT></U><FONT face="serif">&#148;). If the aggregate
square footage for the Properties measured based on dimensions of outside wall,
as actually determined by surveys of the Properties, varies by more than three
percent (3%) from 1,099,218 aggregate square feet, up or down, the Purchase
Price shall be adjusted by &#36;76.43 per square foot based on the actual
aggregate square footage; provided, however, that in the event that Purchaser
does not obtain surveys of any Property or Properties (which Purchaser shall not
be obligated to so obtain), the square footage of such Property or Properties
shall be deemed to be the square footage reflected on </FONT><U><FONT
face="serif">Exhibit 1.1</FONT></U><FONT face="serif"> hereof. </FONT></P>
<P align="justify">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Within two (2) Business Days after the Effective Date, Purchaser shall deposit the sum of Three Hundred Seventy Five Thousand and 00/100
Dollars (&#36;375,000.00) (together with any interest earned thereon, the &#147;</FONT><U><FONT face="serif">Earnest Money</FONT></U><FONT face="serif">&#148; ) with the Escrow Agent which Earnest Money shall be applied as a credit against the Purchase Price
or otherwise applied in accordance herewith. The Escrow Agent will promptly invest the Earnest Money and disburse same in accordance with the terms, conditions and provisions of this Agreement. Whenever the Earnest Money is by the terms hereof to be
disbursed by the Escrow Agent, Seller and Purchaser agree promptly to execute and deliver such notice or notices as shall be necessary or, in the opinion of the Escrow Agent, appropriate to authorize the Escrow Agent to make such
disbursement.</FONT></P>
<P align="center">
<FONT face="serif">-7- </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">At Closing, Purchaser shall deposit with the Escrow Agent the Purchase Price, less the Earnest Money and any costs and expenses chargeable
to Seller pursuant to this Agreement, by wire transfer of immediately available funds, for payment to Seller at Closing. </FONT></P>
<P align="justify">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Leaseback; License</FONT></U><FONT face="serif">. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">At Closing, Purchaser shall execute and deliver counterparts of a lease in the form of </FONT><U><FONT face="serif">Exhibit
2.3(a)</FONT></U><FONT face="serif"> attached hereto with Seller, as lessee, and Purchaser (or its nominee or nominees), as lessor, for forty (40) Properties (each, a &#147;</FONT><U><FONT face="serif">Lease</FONT></U><FONT face="serif">&#148;). Twenty (20)
of the forty (40) Properties that will be subject to a Lease at Closing are the Properties identified on </FONT><U><FONT face="serif">Schedule</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">2.3(a)(i)</FONT></U><FONT face="serif">
attached hereto. On or prior to March 30, 2007, Seller shall deliver written notice to Purchaser identifying the other twenty (20) Properties that will be subject to a Lease at Closing, which twenty (20) Properties shall not include the Properties
identified on </FONT><U><FONT face="serif">Schedule 2.3(a)(ii)</FONT></U><FONT face="serif">. In the event that this Agreement is terminated with respect to any of the Properties that was contemplated to be subject to a Lease at Closing pursuant to
this Section 2.3(a), then Seller shall deliver written notice to Purchaser identifying a Property to serve as a replacement for such terminated Property within five (5) Business Days of such termination (but in any event at least two (2) Business
Days prior to Closing), which replacement Property shall be subject to a Lease at Closing.  Notwithstanding the foregoing, in the event that this Agreement is terminated pursuant to Section 3.3(e) with respect to twenty (20) or more Properties, then
Seller shall have a right to proportionately decrease the number of Properties that will be subject to a Lease at Closing, which right shall be exercisable by delivery of written notice to Purchaser on or before five (5) Business Days after receipt
of Purchaser&#146;s notice of termination pursuant to Section 3.3(e) with respect to twenty (20) or more Properties.  [For example, if this Agreement is terminated pursuant to Section 3.3(e) with respect to twenty (20) Properties, Seller shall have a
right to decrease the number of Properties subject to a Lease at Closing to thirty-one (31) Properties (31/40 =74/94).] In the event that Seller decreases the number of Properties that will be subject to a Lease at Closing pursuant to the foregoing,
</FONT><U><FONT face="serif">Schedule 2.3(a)</FONT></U><FONT face="serif"> shall be deemed modified to remove the affected Properties.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif"> At Closing, Seller shall deliver a guaranty of Seller&#146;s obligations under the Leases in the form of </FONT><U><FONT face="serif">Exhibit
2.3(b)</FONT></U><FONT face="serif"> attached hereto (the &#147;</FONT><U><FONT face="serif">Guaranty</FONT></U><FONT face="serif">&#148;), executed by REX Stores. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">At Closing, Purchaser shall execute and deliver counterparts of a license agreement in the form of </FONT><U><FONT face="serif">Exhibit
2.3(c)</FONT></U><FONT face="serif"> attached hereto with Seller, as licensee, and Purchaser (or its nominee or nominees), as licensor, for each of the Properties that will not be subject to a Lease or Space Lease at Closing (each, a
&#147;</FONT><U><FONT face="serif">90-Day License Agreement</FONT></U><FONT face="serif">&#148;). Notwithstanding the foregoing, in the event that Seller ceases operating in and vacates any Property prior to the Closing Date, which Property will not be
subject to a Lease or Space Lease at Closing, Seller shall provide Purchaser with written notice of such cessation and vacation and such Property shall not be subject to a 90-Day License Agreement at Closing. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Notwithstanding any other provision of this Agreement, each Property subject to a Space Lease shall not be subject to a Lease or 90-Day
License Agreement. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">On or prior to March 30, 2007, Seller shall deliver written notice Purchaser identifying no less than ten (10) and no more than fifteen
(15) of the twenty-two (22) </FONT></P>
<P align="center">
<FONT face="serif">-8- </FONT></P>

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<P align="justify">
<FONT face="serif">Properties identified on </FONT><U><FONT face="serif">Schedule 2.3(e)</FONT></U><FONT face="serif">, each of which shall be subject to a Lease at Closing, which Lease shall not include Article III.B and Article XXIII.M.4.(b) in
the form of Lease attached hereto as </FONT><U><FONT face="serif">Exhibit 2.3(a)</FONT></U><FONT face="serif">.  Within ten (10) Business Days of receipt of the aforementioned notice from Seller, Purchaser may elect by delivery of written notice to
Seller to identify up to two (2) Properties identified on </FONT><U><FONT face="serif">Schedule 2.3(e)</FONT></U><FONT face="serif"> (and not previously identified by Seller pursuant to the preceding sentence), each of which shall be subject to a
Lease at Closing, which Lease shall not include Article III.B and Article XXIII.M.4.(b) in the form of Lease attached hereto as </FONT><U><FONT face="serif">Exhibit 2.3(a)</FONT></U><FONT face="serif">. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">In the event that the Property located at 2313 N. Monroe, Monroe, MI and known as Store No. 264 is subject to a Lease at Closing pursuant
to Section 2.3(a) hereof, Purchaser agrees that only the premises at the Property currently occupied by Seller shall be subject to a Lease; provided, however, that (i) Seller shall be responsible for (A) all Taxes (as defined in the form of Lease
attached hereto as </FONT><U><FONT face="serif">Schedule 2.3(a)(i))</FONT></U><FONT face="serif">, (B) insurance required by and utility charges payable under the form of Lease attached hereto as </FONT><U><FONT face="serif">Schedule
2.3(a)(i)</FONT></U><FONT face="serif"> (excluding separately metered utility charges with respect only to the portion of the building at the Premises not currently occupied by Seller), and (C) operating expenses, common area or similar charges due
under any Restrictions (as defined in the form of Lease attached hereto as </FONT><U><FONT face="serif">Schedule 2.3(a)(i))</FONT></U><FONT face="serif">, with respect to the entirety of the Property, until such time as the remainder of the Property
not leased by Seller are occupied by another tenant, and (ii) the Lease for such Property shall provide that the landlord thereunder shall be responsible for either separately metering or submetering the utilities that may be so separately metered
or submetered with respect to the portion of the building at the Premises not currently occupied by Seller by such time as such portion becomes occupied by another tenant. </FONT></P>
<P align="left">
<B><U><FONT face="serif">SECTION 3 Seller&#146;s DELIVERIES; CONDITIONS PRECEDENT</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Seller&#146;s Deliveries</FONT></U><FONT face="serif">. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller has provided or, with respect to the Additional Properties, will provide within three (3) Business Days of the Effective Date, to
Purchaser, to the extent within Seller&#146;s possession or control, true, correct and complete copies of the following items relating to the ownership and operation of the Properties (collectively, the &#147;</FONT><U><FONT face="serif">Delivery
Items</FONT></U><FONT face="serif">&#148;): </FONT></P>

<table width="100%"  border="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(i)</td>
    <td width="85%"><div align="justify"><FONT face="serif">existing engineering or property condition reports; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(ii)</td>
    <td><div align="justify"><FONT face="serif">historical CAM budgets (if any) and reconciliations for the Properties; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(iii)</td>
    <td><div align="justify"><FONT face="serif">existing owner&#146;s title policies, the Title Commitments (as hereinafter defined) and the Existing Surveys (as hereinafter defined); </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(iv)</td>
    <td><div align="justify"><FONT face="serif">existing appraisals of the Properties; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(v)</td>
    <td><div align="justify"><FONT face="serif">permits and licenses for the Property, including, without limitation, certificates of occupancy, site plan approvals, zoning approvals and zoning variances, if any;
    </FONT></div></td>
  </tr>
</table>

<P align="center">
<FONT face="serif">-9- </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>

<table width="100%"  border="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(vi)</td>
    <td width="85%"><div align="justify"><FONT face="serif">plans and specifications and site plans relating to the Properties; </FONT></FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(vii)</td>
    <td><div align="justify"><FONT face="serif">all reciprocal easement agreements, operating agreements, development agreements and other similar agreements, declarations, deeds and instruments relating to the
  integrated use, operation and maintenance of the Properties and properties in the vicinity of, adjacent to, contiguous with, or peripheral to the Properties (each, an &#147;REA&#148;); </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(viii)</td>
    <td><div align="justify"><FONT face="serif">real and personal property tax bills (including bills for special assessments) for the Properties for the period from January 1, 2003 through December 31, 2006, and
  copies of all notices, correspondence and files from governmental authorities relating to the Properties, including notices of building safety, health code or environmental violations, and all files related thereto in Seller&#146;s possession or control
  (the &#147;</FONT><U><FONT face="serif">Governmental Notices</FONT></U><FONT face="serif">&#148;); </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(ix)</td>
    <td><div align="justify"><FONT face="serif">the latest real and personal property tax bills for the Properties and of any pending property tax complaints or proceedings; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(x)</td>
    <td><div align="justify"><FONT face="serif">[intentionally omitted] </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xi)</td>
    <td><div align="justify"><FONT face="serif">a schedule of utility costs for the Properties for the twelve (12) months prior to the Effective Date; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xii)</td>
    <td><div align="justify"><FONT face="serif">any soils or environmental reports or studies relating to the Properties; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xiii)</td>
    <td><div align="justify"><FONT face="serif">any and all notices, correspondence, files, pleadings or other documents relevant to Purchaser&#146;s evaluation of pending or threatened claims or litigation by any
  Person relating to or affecting the Properties, including, without limitation, claims or litigation relating to the REAs and including, without limitation, information regarding pending lawsuits affecting the Properties, even if covered by
  insurance; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xiv)</td>
    <td><div align="justify"><FONT face="serif">all warranties or guarantees regarding major systems or structural items comprising part of the Properties; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xv)</td>
    <td><div align="justify"><FONT face="serif">the following insurance information and documentation for each of the Properties: (A) a certificate of liability insurance (Acord Form 25), (B) a certificate of
  property insurance (Acord Form 28), (C) if property insurance provides for &#147;blanket limits&#148;, information on the insured building and rent values for the affected Properties, (D) copies of property loss control recommendations for the three (3) years
  prior to the Effective Date, (E) information regarding currently valued general liability losses for the five (5) years prior to the Effective Date, and (F) information </FONT></div></td>
  </tr>
</table>

<P align="center">
<FONT face="serif">-10- </FONT></P>

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<table width="100%"  border="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="85%"><div align="justify"><FONT face="serif">regarding how long the Seller and Tenant have been insured with their current insurers;</FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xvi)</td>
    <td><div align="justify"><FONT face="serif">all Space Leases and any guarantees thereof and the Right of First Refusal Agreements and the Purchase Option Agreements; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xvii)</td>
    <td><div align="justify"><FONT face="serif">a rent roll for the Space Lease Properties, including the name of each tenant (each, a &#147;</FONT><U><FONT face="serif">Space Lease Tenant</FONT></U><FONT face="serif">&#148;, and, collectively, the &#147;</FONT><U><FONT face="serif">Space Lease Tenants</FONT></U><FONT face="serif">&#148;), the expiration dates of the Space Lease, the rent and any security deposit (the &#147;</FONT><U><FONT face="serif">Rent
  Roll</FONT></U><FONT face="serif">&#148;);</FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xviii)</td>
    <td><div align="justify"><FONT face="serif">all notices and correspondence to and from the Space Lease Tenants and Seller&#146;s files relating to the Space Leases; and </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xix)</td>
    <td><div align="justify"><FONT face="serif">all service, vendor, equipment leasing, management, development and other contracts relating to the operation or maintenance of the Real Property (the &#147;</FONT><U><FONT face="serif">Service Contracts</FONT></U><FONT face="serif">&#148;), each as identified on </FONT><U><FONT face="serif">Schedule 3.1(a)(xix)</FONT></U><FONT face="serif"> attached hereto. </FONT></div></td>
  </tr>
</table>


<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Inspections and Access</FONT></U><FONT face="serif">. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">At any reasonable time and from time to time prior to the Closing or earlier termination of this Agreement, Purchaser and its
representatives shall be permitted (i) to enter upon the Real Property to examine, inspect and investigate the Real Property, and (ii) to access all books, records, drawings and other documentation relating to the Properties in the possession or
control of Seller (collectively, the &#147;</FONT><U><FONT face="serif">Inspections</FONT></U><FONT face="serif">&#148;).  Purchaser agrees to use commercially reasonable efforts to (1) keep the purpose of the Inspections confidential and (2) not disclose the
existence of or terms of this Agreement to any of Seller&#146;s personnel located at the retail operations at the Real Property; provided, however, that the foregoing shall not prohibit any disclosure required pursuant to any federal or state law or
regulation or by governmental authorities. Seller shall cooperate with Purchaser in conducting the Inspections, which cooperation shall include, without limitation facilitating interviews with Space Lease Tenants. Seller agrees to respond promptly
to any inquiry which Purchaser may make from time to time, and shall instruct its property manager and other agents and employees to give specific answers to Purchaser&#146;s inquiries from time to time relating to the condition and operation of the
Properties. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Notwithstanding any other provision of this Agreement, no Inspections shall constitute a waiver or relinquishment on the part of Purchaser
of its rights under any covenant, condition, representation, or warranty of Seller under this Agreement. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Purchaser agrees to indemnify, defend and hold Seller harmless from and against any and all claims, losses or damages suffered or incurred
by Seller to the extent directly resulting from Purchaser&#146;s or its agents' negligence or willful misconduct in connection with the Inspections, and Purchaser agrees to restore any Property damaged by the Inspections to its condition prior to
Purchaser&#146;s Inspections to the extent practicable; provided, however, that Purchaser&#146;s foregoing obligations shall specifically exclude any damages arising as a result of Purchaser&#146;s discovery of any condition existing on the Property prior to
Purchaser&#146;s entry on the </FONT></P>
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<FONT face="serif">Property. The provisions of the immediately preceding sentence of this Section 3.2(c) shall survive termination of this Agreement for three hundred sixty five (365) days, if this Agreement shall be terminated. </FONT></P>
<P align="justify">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Title and Survey; Material Due Diligence Issues</FONT></U><FONT face="serif">. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller shall obtain and deliver to Purchaser in accordance with Section 3.1 hereof: (i) current commitments for ALTA owner&#146;s policies of
title insurance (Form B 10-17-92, with the creditors&#146; rights and arbitration clauses deleted (except in Texas, where the policy shall be TLTA with the creditors&#146; rights and arbitration clauses deleted), together with legible copies of recorded
documents listed in such commitments (collectively, the &#147;</FONT><U><FONT face="serif">Title Commitments</FONT></U><FONT face="serif">&#148;) issued by the Title Company and (ii) all existing surveys of the Real Property in the possession or control of
Seller (each, an &#147;</FONT><U><FONT face="serif">Existing Survey</FONT></U><FONT face="serif">&#148;, and, collectively, the &#147;</FONT><U><FONT face="serif">Existing Surveys</FONT></U><FONT face="serif">&#148;). Purchaser shall order any updates to the Existing
Surveys that Purchaser may require within five (5) Business Days of the Effective Date.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">In the event that any of the Title Commitments or Existing Surveys disclose title defects other than (i) real estate taxes and assessments
which are a lien but not yet due and payable, (ii) building and zoning laws, ordinances and regulations, and (iii) public streets and rights of way (collectively, the &#147;</FONT><U><FONT face="serif">Permitted Exceptions</FONT></U><FONT face="serif">&#148;), then, prior to expiration of the Title/Survey Review Period, Purchaser shall notify Seller of any such defects to which it objects (each, a &#147;</FONT><U><FONT face="serif">Title Objection</FONT></U><FONT face="serif">&#148;). Any defects
not objected to by Purchaser prior to expiration of the Title/Survey Review Period shall be deemed Permitted Exceptions.  Within eight (8) Business Days after receipt of notice of any Title Objection delivered by Purchaser to Seller on or prior to
April 1, 2007 and within three (3) Business Days after receipt of notice of any Title Objection delivered by Purchaser after April 1, 2007, Seller shall provide written notice to Purchaser specifying with respect to each Title Objection whether
Seller will cause such matter to be removed or cured by Closing (&#147;</FONT><U><FONT face="serif">Seller&#146;s Title Response Notice</FONT></U><FONT face="serif">&#148;).  If Seller elects not to remove or cure any Title Objection (each, an &#147;</FONT><U><FONT face="serif">Uncured Title Objection</FONT></U><FONT face="serif">&#148;) in Seller&#146;s Title Response Notice or fails to so deliver Seller&#146;s Title Response Notice, Purchaser shall elect, by written notice given to Seller within five (5) Business Days
after the aforementioned deadline for Seller&#146;s delivery of Seller&#146;s Title Response Notice if such deadline is on or prior to April 11, 2007 and within two (2) Business Days after the aforementioned deadline if such deadline is after April 11, 2007
to either (i) accept the Properties subject to the Uncured Title Objection, with no reduction in the Purchase Price and such Uncured Title Objections shall be deemed included in the Permitted Exceptions, or (ii) terminate this Agreement with respect
to the Properties affected by the Uncured Title Objections only.  If Purchaser fails to so make the foregoing election, Purchaser shall be deemed to have elected (ii) above.  In the event of such termination, all exhibits and schedules hereto and
definitions herein shall be deemed modified to remove such affected Properties, and the Purchase Price shall be reduced in accordance with Section 15.12 hereof. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">In the event that (i) any update to any of the Title Commitments or Existing Surveys discloses title defects that were not disclosed on the
initial Title Commitments or the Existing Surveys and that are not otherwise Permitted Exceptions, or (ii) with respect to any such Properties for which there was no Existing Survey, any new survey obtained by Purchaser, at Purchaser&#146;s cost,
discloses title defects that are not otherwise Permitted Exceptions, </FONT></P>
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<FONT face="serif">then, in each case, Purchaser shall notify the related Seller of any such defects relating to any individual Property to which it objects (an &#147;</FONT><U><FONT face="serif">Update Objection</FONT></U><FONT face="serif">&#148;). Any
defects disclosed in any update to any of the Title Commitments or Existing Surveys or new surveys and not objected to by Purchaser shall be deemed Permitted Exceptions.  Within eight (8) Business Days after receipt of notice of any Update Objection
delivered by Purchaser to Seller on or prior to April 1, 2007 and within three (3) Business Days after receipt of notice of any Update Objection delivered by Purchaser after April 1, 2007, Seller shall provide written notice to Purchaser specifying
with respect to each Update Objection whether Seller will cause such matter to be removed or cured by Closing (&#147;</FONT><U><FONT face="serif">Seller&#146;s Update Title Response Notice</FONT></U><FONT face="serif">&#148;). If Seller elects not to remove or
cure any Update Objection (an &#147;</FONT><U><FONT face="serif">Uncured Update Objection</FONT></U><FONT face="serif">&#148;) or fails to so deliver Seller&#146;s Update Title Response Notice, Purchaser shall elect, by written notice given to Seller within five
(5) Business Days after the aforementioned deadline for delivery of Seller&#146;s Update Response Notice if such deadline is on or prior to April 11, 2007 and within two (2) Business Days after the aforementioned deadline if such deadline is after April
11, 2007 to either (i) accept the Properties subject to an Uncured Update Objection, with no reduction in the Purchase Price and such Uncured Update Objection shall be deemed included in the Permitted Exceptions, or (ii) terminate this Agreement
with respect to the Properties affected by an Uncured Update Objection only. If Purchaser fails to so make the foregoing election, Purchaser shall be deemed to have elected (ii) above. In the event of such termination, all exhibits and schedules
hereto and definitions herein shall be deemed modified to remove such affected Properties, and the Purchase Price shall be reduced in accordance with Section 15.12 hereof. The Closing Date shall be extended as necessary to permit each of such Seller
and Purchaser to exercise its rights and perform its obligations within the time periods set forth in this Section; provided, however, that, at Purchaser&#146;s option, exercisable by the delivery of written notice to Seller, the extension of the Closing
Date shall apply only to Properties affected by an Uncured Update Objections and the Closing Date shall not be extended with respect to the remainder of the Properties.</FONT><B><FONT face="serif"> </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Notwithstanding anything herein to the contrary, Seller shall have the unconditional obligation to remove or cure, at no cost to Purchaser,
any mortgage, mechanics or other lien and any other encumbrance that can be removed by the payment of a definite sum of money, which matters shall be deemed Title Objections without requiring Purchaser to provide written notice thereof. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">In the event that any of the Inspections disclose a Material Due Diligence Issue to Purchaser, then, prior to expiration of the
Title/Survey Review Period, Purchaser shall notify Seller of any such Material Due Diligence Issue to which it objects (each, a &#147;</FONT><U><FONT face="serif">Material Due</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Diligence Issue
Objection</FONT></U><FONT face="serif">&#148;).  Any Material Due Diligence Objection not objected to by Purchaser prior to expiration of the Title/Survey Review Period shall be deemed acceptable by Purchaser. Within eight (8) Business Days after receipt
of notice of any Material Due Diligence Objection delivered by Purchaser to Seller on or prior to April 1, 2007 and within three (3) Business Days after receipt of notice of any Material Due Diligence Objection delivered by Purchaser to Seller after
April 1, 2007, Seller shall provide written notice to Purchaser specifying with respect to each Material Due Diligence Objection whether Seller will cause such matter to be removed or cured by Closing (&#147;</FONT><U><FONT face="serif">Seller&#146;s Material
Due Diligence Issue Response Notice</FONT></U><FONT face="serif">&#148;), which cure shall be acceptable to Purchaser.  If Seller elects not to remove or so cure any Material Due Diligence Objection (each, a &#147;</FONT><U><FONT face="serif">Uncured Material
Due Diligence Issue Objection</FONT></U><FONT face="serif">&#148;) </FONT></P>
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<FONT face="serif">or fails to so deliver Seller&#146;s Material Due Diligence Issue Response Notice, Purchaser shall elect, by written notice given to Seller within five (5) Business Days after the aforementioned deadline for delivery of Seller&#146;s Update
Response Notice if such deadline is on or prior to April 11, 2007 and within two (2) Business Days after the aforementioned deadline if such deadline is after April 11, 2007 to either (i) accept the Properties subject to any such Uncured Material
Due Diligence Issue Objection, with no reduction in the Purchase Price and Purchaser shall be deemed to have accepted such Uncured Material Due Diligence Issue Objections, or (ii) terminate this Agreement with respect to the Properties affected by
the Uncured Material Due Diligence Issue Objections only. If Purchaser fails to so make the foregoing election, Purchaser shall be deemed to have elected (ii) above. In the event of such termination, all exhibits and schedules hereto and definitions
herein shall be deemed modified to remove such affected Properties, and the Purchase Price shall be reduced in accordance with Section 15.12 hereof.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Notwithstanding anything herein to the contrary, with respect to the Properties identified on </FONT><U><FONT face="serif">Schedule
3.3(f)</FONT></U><FONT face="serif"> attached hereto (the &#147;</FONT><U><FONT face="serif">Additional Properties</FONT></U><FONT face="serif">&#148;), any of the following shall constitute a Material Due Diligence Issue: </FONT></P>
<P align="justify">

<table width="100%"  border="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(i)</td>
    <td width="85%"><div align="justify"><FONT face="serif">any recognized environmental condition or other potential environmental issue disclosed in any PSI Reports, which may materially and adversely affect the condition,
operations or valuation of such Property, as determined by Purchaser; or </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(ii)</td>
    <td><div align="justify"><FONT face="serif">any repair, replacement or maintenance needs identified as recommended for attention in 2007-2009 as identified in any PSI Reports and/or needs spreadsheet prepared by Professional Service Industries, which in the aggregate, as indicated in such report and/or needs spreadsheet, will cost in excess of Fifty Thousand Dollars (&#36;50,000.00) per
  Additional Property (an &#147;</FONT><U><FONT face="serif">Additional</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Properties Material Maintenance Issue</FONT></U><FONT face="serif">&#148;) to remedy.</FONT></div></td>
  </tr>
</table>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">With respect to any Additional Properties Material Maintenance Issue, Seller and Purchaser shall have the rights set forth in Section
3.3(e) . Seller and Purchaser agree that, an acceptable cure of same for the purpose of Section 3.3(e) hereof shall include (i) a reduction in the Purchase Price equal to the amount by which the cost to remedy such Additional Properties Material
Maintenance Issue exceeds Fifty Thousand Dollars (&#36;50,000) according to the relevant PSI Report and/or needs spreadsheet, or (ii) Seller completing the work to remove or remedy the Additional Properties Material Maintenance Issue, at Seller&#146;s
sole cost, to the reasonable satisfaction of Purchaser prior to the Closing. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">For each Property (excluding any Additional Properties and Environmental Evaluation Properties) with respect to which this Agreement is
terminated pursuant to Section 3.3(e), Seller may elect, by delivery of written notice to Purchaser delivered on or before five (5) Business Days after receipt of any Purchaser&#146;s notice of termination pursuant to Section 3.3(e) delivered to Seller
on or prior to April 18, 2007 and within two (2) Business Days after receipt of such notice if such receipt is after April 18, 2007, to remove one (1) Property from the transaction contemplated by this Agreement.  In the event of such termination,
all exhibits and schedules hereto and definitions herein shall be deemed modified to </FONT></P>
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<FONT face="serif">remove such affected Property, and the Purchase Price shall be reduced in accordance with Section 15.12 hereof.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller acknowledges that Purchaser may cause additional environmental assessments (e.g., Phase II testing) to be conducted with respect to
the Properties, including the Properties identified on </FONT><U><FONT face="serif">Schedule 3.3(i)</FONT></U><FONT face="serif"> attached hereto (each &#147;</FONT><U><FONT face="serif">Environmental Evaluation</FONT></U><FONT face="serif">
</FONT><U><FONT face="serif">Property</FONT></U><FONT face="serif">&#148;). Notwithstanding anything herein to the contrary, if such assessments with respect to any Environmental Evaluation Property identify any recognized environmental condition or
other potential environmental issue for which the estimated remediation costs exceed &#36;50,000 or may materially and adversely affect the condition, operations or valuation of such Property, as determined by Purchaser, such matters shall
constitute a Material Due Diligence Issue. </FONT></P>
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<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Estoppels and Consents</FONT></U><FONT face="serif">. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">At least five (5) days prior to the Closing Date, Seller shall have delivered to Purchaser an estoppel certificate, substantially in the
form set forth in </FONT><U><FONT face="serif">Exhibit 3.4(a) </FONT></U><FONT face="serif">or such other form as is attached to the applicable Space Lease and, in each case, dated not more than thirty (30) days prior to the Closing Date (each, a
&#147;</FONT><U><FONT face="serif">Space Lease Estoppel</FONT></U><FONT face="serif">&#148;) from Space Lease Tenants leasing at least eighty percent (80%) of the aggregate square footage subject to Space Leases. In the event that Seller fails to obtain any
Space Lease Estoppel, Seller shall deliver to Purchaser an estoppel certificate from Seller substantially in the form set forth in </FONT><U><FONT face="serif">Exhibit 3.4(a)</FONT></U><FONT face="serif"> with respect to such Space Lease (each, a
&#147;</FONT><U><FONT face="serif">Seller&#146;s Space Lease Estoppel</FONT></U><FONT face="serif">&#148;). Each statement in any Seller&#146;s Space Lease Estoppel shall survive the Closing until the earlier of three hundred sixty five (365) days after the Closing
Date and the date on which Purchaser receives an executed Space Lease Estoppel in the form required by this Section 3.4(a) executed by the Space Lease Tenant in question.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">At least five (5) days prior to the Closing Date, Seller shall have delivered to Purchaser an estoppel certificate from each party under
any REAs, excluding any REAs that consist solely of a standard utility easement, substantially in the form set forth in </FONT><U><FONT face="serif">Exhibit 3.4(b)</FONT></U><FONT face="serif"> or such other form as is attached to the applicable REA
and, in each case, dated not more than thirty (30) days prior to the Closing Date (each, a &#147;</FONT><U><FONT face="serif">REA Estoppel</FONT></U><FONT face="serif">&#148;). In the event that Seller fails to obtain any REA Estoppel, Seller shall deliver to
Purchaser an estoppel certificate from Seller substantially in the form set forth in </FONT><U><FONT face="serif">Exhibit 3.4(b)</FONT></U><FONT face="serif"> with respect to such REA (each, a &#147;</FONT><U><FONT face="serif">Seller&#146;s REA
Estoppel</FONT></U><FONT face="serif">&#148;).  Each statement in any Seller&#146;s REA Estoppel shall survive the Closing until the earlier of three hundred sixty five (365) days after the Closing Date and the date on which Purchaser receives an executed REA
Estoppel in the form required by this Section 3.4(b) executed by the party to the REA in question.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">At least five (5) days prior to the Closing Date, Seller shall have delivered to Purchaser copies of the executed written consents to this
Agreement and the transactions contemplated hereby, in form and substance satisfactory to Purchaser, for each of the Required Consents. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">If Seller fails to deliver any of the items set forth in Section 3.4(a)-(c), then, in addition to any rights or remedies hereunder,
Purchaser shall have a right to terminate this Agreement with respect to the Properties affected by such failure, which right shall be </FONT></P>
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<FONT face="serif">exercisable by the delivery of written notice to Seller.  In the event of such termination, all exhibits and schedules hereto and definitions herein shall be deemed modified to remove such affected Properties, and the Purchase
Price shall be reduced in accordance with Section 15.12 hereof.</FONT></P>
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<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Right of First Refusal and Purchase Option Properties</FONT></U><FONT face="serif">.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Within five (5) Business Days after the Effective Date, in accordance with the terms and conditions of each of the Right of First Refusal
Agreements, Seller shall deliver notice (the &#147;</FONT><U><FONT face="serif">ROFR Notice</FONT></U><FONT face="serif">&#148;) of (i) this Agreement, and (ii) if any rights under such Right of First Refusal Agreement would be applicable to a lease of any
Property and such Property is to be leased-back to Seller under a Lease pursuant to Section 2.3 hereof, the applicable Lease, to the holder of the right of first refusal under each Right of First Refusal Agreement (each, a &#147;</FONT><U><FONT face="serif">ROFR</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Holder</FONT></U><FONT face="serif">&#148;), excluding (A) the Right of First Refusal Agreement affecting the Property located at 2550 E. Morris Blvd., Morristown, TN and known
as Store No. 207, which is addressed in Section 3.5(e) below, (B) the Right of First Refusal Agreement affecting the Property located at 1603 E. Dixie Drive, Asheboro, NC and known as Store No. 316, which is addressed in Section 3.5(g) below, and
(C) the Right of First Refusal Agreement affecting the Property located at 1821 Beltline Road SW, Decatur, AL and known as Store No. 103, which is addressed in Section 3.5(h) below.  If the ROFR Holder exercises its right to purchase the affected
Property, then Seller shall deliver written notice of such exercise to Purchaser. In such event this Agreement shall be deemed terminated with respect to the affected Property and all exhibits and schedules hereto and definitions herein shall be
deemed modified to remove such affected Property, and the Purchase Price shall be reduced by the amount of the Purchase Price allocated to such affected Property as shown on </FONT><U><FONT face="serif">Schedule 15.17</FONT></U><FONT face="serif">
attached hereto. If the ROFR Holder does not exercise its right to purchase the affected Property, then Seller shall obtain a recordable release of the right of first refusal under the Right of First Refusal Agreement in a form reasonably acceptable
to Purchaser or other evidence of the termination of the rights of first refusal reasonably acceptable to Purchaser and the Title Company (the &#147;</FONT><U><FONT face="serif">ROFR Release</FONT></U><FONT face="serif">&#148;). If Seller fails to deliver the
ROFR Release with respect to any Property subject to a Right of First Refusal Agreement to Purchaser at least five (5) Business Days prior to Closing, then Purchaser shall have a right to terminate this Agreement with respect to the affected
Property, which right shall be exercisable by the delivery of written notice to Seller. In the event of such termination, all exhibits and schedules hereto and definitions herein shall be deemed modified to remove such affected Property, and the
Purchase Price shall be reduced in accordance with Section 15.12 hereto. If the time period for a ROFR Holder to respond to a ROFR Notice extends beyond the Closing Date, the Closing Date with respect to the affected Property only shall be extended
for ten (10) Business Days after such time period, which extension shall not affect the Closing Date with respect to the Properties other than the affected Property.</FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">[Intentionally omitted.] </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Within five (5) Business Days after the Effective Date, Seller shall request from Metropolitan Life Insurance Company (or its successor or
assign) (&#147;</FONT><U><FONT face="serif">Met Life</FONT></U><FONT face="serif">&#148;) a written release in recordable form reasonably acceptable to Purchaser of the expired right of first refusal under that certain Covenants, Conditions, Restrictions
Agreement, between Met Life and Seller Two, dated August 17, 1994, with respect to the Property located at 6967 U.S. Route 322, </FONT></P>
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<FONT face="serif">Cranberry, PA and known as Store No. 237 (the &#147;</FONT><U><FONT face="serif">Met Life Release</FONT></U><FONT face="serif">&#148;). If Seller fails to deliver the Met Life Release to Purchaser at least five (5) Business Days prior to
the Closing Date, then Purchaser shall have a right to terminate this Agreement with respect to the affected Property, which right shall be exercisable by the delivery of written notice to Seller; provided, however, that such right to terminate
shall be null and void if the Title Company will insure Purchaser that the affected Property is no longer subject to the right of first refusal described in this Section 3.5(c) in the Owner&#146;s Title Policy for the affected Property. In the event of a
termination of this Agreement with respect to the affected Property pursuant to this Section 3.5(c), all exhibits and schedules hereto and definitions herein shall be deemed modified to remove such affected Property, and the Purchase Price shall be
reduced in accordance with Section 15.12 hereof. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Within five (5) Business Days after the Effective Date, Seller shall request from George W. Woelfel and Marguerite D. Woelfel and George W.
Woelfel and Peoples First National Bank and Trust Company, Trustees under Deed of George W. Woelfel dated March 29, 1968 (or their successors or assigns) (collectively, &#147;</FONT><U><FONT face="serif">Woelfel</FONT></U><FONT face="serif">&#148;) a written
release in recordable form reasonably acceptable to Purchaser of Woelfel&#146;s purchase option under that certain Supplemental Agreement, dated November 26, 1971, with respect to the Property located at 96 Airport Beltway, Hazelton, PA 18201 and known
as Store No. 252 (the &#147;</FONT><U><FONT face="serif">Woelfel Release</FONT></U><FONT face="serif">&#148;). If Seller fails to deliver the Woelfel Release to Purchaser at least five (5) Business Days prior to the Closing Date, then Purchaser shall have a
right to terminate this Agreement with respect to the affected Property, which right shall be exercisable by the delivery of written notice to Seller. In the event of such termination, all exhibits and schedules hereto and definitions herein shall
be deemed modified to remove such affected Property, and the Purchase Price shall be reduced in accordance with Section 15.12 hereof. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Within five (5) Business Days after the Effective Date, Seller shall request from CBL Morristown, Ltd. (or its successor or assign)
(&#147;</FONT><U><FONT face="serif">CBL</FONT></U><FONT face="serif">&#148;) a written release in recordable form reasonably acceptable to Purchaser of CBL&#146;s purchase option and right of first refusal under that certain Special Warranty Deed, by CBL, as
grantor, to Kelly &amp; Cohen Appliances, Inc., as grantee, dated October 15, 1993, with respect to the Property located at 2550 E. Morris Blvd., Morristown, TN and known as Store No. 207 (the &#147;</FONT><U><FONT face="serif">CBL
Release</FONT></U><FONT face="serif">&#148;). If CBL exercises its right to purchase the affected Property, then Seller shall deliver written notice of such exercise to Purchaser. In such event this Agreement shall be deemed terminated with respect to
the affected Property and all exhibits and schedules hereto and definitions herein shall be deemed modified to remove such affected Property, and the Purchase Price shall be reduced by the amount of the Purchase Price allocated to such affected
Property as shown on </FONT><U><FONT face="serif">Schedule 15.17</FONT></U><FONT face="serif"> attached hereto. If CBL does not exercise its right to purchase the affected Property, then Seller shall obtain the CBL Release. If Seller fails to
deliver the CBL Release to Purchaser at least five (5) Business Days prior to the Closing Date, then Purchaser shall have a right to terminate this Agreement with respect to the affected Property, which right shall be exercisable by the delivery of
written notice to Seller.  In the event of such termination, all exhibits and schedules hereto and definitions herein shall be deemed modified to remove such affected Property, and the Purchase Price shall be reduced in accordance with Section 15.12
hereto. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Within five (5) Business Days after the Effective Date, Seller shall request from Newtowne Mall Associates Limited Partnership (or its
successor or assign) (&#147;</FONT><U><FONT face="serif">Newtowne</FONT></U><FONT face="serif">&#148;) </FONT></P>
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<P align="justify">
<FONT face="serif">a written release in recordable form reasonably acceptable to Purchaser of Newtowne&#146;s purchase option under that certain General Warranty Deed, by Newtowne, as grantor, to Rex Radio and Television, Inc., as grantee, dated August
25, 1993, with respect to the Property located at 331 Graft Road, New Philadelphia, OH and known as Store No. 201 (the &#147;</FONT><U><FONT face="serif">Newtowne Release</FONT></U><FONT face="serif">&#148;). If Seller fails to deliver the Newtowne Release to
Purchaser at least five (5) Business Days prior to the Closing Date, then Purchaser shall have a right to terminate this Agreement with respect to the affected Property, which right shall be exercisable by the delivery of written notice to Seller.
In the event of such termination, all exhibits and schedules hereto and definitions herein shall be deemed modified to remove such affected Property, and the Purchase Price shall be reduced in accordance with Section 15.12 hereof. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Within five (5) Business Days after the Effective Date, Seller shall request from Randolph Fringe Land, Ltd. (or its successor or assign)
(&#147;</FONT><U><FONT face="serif">Randolph</FONT></U><FONT face="serif">&#148;) a written release in recordable form reasonably acceptable to Purchaser of Randolph&#146;s right of first refusal and purchase option under that certain Easement and Restriction
Agreement dated September 5, 2000, by and among Randolph, Seller Two. and JG Randolph LLC and that certain Special Warranty Deed, by Randolph, as grantor, to Seller Two, as grantee, dated September 5, 2000, with respect to the Property located at
1603 E. Dixie Drive, Asheboro, NC and known as Store No. 316  (the &#147;</FONT><U><FONT face="serif">Randolph Release</FONT></U><FONT face="serif">&#148;). If Randolph exercises its right to purchase the affected Property, then Seller shall deliver written
notice of such exercise to Purchaser. In such event this Agreement shall be deemed terminated with respect to the affected Property and all exhibits and schedules hereto and definitions herein shall be deemed modified to remove such affected
Property, and the Purchase Price shall be reduced by the amount of the Purchase Price allocated to such affected Property as shown on </FONT><U><FONT face="serif">Schedule 15.17</FONT></U><FONT face="serif"> attached hereto.  If Randolph does not
exercise its right to purchase the affected Property, then Seller shall obtain the Randolph Release. If Seller fails to deliver the Randolph Release to Purchaser at least five (5) Business Days prior to the Closing Date, then Purchaser shall have a
right to terminate this Agreement with respect to the affected Property, which right shall be exercisable by the delivery of written notice to Seller. In the event of such termination, all exhibits and schedules hereto and definitions herein shall
be deemed modified to remove such affected Property, and the Purchase Price shall be reduced in accordance with Section 15.12 attached hereto. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Within five (5) Business Days after the Effective Date, Seller shall request from Beltline-Decatur (or its successor or assign)
(&#147;</FONT><U><FONT face="serif">Beltline</FONT></U><FONT face="serif">&#148;) a written release in recordable form reasonably acceptable to Purchaser of Beltline&#146;s right of first refusal and purchase options under that certain deed to Seller, dated
October 22, 1986, with respect to the Property located at 1821 Beltline Road SW, Decatur, AL and known as Store No. 103 (the &#147;</FONT><U><FONT face="serif">Beltline Release</FONT></U><FONT face="serif">&#148;). If Beltline exercises its right to purchase
the affected Property, then Seller shall deliver written notice of such exercise to Purchaser. In such event this Agreement shall be deemed terminated with respect to the affected Property and all exhibits and schedules hereto and definitions herein
shall be deemed modified to remove such affected Property, and the Purchase Price shall be reduced by the amount of the Purchase Price allocated to such affected Property as shown on </FONT><U><FONT face="serif">Schedule 15.17</FONT></U><FONT face="serif"> attached hereto. If Beltline does not exercise its right to purchase the affected Property, then Seller shall obtain the Beltline Release. If Seller fails to deliver the Beltline Release to Purchaser at least five (5) Business Days
prior to the Closing Date, then Purchaser shall have a right to terminate this Agreement with respect to the affected Property, which right shall be exercisable by the delivery of written notice to Seller. In the event of such termination,
</FONT></P>
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<P align="justify">
<FONT face="serif">all exhibits and schedules hereto and definitions herein shall be deemed modified to remove such affected Property, and the Purchase Price shall be reduced in accordance with Section 15.12 hereto. </FONT></P>
<P align="justify">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Memorandum regarding No Shareholder Approval; SNDAs</FONT></U><FONT face="serif">. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Within thirty (30) days of the Effective Date, Seller shall deliver to Purchaser a copy of the memorandum from Seller&#146;s counsel confirming
that neither this Agreement nor the transactions contemplated hereby require any approval of the shareholders of REX Stores and any analysis supporting such memorandum. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">If requested to do so by Purchaser, Seller shall send out a Subordination, Non-Disturbance and Attornment Agreement in the form requested
by Purchaser&#146;s lender (a &#147;</FONT><U><FONT face="serif">SNDA</FONT></U><FONT face="serif">&#148;) to each of the Space Lease Tenants and exercise good faith efforts to obtain each SNDA prior to Closing.  Notwithstanding the foregoing, receipt of a SNDA
from each Space Lease Tenants shall not be a condition to Purchaser&#146;s obligation to close the transaction contemplated by this Agreement. If requested to do so by Purchaser, Seller shall execute and deliver at Closing a SNDA and memorandum of lease
with respect to each Lease. </FONT></P>
<P align="justify">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Additional Conditions to Purchaser&#146;s Obligation to Close</FONT></U><FONT face="serif">. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">In addition to all other conditions set forth herein, the obligation of Purchaser to consummate the transactions contemplated hereunder
shall be contingent on the following: </FONT></P>

<table width="100%"  border="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(i)</td>
    <td width="85%"><div align="justify"><FONT face="serif">Seller&#146;s representations and warranties contained herein shall be true, correct and complete in all material respects as of the Closing Date; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(ii)</td>
    <td><div align="justify"><FONT face="serif">As of the Closing Date, the Seller shall have performed its obligations hereunder and all deliveries to be made by Seller at Closing have been tendered; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(iii)</td>
    <td><div align="justify"><FONT face="serif">At no time on or before the Closing Date shall any of the following have occurred with respect to Seller and/or REX Stores:  (1) the commencement of a case under Title
  11 of the U.S. Code, or under any other applicable federal or state bankruptcy or similar law; (2) the appointment of a trustee or receiver of any property interest; (3) an assignment for the benefit of creditors; (4) an attachment, execution or
  other judicial seizure of a substantial property interest; or (5) a dissolution or liquidation;</FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(iv)</td>
    <td><FONT face="serif">[Intentionally omitted]; </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(v)</td>
    <td><FONT face="serif">[Intentionally omitted]; </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(vi)</td>
    <td><div align="justify"><FONT face="serif">The Title Company shall be ready and willing to deliver to Purchaser owner&#146;s title policies in the form required by the </FONT></div></td>
  </tr>
</table>



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<FONT face="serif">-19- </FONT></P>

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<table width="100%"  border="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="85%"><div align="justify"><FONT face="serif">Title Commitments in Section 3.3 above in the amount of the Purchase Price, subject only to the Permitted Exceptions, with the endorsements reasonably requested by Purchaser (the &#147;</FONT><U><FONT face="serif">Owner&#146;s</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Title Policies</FONT></U><FONT face="serif">&#148;); and </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(vii)</td>
    <td><div align="justify"><FONT face="serif">This Agreement shall not have been terminated with respect to fifteen (15) or more of the twenty-five (25) Properties identified on </FONT><U><FONT face="serif">Schedule 3.6(a)(vii)</FONT></U><FONT face="serif"> hereto by (A) Purchaser pursuant to terms and conditions of this Agreement, or (B) Seller pursuant to Section 3.3(h) . </FONT></div></td>
  </tr>
</table>


<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">If any of the conditions set forth in Section 3.7(a)(i), (ii), (iii), (vi) or (vii) are not satisfied on the Closing Date, Purchaser may
elect either to (i) terminate this Agreement, or (ii) to the extent such failure constitutes a default by Seller, exercise its rights under Section 13. In the event of the termination of this Agreement pursuant to this Section 3.7, the Earnest Money
and any other sums deposited by Purchaser with the Escrow Agent shall be returned to Purchaser, all documents delivered into escrow shall be returned by the Escrow Agent to the depositing party, Purchaser shall promptly return to Seller the Delivery
Items, and each party shall pay any costs theretofore incurred by it, whereupon neither party shall have any additional liability hereunder and this Agreement shall be terminated, except for the Surviving Obligations. </FONT></P>
<P align="justify">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Additional Conditions to Seller&#146;s Obligations to Close</FONT></U><FONT face="serif">.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">In addition to all other conditions set forth herein, the obligation of Seller to consummate the transactions contemplated hereunder shall
be contingent on the following: </FONT></P>


<table width="100%"  border="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(i)</td>
    <td width="85%"><div align="justify"><FONT face="serif">The Purchaser&#146;s representations and warranties contained herein shall be true, correct and complete in all material respects as of the Closing Date;</FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(ii)</td>
    <td><div align="justify"><FONT face="serif">As of the Closing Date, the Purchaser shall have performed its obligations hereunder and all deliveries to be made by Purchaser at Closing have been tendered; and
    </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(iii)</td>
    <td><div align="justify"><FONT face="serif">This Agreement shall not have been terminated with respect to twenty-five (25) or more Properties by (A) Purchaser pursuant to terms and conditions of this Agreement,
  or (B) Seller pursuant to Section 3.3(h) . </FONT></div></td>
  </tr>
</table>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">If any of the conditions set forth in Section 3.8(a)(i), (ii) or (iii) are not satisfied on the Closing Date, Seller may elect either to
(i) terminate this Agreement, or (ii) to the extent such failure constitutes a default by Purchaser, exercise its rights under Section 13. In the event of the termination of this Agreement pursuant to this Section 3.8, the Earnest Money and any
other sums deposited by Purchaser with the Escrow Agent shall be returned to Purchaser, all documents delivered into escrow shall be returned by the Escrow Agent to the depositing party, Purchaser shall promptly return to Seller the Delivery Items,
and each party shall pay any costs theretofore incurred by it, whereupon neither party shall have any additional liability hereunder and this Agreement shall be terminated, except for the Surviving Obligations. </FONT></P>
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<FONT face="serif">-20- </FONT></P>

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<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Fairness Opinion</FONT></U><FONT face="serif">.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller may elect, in its discretion, to obtain an opinion from an investment banking firm of national standing as to whether or not the
consideration to be received by Seller for the Properties pursuant to the transactions contemplated by this Agreement is fair to Seller and the stockholders of REX Stores from a financial point of view (the &#147;</FONT><U><FONT face="serif">Fairness
Opinion</FONT></U><FONT face="serif">&#148;). If Seller obtains a Fairness Opinion on or prior to the date that is thirty (30) days after the Effective Date that the consideration to be received by Seller for the Properties is not fair to Seller and the
stockholders of REX from a financial point of view, then Seller shall have a right to terminate this Agreement, which right shall be exercisable by (i) delivery to Purchaser of written notice of termination and a copy of the Fairness Opinion on or
prior to the date that is thirty (30) days after the Effective Date, and (ii) within two (2) Business Days of such termination, payment to Purchaser of a fee of Seven Hundred Fifty Thousand Dollars (&#36;750,000.00) to cover Seller&#146;s costs, expenses
and other losses. In such event of termination, the Earnest Money and any other sums deposited by Purchaser with the Escrow Agent shall be returned to Purchaser, all documents delivered into escrow shall be returned by the Escrow Agent to the
depositing party, Purchaser shall promptly return to Seller the Delivery Items, and each party shall pay any costs theretofore incurred by it, whereupon neither party shall have any additional liability hereunder, except for the Surviving
Obligations. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller acknowledges and agrees that Seller shall have no right to terminate this Agreement if, after the date that is thirty (30) days
after the Effective Date, Seller obtains a Fairness Opinion that the consideration to be received by Seller for the Properties is not fair to Seller and the stockholders of REX from a financial point of view. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">If Seller terminates this Agreement pursuant to Section 3.9(a) hereof, then Purchaser shall have a right of first refusal which expires on
December 31, 2007 (&#147;</FONT><U><FONT face="serif">Purchaser</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Right of First Refusal</FONT></U><FONT face="serif">&#148;) with respect to any sale, joint venture or other direct or indirect
disposition by Seller and/or REX Stores of fifty (50) or more of the Properties. If at any time prior to December 31, 2007, Seller and/or REX Stores receive a bona fide offer with respect to a sale, joint venture or other direct or indirect
disposition of fifty (50) or more of the Properties (&#147;</FONT><U><FONT face="serif">Offer</FONT></U><FONT face="serif">&#148;) that Seller and/or REX Stores desire to accept, then prior to accepting the Offer, Seller and/or REX shall deliver written
notice of the Offer to Purchaser (&#147;</FONT><U><FONT face="serif">Offer Notice</FONT></U><FONT face="serif">&#148;). The Offer Notice shall include a copy of the Offer. Purchaser shall have ten (10) Business Days after receipt of the Offer Notice to
exercise the Right of First Refusal and accept the Offer, which right shall be exercisable by delivery of written notice to Seller and/or REX Stores. If Purchaser so accepts the Offer, then Purchaser shall have the right and the obligation to enter
into the transaction contemplated by the Offer upon the same terms and conditions as are set forth in the Offer, except that periods of time for purchaser performance shall be extended so that Purchaser shall have at least ten (10) Business Days
from the date of Purchaser&#146;s acceptance of the Offer for such performance and at least thirty (30) days from the date of Purchaser&#146;s acceptance of the Offer to close on the transaction contemplated by the Offer. If Purchaser does not so accept the
Offer, then Seller and/or REX Stores may accept the Offer and enter into the transaction contemplated by the Offer pursuant to the terms and conditions set forth in the Offer and the Purchaser Right of First Refusal remain in effect with respect to
any future Offer during the 365-day period. This Section 3.9(c) shall survive the termination of this Agreement and constitutes a Surviving Obligation. </FONT></P>
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<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Covenants Regarding Change in Property Condition</FONT></U><FONT face="serif">. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Notwithstanding anything herein to the contrary in Section 11.1 hereof, in the event there is a material adverse change in the condition of
any one or more of the Properties from the condition reported in the PSI Reports prior to Closing that requires repairs with respect to any one Property that cost in excess of Twenty-Five Thousand and 00/100 Dollars (&#36;25,000.00) but less than
Seventy-Five Thousand and 00/100 Dollars (&#36;75,000.00), Seller shall complete such repairs, at Seller&#146;s sole cost, to the reasonable satisfaction of Purchaser with good speed and diligence and the Closing Date with respect to the affected
Property only shall be extended to permit the completion of the aforementioned repairs, which extension shall not affect the Closing Date with respect to the Properties other than the affected Property. Notwithstanding the foregoing, in the event
the aforementioned repairs are not completed within sixty (60) days after the originally scheduled Closing Date, then Purchaser shall have a right to terminate this Agreement with respect to the affected Property, which right shall be exercisable by
the delivery of written notice to Seller. In the event of such termination, all exhibits and schedules hereto and definitions herein shall be deemed modified to remove such affected Property, and the Purchase Price shall be reduced in accordance
with Section 15.12 hereof. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Notwithstanding anything herein to the contrary in Section 11.1 hereof, in the event there is a material adverse change in the condition of
any one or more of the Properties from the condition reported in the PSI Reports prior to Closing that requires repairs with respect to any one Property that cost in excess of Seventy-Five Thousand and 00/100 Dollars (&#36;75,000.00), then Purchaser
shall have a right to either (i) require that Seller complete repairs costing not more than &#36;75,000.00, at Seller&#146;s sole cost, to the reasonable satisfaction of Purchaser with good speed and diligence and the Closing Date with respect to the
affected Property only shall be extended to permit the completion of the aforementioned repairs, which extension shall not affect the Closing Date with respect to the Properties other than the affected Property, or (ii) terminate this Agreement with
respect to the affected Property, which right shall be exercisable by the delivery of written notice to Seller.  In the event of such termination, all exhibits and schedules hereto and definitions herein shall be deemed modified to remove such
affected Property, and the Purchase Price shall be reduced in accordance with Section 15.12 hereof. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">3.11</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Delivery of New Surveys in Event of Termination</FONT></U><FONT face="serif">.  In the event that this Agreement is terminated in its
entirety or with respect to any Properties in particular pursuant to the express rights of Seller or Purchaser hereunder, Purchaser agrees to deliver copies of all new surveys or updates to Existing Surveys obtained by Purchaser and assign to Seller
all rights thereto. </FONT></P>
<P align="left">
<B><U><FONT face="serif">SECTION 4 CLOSING</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">4.1</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Time and Place</FONT></U><FONT face="serif">. The Closing shall be held on the Closing Date in the offices of counsel to Purchaser or
counsel to Purchaser&#146;s lender, or at any other location mutually acceptable to the parties. </FONT></P>
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<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Deliveries</FONT></U><FONT face="serif">. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">In addition to the items and documents required under other provisions of this Agreement to be delivered by Seller to Purchaser at or prior
to Closing, Seller (or whichever of Seller One, Seller Two or Seller Three is identified on </FONT><U><FONT face="serif">Exhibit 1.1</FONT></U><FONT face="serif"> as the owner of the Site to which such items and documents relate) shall execute
and/or deliver (or cause to be executed and/or delivered) to Purchaser through escrow each of the following at Closing: </FONT></P>

<table width="100%"  border="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(i)</td>
    <td width="85%"><div align="justify"><FONT face="serif">a limited warranty deed (or the equivalent under the law of the applicable State where the Real Property is located) for each Real Property, conveying to Purchaser all
  of Seller&#146;s right, title and interest in and to such Real Property, subject only to the Permitted Exceptions, substantially in the form attached hereto as </FONT><U><FONT face="serif">Exhibit 4.2(a)(i)</FONT></U><FONT face="serif">; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(ii)</td>
    <td><div align="justify"><FONT face="serif">an assignment to Purchaser of all Space Leases in the form attached hereto as </FONT><U><FONT face="serif">Exhibit 4.2(a)(ii)</FONT></U><FONT face="serif"> (the &#147;Space
  Lease </FONT><U><FONT face="serif">Assignment</FONT></U><FONT face="serif">&#148;); </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(iii)</td>
    <td><div align="justify"><FONT face="serif">a non-foreign transferor certification pursuant to Section 1445 of the Internal Revenue Code from Seller in the form attached hereto as </FONT><U><FONT face="serif">Exhibit 4.2(a)(iii)</FONT></U><FONT face="serif">; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(iv)</td>
    <td><div align="justify"><FONT face="serif">evidence of Seller&#146;s authority to consummate the transactions described herein, as required by the Title Company; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(v)</td>
    <td><div align="justify"><FONT face="serif">an owner&#146;s affidavit in a form sufficient to induce the Title Company to remove the mechanics lien and other standard exceptions from the Owner&#146;s Title Policies for the
  Properties and such other documents from Seller as may be reasonably required by the Title Company to consummate the transactions contemplated hereby; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(vi)</td>
    <td><div align="justify"><FONT face="serif">notices in a form reasonably acceptable to Purchaser to each party under the REAs and each Space Lease Tenant under a Space Lease informing such party of the
  consummation of the transactions contemplated hereby; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(vii)</td>
    <td><div align="justify"><FONT face="serif">a date-down letter for representations and warranties in the form attached hereto as </FONT><U><FONT face="serif">Exhibit 4.2(a)(vii)</FONT></U><FONT face="serif">;
    </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(viii)</td>
    <td><div align="justify"><FONT face="serif">evidence of insurance required under the Leases and 90-Day License Agreements; </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(ix)</td>
    <td><div align="justify"><FONT face="serif">originals of all Delivery Items to the extent in the possession or control of Seller; </FONT></div></td>
  </tr>
</table>


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<table width="100%"  border="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(x)</td>
    <td width="85%"><div align="justify"><FONT face="serif">assignments and assumptions, in recordable form, of Seller&#146;s interest in the REAs, whereby Seller assigns to Purchaser and Purchaser assumes all of Seller&#146;s or Tenant&#146;s
rights, title, interests, duties, obligations and liabilities under such REAs, in the form attached hereto as </FONT><U><FONT face="serif">Exhibit 4.2(a)(x)</FONT></U><FONT face="serif"> (the &#147;</FONT><U><FONT face="serif">REA
Assignments</FONT></U><FONT face="serif">&#148;); </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xi)</td>
    <td><FONT face="serif">the Leases, 90-Day License Agreements and Guaranty; </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xii)</td>
    <td><FONT face="serif">one or more bills of sale and assignment conveying to Purchaser all of Seller&#146;s right, title and interest in and to the Personal Property and Intangible Property, in
the form attached hereto as </FONT><U><FONT face="serif">Exhibit 4.2(a)(xii) </FONT></U><FONT face="serif">(the &#147;</FONT><U><FONT face="serif">Bill of Sale and Assignment</FONT></U><FONT face="serif">&#148;); </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xiii)</td>
    <td><FONT face="serif">the Closing Statement; </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xiv)</td>
    <td><FONT face="serif">all transfer declarations, affidavits of value or similar documentation required by law; </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xv)</td>
    <td><FONT face="serif">originals of the Space Lease Estoppels and REA Estoppels;</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xvi)</td>
    <td><FONT face="serif">originals of the Required Consents; and</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(xvii)</td>
    <td>
<FONT face="serif">evidence of Seller&#146;s payment of the Leasing Commissions.</FONT></td>
  </tr>
</table>



<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">In addition to the items and documents required under other provisions of this Agreement to be delivered by Purchaser to Seller at or prior
to Closing, Purchaser also shall execute and/or deliver (or cause to be executed and/or delivered) to Seller through escrow each of the following at Closing: </FONT></P>



<table width="100%"  border="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(i)</td>
    <td width="85%"><div align="justify"><FONT face="serif">the Purchase Price, by wire transfer, as provided in subsection 2.2(b) hereof;</div></td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(ii)</td>
    <td width="85%"><div align="justify"><FONT face="serif">evidence of Purchaser&#146;s authority to consummate the transactions described herein, as required by the Title Company;</div></td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(iii)</td>
    <td width="85%"><div align="justify"><FONT face="serif">the Space Lease Assignments; (iv)</div></td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(iv)</td>
    <td width="85%"><div align="justify"><FONT face="serif">the REA Assignments;</div></td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(v)</td>
    <td width="85%"><div align="justify"><FONT face="serif">the Leases;</div></td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(vi)</td>
    <td width="85%"><div align="justify"><FONT face="serif">the Bill of Sale and Assignment;</div></td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(vii)</td>
    <td width="85%"><div align="justify"><FONT face="serif">the Closing Statement; and</div></td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(viii)</td>
    <td width="85%"><div align="justify"><FONT face="serif">all transfer declarations, affidavits of value or similar documentation required by law to be delivered by Purchaser.</div></td>
  </tr>
</table>


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<FONT face="serif">-24- </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"><FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Closing Instructions to Escrow Agent</FONT></U><FONT face="serif">.  The Closing shall be facilitated through an escrow established with
the Escrow Agent, using closing escrow instructions consistent with this Agreement and the Escrow Agent&#146;s standard practice, or as otherwise mutually agreed between Purchaser and Seller. </FONT></P>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"><FONT face="serif">(d)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Possession</FONT></U><FONT face="serif">.  Seller shall deliver actual possession of the Properties to Purchaser at Closing, subject to
the Leases, Space Leases and 90-Day License Agreements. </FONT></P>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"><FONT face="serif">(e)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Leasing Commissions</FONT></U><FONT face="serif">.  At or prior to Closing, Seller shall pay any Leasing Commissions.</FONT><B><FONT face="serif"> </FONT></B></P>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"><FONT face="serif">(f)</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Legal Descriptions</FONT></U><FONT face="serif">.  To the extent that the Title Company is willing to insure an appurtenant easement not
set forth in the legal descriptions of the Properties in </FONT><U><FONT face="serif">Exhibit 2.1(a)(i)</FONT></U><FONT face="serif"> attached hereto, Seller agrees to add the insured description of such easement to the legal descriptions to be
attached to the deeds delivered under Section 4(a)(i) hereto.</FONT><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<B><U><FONT face="serif">SECTION 5 PRORATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<FONT face="serif">5.1</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Prorations and Adjustments</FONT></U><FONT face="serif">.</FONT></P>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"><FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">A statement of prorations and other adjustments shall be prepared by Seller for each Property being conveyed at Closing in conformity with
the provisions of this Agreement and submitted to Purchaser for review and approval not less than ten (10) Business Days prior to the Closing Date (the &#147;</FONT><U><FONT face="serif">Closing Statement</FONT></U><FONT face="serif">&#148;). For purposes of
prorations and other adjustments under this Section 5, Purchaser shall be deemed the owner of the Properties as of 12:00 a.m. on the Closing Date. Subject to the foregoing, and in addition to other adjustments that may be provided for in this
Agreement, the following items with respect to each Property are to be prorated or adjusted, as the case may require, as of the Closing Date: </FONT></P>

<table width="100%"  border="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(i)</td>
    <td width="85%"><div align="justify"><FONT face="serif">With respect to each Property, except any Leased Property:</div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="90%" colspan="2" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">A. real estate taxes and assessments (except to the extent the same shall be the obligation of a Space Lease Tenant under a Space Lease;
provided, however, in the event that the Space Lease Tenant fails to make applicable payments, Seller shall be responsible for the unpaid real estate taxes and assessments which relate to the period prior to the Closing and Purchaser shall be
responsible for the unpaid real estate taxes and assessments which relate to the period after the Closing);</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">B.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">rents, additional rents, and all other charges and payments to be made by or received by Seller pursuant to any Space Lease encumbering or
benefiting the Property; </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">C.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">charges
and payments to be made by or received by Seller pursuant to any REA encumbering or benefiting the Property; </FONT></td>
  </tr>
</table>


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<FONT face="serif">-25- </FONT></P>

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<table width="100%"  border="0">
  <tr>
    <td width=10%>&nbsp;</td>
    <td width=90% colspan="2" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">D. cash security
deposits paid by Space Lease Tenants under the Space Leases, and not theretofore applied, shall be credited by Seller to
Purchaser on the Closing Date;</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">E. water, electric, telephone and all other utility and fuel charges (except to the extent the same shall be the obligation of a Space Lease
Tenant under a Space Lease; provided, however, in the event that the Space Lease Tenant fails to make applicable payments, Seller shall be responsible for the unpaid charges which relate to the period prior to the Closing and Purchaser shall be
responsible for the unpaid charges which relate to the period after the Closing);</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">F.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">assignable license and permit fees; </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">G.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">deposits made by Seller with utility companies, governmental authorities or any other Person, which deposits shall be assigned to Purchaser
at Closing and shall be credited to Seller; and </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">H.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">other operating expenses and any other customarily apportioned items.</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(ii)</td>
    <td width="85%"><div align="justify"><FONT face="serif">Generally:</FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">A.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Real estate taxes shall be initially prorated on the basis of 100% of the most recent ascertainable bill, but subject to reproration upon
issuance of the actual bills therefor to effectuate the actual proration. Real estate taxes shall be apportioned on the basis of the fiscal period for which assessed. If as of the Closing Date any of the Properties or any portion thereof shall be
affected by any special or general assessments which are or may become payable in installments of which the first installment is then a lien and has become payable, responsibility for the payment of any unpaid installments of such assessments which
are due prior to the Closing Date shall be allocated to Seller, and Purchaser shall be responsible to pay only the installments which are due on or after the Closing Date, and Purchaser or Seller shall make a payment to the other to the extent
necessary so that the total amount of such special or general assessment is apportioned as provided above. Except with respect to general real estate taxes (which shall be reprorated upon the issuance of the actual bills, if necessary), any
proration which must be estimated at a Closing shall be reprorated and finally adjusted as soon as practicable after the Closing, with any refunds payable to Seller or Purchaser to be made as soon as practicable. Seller shall have the right to
prosecute and continue to prosecute subsequent to the Closing any tax certiorari proceedings for the tax year in which the Closing occurs and all prior tax years. Any refunds obtained, net of the reasonable expenses incurred in obtaining such
refund, shall be paid to Purchaser to the extent of the amount thereof which is payable to the Space Lease Tenants under the Space Leases, and the</FONT></td>
  </tr>
</table>


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<FONT face="serif">-26- </FONT></P>

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<table width="100%"  border="0">
  <tr>
    <td width=10%>&nbsp;</td>
    <td width=90% colspan="2" valign="top"><FONT face="serif">balance thereof, if any, shall be apportioned to the date preceding the date of the Closing, with any portion thereof allocable to periods subsequent to the date preceding the date of the Closing to be paid to Purchaser and the
remainder to be paid to Seller.</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">B.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Water, electric, telephone and all other utility and fuel charges shall be prorated ratably on the basis of the last ascertainable bills
(and reprorated upon receipt of the actual bills or invoices) unless final meter readings and final invoices can be obtained. To the extent practicable, Seller shall cause meters for utilities to be read not more than ten (10) Business Days prior to
the Closing Date. </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">C.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">In the event that a Space Lease Tenant is owed any additional funds as a result of any deficiency shown in a reconciliation of percentage
rents, taxes or other operating expenses for the period of time prior to the Closing, Seller shall deliver to Purchaser the overpaid funds within twenty (20) days of receipt of notice from Purchaser; provided that Seller shall have a right to review
any reconciliation and the related records prior to making any payments so long as such review is requested and completed within twenty (20) days of receipt of the aforementioned notice from Purchaser. </FONT></td>
  </tr>
</table>


</P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">With respect to any Leased Property, there shall be no proration of any income or expenses at Closing, as Seller shall be responsible for

all Additional Rent (as defined in the Leases) under the Leases. Additionally, Seller agrees to be responsible for all Additional Rent with respect to the Leased Properties incurred prior to the Closing Date (&#147;</FONT><U><FONT face="serif">Pre-Closing</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Impositions</FONT></U><FONT face="serif">&#148;) and indemnify, defend and hold Purchaser harmless from and against any and all claims, losses, damages, costs and expense
(including, without limitation, reasonable attorneys fees' and court costs) suffered or incurred as a result of or in connection with any failure by Seller to pay Pre-Closing Impositions. Seller shall cause any past due Pre-Closing Impositions to be
paid at or prior to Closing.</FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The provisions of this Section 5 shall survive the Closing.</FONT></P>
<P align="left">
<B><U><FONT face="serif">SECTION 6 REPRESENTATIONS AND WARRANTIES</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">6.1</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Seller&#146;s Representations and Warranties</FONT></U><FONT face="serif">.  Seller represents and warrants to Purchaser as follows:
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller has the legal power, right and authority to enter into this Agreement and to consummate the transactions contemplated hereby.
Neither this Agreement nor the transactions contemplated hereby will require any approval of the shareholders of REX Stores. This Agreement and the transactions contemplated hereby have been approved by the Board of Directors of REX Stores.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Neither the execution and delivery of this Agreement nor the consummation of the transactions herein contemplated conflict with or result
in the material </FONT></P>
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<P align="left">
<FONT face="serif">breach of any terms, conditions or provisions of or constitute a default under, any bond, note or other evidence of indebtedness or any agreement to which Seller is a party. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">To Seller&#146;s knowledge, no Person other than Purchaser has an option or right of first refusal to purchase any Property or any portion
thereof, except as set forth on </FONT><U><FONT face="serif">Schedule 6.1(c)(i) </FONT></U><FONT face="serif">(the &#147;</FONT><U><FONT face="serif">Purchase Option Agreements</FONT></U><FONT face="serif">&#148;) and </FONT><U><FONT face="serif">Schedule
6.1(c)(ii) </FONT></U><FONT face="serif">(the &#147;</FONT><U><FONT face="serif">Right of</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">First Refusal Agreements</FONT></U><FONT face="serif">&#148;). The copies of the Purchase Option Agreements
and Right of First Refusal Agreements delivered by Seller to Purchaser are true, correct and complete. The Real Property includes all Land and Improvements utilized in connection with the prior and/or current operation of  &#147;</FONT><U><FONT face="serif"></FONT></U><FONT face="serif">Rex&#148;, &#147;</FONT><U><FONT face="serif"></FONT></U><FONT face="serif">Kelly &amp; Cohen
Appliances&#148; and &#147;</FONT><U><FONT face="serif"></FONT></U><FONT face="serif">Stereo Town&#148; stores at the Sites. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">To Seller&#146;s knowledge, there is no pending or threatened condemnation action affecting any Property</FONT><B><FONT face="serif">.
</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">To Seller&#146;s knowledge, except as set forth on </FONT><U><FONT face="serif">Schedule 6.1(e)</FONT></U><FONT face="serif"> attached hereto,
there is no action, suit or proceeding pending or, to Purchaser&#146;s knowledge, threatened against Purchaser in any court or by or before any other governmental agency or instrumentality which would affect any of the Properties or would materially and
adversely affect the ability of Purchaser to carry out the transactions contemplated by this Agreement. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">To Seller&#146;s knowledge, there are no violations of Environmental Laws related to any Property with respect to the presence or release of
Hazardous Materials on or from any Property, except as disclosed in the environmental reports delivered by Seller to Purchaser. The term &#147;</FONT><U><FONT face="serif">Environmental Laws</FONT></U><FONT face="serif">&#148; includes, without limitation,
the Resource Conservation and Recovery Act and the Comprehensive Environmental Response Compensation and Liability Act (&#147;</FONT><U><FONT face="serif">CERCLA</FONT></U><FONT face="serif">&#148;) and other federal laws governing Hazardous Materials as in
effect on the date of this Agreement, together with their implementing regulations and guidelines as of the date of this Agreement, and all state and local laws, regulations and ordinances that regulate Hazardous Materials in effect as of the date
of this Agreement. &#147;</FONT><U><FONT face="serif">Hazardous Materials</FONT></U><FONT face="serif">&#148; means any substance which is (i) designated, defined, classified or regulated as a hazardous substance, hazardous material, hazardous waste,
pollutant or contaminant under any applicable law, as currently in effect as of the date of this Agreement, (ii) petroleum hydrocarbon, including crude oil or any fraction thereof and all petroleum products, (iii) PCBs, (iv) lead, (v) friable
asbestos, (vi) flammable explosives, (vii) infectious materials, (viii) radioactive materials, or (ix) mold. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The copies of the Space Leases, REAs and Service Contracts delivered by Seller to Purchaser are true, correct and complete.  The Space
Leases, REAs and Service Contracts are in full force and effect and have not been assigned by Seller. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">To Seller&#146;s knowledge, neither Seller nor any Space Lease Tenant is in default under any Space Lease in any material respect. None of
Seller, any Space Lease Tenant or any party to any REA has given or made or received any notice of default, which remains uncured or unsatisfied, with respect to any Space Lease or REA. All payments payable by, or due Seller under any Space Lease or
REA have been made and received, without any defenses or counterclaims, offsets, concessions, rebates, credits or allowances. No Space Lease Tenant has paid more than one (1) month&#146;s rent in advance. All tenant improvements or work to be done,
furnished or paid for by Seller or loans to be provided by Seller for, or in connection with, any </FONT></P>
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<P align="left">
<FONT face="serif">Space Lease Tenant under the Space Leases have been completed and paid for in full. Except as set forth on </FONT><U><FONT face="serif">Schedule 6.1(h)</FONT></U><FONT face="serif"> (the &#147;</FONT><U><FONT face="serif">Leasing
Commissions</FONT></U><FONT face="serif">&#148;), no leasing, brokerage or like commissions are due from Seller, or may become due, in respect to the Space Leases or the Properties. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(i)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">To Seller&#146;s knowledge, neither Seller nor any other party under any REAs is in default under any REAs in any material respect. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(j)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">To Seller&#146;s knowledge after due inquiry, neither this Agreement nor the transactions contemplated hereby will constitute a breach or
violation of, or default under, or will be modified, restricted or precluded by, the REAs or any other agreement binding Seller or the Properties, provided that Seller obtains the consents from the parties identified on </FONT><U><FONT face="serif">Schedule 6.1(j)</FONT></U><FONT face="serif"> attached hereto (the &#147;</FONT><U><FONT face="serif">Required Consents</FONT></U><FONT face="serif">&#148;) in form and substance satisfactory to Purchaser.  Neither this Agreement nor the
transactions contemplated hereby will constitute a breach or violation of, or default under, or will be modified, restricted or precluded by, or any other agreement to which Seller is a party or by which Seller or any Property is bound.</FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="serif">(k)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller has obtained or will obtain prior to Closing the Required Consents. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(l)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller is not required to make any filing with, or to obtain any permit, authorization, consent or approval of, any governmental or
regulatory authority (including, without limitation, any securities exchange) as a condition to the execution and delivery or performance of this Agreement and the consummation of transactions contemplated hereby. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(m)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">All Personal Property and Intangible Property will be conveyed to Purchaser at Closing free and clear of any and all liens, encumbrances,
charges or adverse interests. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(n)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller has received no written notice that any government agency or any employee or official thereof considers the construction of any
Property or the operation or use of the same to have failed to comply with any law, ordinance, regulation or order that has not previously been corrected or that any investigation has been commenced or is contemplated regarding any such possible
failure of compliance.  To the knowledge of Seller, there are no unsatisfied requests for repairs relating to any Property from any party to a REA, Space Lease, lender, insurance carrier or government agency. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(o)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">To Seller&#146;s knowledge, there are no occupancies, concessions, or licenses in or to any Property or any portion thereof, other than the
Space Leases, REAs and other agreements disclosed by the Title Commitments, and, to Seller&#146;s knowledge, no agreement other than the Space Leases, REAs and other agreements disclosed by the Title Commitments, provides for any restrictions on the
leasing, use or occupancy of any of the Properties or any portion thereof. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(p)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller has not received written notice of any pending or threatened zoning proceedings which would adversely affect the zoning currently
applicable to any Property. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(q)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Any existing indebtedness encumbering any Property will be paid off by Seller at or prior to Closing. </FONT></P>
<P align="center">
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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(r)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Neither Seller nor any of the entities constituting Seller: (i) is &#147;insolvent&#148; or will be, after completion of the transactions
contemplated hereby, rendered &#147;</FONT><U><FONT face="serif"></FONT></U><FONT face="serif">insolvent&#148;, as the term &#147;insolvent&#148; is used in the Bankruptcy Code or in the Uniform Fraudulent Conveyance Act as enacted in either any state in which any Property is located or the state in which Seller&#146;s principal
office is located (the &#147;</FONT><U><FONT face="serif">Creditors&#146; Rights Statutes</FONT></U><FONT face="serif">&#148;); (ii) has, or after completion of the transactions contemplated hereby will be left with, an unreasonably small capital within the
meaning of the Creditors Rights Statutes; (iii) in entering into and carrying out its obligations hereunder, intends to incur, or believes that it will incur, debts beyond its ability to satisfy such debts as they mature within the meaning of the
Creditors Rights Statutes; (iv) has commenced a case under Title 11 of the U.S. Code, or under any other applicable federal or state bankruptcy or similar law; (v) appointed a trustee or receiver of any property interest; (vi) made an assignment for
the benefit of creditors; (vii) suffered an attachment, execution or other judicial seizure of a substantial property interest; (viii) suffered a dissolution or liquidation; or (ix) suffered the discontinuation of trading of shares on the New York
Stock Exchange; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(s)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller is not a &#147;foreign person&#148; within the meaning of Sections 1445 and 7701 of the Internal Revenue Code of 1986, as amended. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(t)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller is not obligated to contribute to any merchants&#146; associations relating to the properties other than as set forth in the by-laws of
such associations, true and correct copies of which have been delivered to Purchaser, or to any other promotional or similar fund for the advertising and promotion of the Properties. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(u)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The representations and warranties of Seller set forth in this Agreement are true, accurate and complete; and do not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statement therein not misleading. </FONT></P>
<P align="left">
<FONT face="serif">Whenever in this Agreement there is a reference to the &#147;knowledge&#148; of Seller, such term refers to the actual (as opposed to the constructive or imputed) knowledge, with no duty to undertake inquiries or investigations, of (i)
Stuart Rose, Chief Executive Officer of REX Stores, (ii) Douglas Bruggeman, Chief Financial Office of REX Stores, and (iii) Rick Santia, Vice President &#150; Corporate Development of Seller.</FONT><B><FONT face="serif"> </FONT></B></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="serif">6.2</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Purchaser&#146;s Representations and Warranties</FONT></U><FONT face="serif">. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchaser hereby represents and warrants to Seller as follows: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a) Purchaser has the legal power, right and authority to enter into this Agreement and to consummate the transactions contemplated hereby. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b) Neither the execution and delivery of this Agreement nor the consummation of the transactions herein contemplated conflict with or result in the material breach of any terms, conditions or
provisions of or constitute a default under, any bond, note, or other evidence of indebtedness or any agreement to which Purchaser is a party. </FONT></P>
<P align="center">
<FONT face="serif">-30- </FONT></P>

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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">6.3</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Survival</FONT></U><FONT face="serif">. The representations and warranties of Seller and Purchaser set forth in this Agreement shall be
deemed remade as of Closing, and said representations and warranties as so remade shall survive Closing for a period of three hundred sixty five (365) days after the Closing Date (other than the representations made in Sections 6.1(a) and 6.2(a),
which shall have no expiration date), after which all of the representations and warranties of Seller and Purchaser set forth in this Agreement shall become void and of no further force or effect.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">6.4</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Indemnification</FONT></U><FONT face="serif">. Seller hereby indemnifies and agrees to defend, hold harmless and protect Purchaser, each
partner or shareholder, as the case may be, in Purchaser, and their respective officers, directors, members, shareholders, partners, employees, agents and consultants, from and against any and all loss, costs, expenses (including reasonable
attorneys&#146; fees), obligations, liabilities, claims (including any claim for damage to property or injury to death of any persons), liens, or encumbrances, but not consequential damages, punitive damages or lost profits, arising from: (i) the
Properties and arising or accruing on or before the Closing Date, including, without limitation, matters arising under Environmental Laws or relating to Hazardous Materials; (ii) any act, conduct, omission, contract or commitment of Seller occurring
on or before the Closing Date; or (iii) any material inaccuracy in or material breach of any representation or warranty of Seller resulting from any breach or default by Seller under this Agreement, provided the claim for indemnity was timely made
during the survival period set forth in Section 6.3 above. The party claiming indemnification under this Section 6.4 or under Section 3.2(c), Section 9 or Section 15.14 hereof (the &#147;</FONT><U><FONT face="serif">Indemnitee</FONT></U><FONT face="serif">&#148;) shall notify the other party (the &#147;</FONT><U><FONT face="serif">Indemnitor</FONT></U><FONT face="serif">&#148;) of any such claim for indemnification within forty-five (45) days after the Indemnitee receives notice of the basis for such
claim, but failure to notify the Indemnitor shall in no case limit the obligations of the Indemnitor under this Section 6.4 except to the extent Indemnitor shall be prejudiced by such failure. Should Indemnitor fail to discharge or undertake to
defend against such claim upon learning of the same, then the Indemnitee may litigate or settle such liability or submit such liability to arbitration or other alternative dispute resolution in its reasonable discretion and Indemnitor&#146;s liability
shall include, but not be limited to, the amount of such settlement. The provisions of this Section 6.4 shall survive the Closing for a period of two (2) years, if the Closing shall occur, and shall survive termination of this Agreement, if this
Agreement shall be terminated. </FONT></P>
<P align="left">
<B><U><FONT face="serif">SECTION 7 PURCHASE AS-IS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES OF SELLER EXPRESSLY SET FORTH IN THIS AGREEMENT, PURCHASER WARRANTS AND ACKNOWLEDGES TO AND AGREES WITH SELLER THAT PURCHASER IS PURCHASING THE PROPERTIES
IN THEIR &#147;AS-IS, WHERE IS&#148; CONDITION &#147;WITH ALL FAULTS&#148; AS OF THE CLOSING DATE AND SPECIFICALLY AND EXPRESSLY WITHOUT ANY WARRANTIES, REPRESENTATIONS OR GUARANTEES, EITHER EXPRESS OR IMPLIED, AS TO THEIR CONDITION, FITNESS FOR ANY PARTICULAR PURPOSE,
MERCHANTABILITY, OR ANY OTHER WARRANTY OF ANY KIND, NATURE, OR TYPE WHATSOEVER FROM OR ON BEHALF OF SELLER. SELLER AND PURCHASER ACKNOWLEDGE AND AGREE THAT Seller&#146;s OBLIGATION TO REMOVE FIXTURES, SHELVING, CABINETS, COUNTERS, DESKS, SIGNS AND SIGN
FASCIAS AND SATELLITE DISHES FROM THE PROPERTIES SHALL BE GOVERNED </FONT></P>
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<P align="left">
<FONT face="serif">BY THE TERMS AND CONDITIONS OF THE LEASES AND 90-DAY LICENSE AGREEMENTS, AS THE CASE MAY BE. </FONT></P>
<P align="left">
<B><U><FONT face="serif">SECTION 8 CLOSING COSTS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">8.1</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Seller&#146;s Closing Costs</FONT></U><FONT face="serif">. Seller shall pay the following expenses incurred in connection with the
transactions described herein: (a) all costs associated with efforts to obtain the Fairness Opinion, and (b) Seller&#146;s legal fees. Seller also agrees to credit Purchaser at Closing the sum of One Million Four Hundred Thousand Dollars
(&#36;1,400,000.00) to reimburse Purchaser for due diligence costs, closing costs and deferred maintenance expenses associated with the Properties.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">8.2</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Purchaser&#146;s Closing Costs</FONT></U><FONT face="serif">.  Subject to receipt of the credit contemplated by Section 8.1 hereof and
provided the Closing occurs, Purchaser shall pay the following expenses incurred in connection with the transactions described herein: (a) the commitment fee and premiums on any Owner&#146;s Title Policies obtained by Purchaser, including any title
endorsements thereto, (b) any cancellation fees payable to the Title Company for title commitment for any Property with respect to which this Agreement is terminated, (c) any title coordination or escrow fees, (d) the cost to obtain any zoning
reports, updates to Existing Surveys or new surveys ordered by Purchaser, (e) the cost to obtain any additional environmental assessment reports with respect to the Environmental Assessment Properties, (f) the fee for the recording of the deeds, REA
Assignments, Space Lease Assignments and memorandum of leases, (g) Purchaser&#146;s legal fees and expenses, (h) the cost to obtain the Title Commitments for the Properties, (i) the cost to obtain Phase I environmental reports and property condition
assessments for the Properties (including the Additional Properties) prepared by Professional Service Industries (collectively, the &#147;</FONT><U><FONT face="serif">PSI Reports</FONT></U><FONT face="serif">&#148;), and (j) any deed and transfer taxes.
</FONT></P>
<P align="left">
<B><U><FONT face="serif">SECTION 9 BROKERAGE COMMISSIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Seller and Purchaser each warrant and represent to the other that neither has had any dealings with any broker, agent or finder relating to the sale of any Property or the other transactions
contemplated hereby, and each agrees to indemnify, defend and hold the other harmless from and against any claim for brokerage commissions, compensation or fees by any broker, agent or finder in connection the sale of any Property or the other
transactions contemplated hereby resulting from the acts of the indemnifying party.  This Section 9 shall survive the Closing, if the Closing shall occur, and shall survive termination of this Agreement, if this Agreement shall be terminated.
</FONT></P>
<P align="left">
<B><U><FONT face="serif">SECTION 10 NOTICE</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">All notices, demands and communications (a &#147;</FONT><U><FONT face="serif">Notice</FONT></U><FONT face="serif">&#148;) under this Agreement shall be delivered or sent by: (a) first class, registered or
certified mail, postage prepaid, return receipt requested, (b) nationally recognized overnight courier, or (c) facsimile with confirmation of receipt of such facsimile, addressed to the address of the intended recipient set forth below or to such
other address as either party may designate by notice pursuant to this Section. Notices shall be deemed given upon receipt or refusal.  Any notice may be given by counsel to the party giving such notice. </FONT></P>
<P align="center">
<FONT face="serif">-32- </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>

<TABLE border=0 width=80% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=26% nowrap>
<FONT face="serif">Notices to Seller:</FONT>&nbsp;
  </TD>
  <TD width=15%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">Rex Radio and Television, Inc.</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">Kelly &amp; Cohen Appliances, Inc.</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">Stereo Town, Inc.</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">2875 Needmore Road</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">Dayton, OH 45414</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">Attn: Douglas Bruggeman</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Ph. (937)279-3931</FONT>&nbsp;
  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Fax. (937)279-8643</FONT>&nbsp;
  </TD>
  </TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>
<FONT face="serif">With a copy to:</FONT>&nbsp;
  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">Chernesky, Heyman &amp; Kress P.L.L.</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">10 Courthouse Plaza SW, Suite 1100</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">Dayton, Ohio 45402</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">Attn: Edward M. Kress and Karen R. Adams</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Ph. (937)449-2830 and (937)449-2825</FONT>&nbsp;
  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Fax. (937)463-4947</FONT>&nbsp;
  </TD>
  </TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>
<FONT face="serif">Notices to Purchaser:</FONT>&nbsp;
  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">Coventry Real Estate Investments, LLC</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">c/o Coventry Real Estate Advisors, L.L.C.</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">1 East 52</FONT><SUP><FONT face="serif">nd </FONT></SUP><FONT face="serif">Street, 4</FONT><SUP><FONT face="serif">th </FONT></SUP><FONT face="serif">Floor</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">New York, NY 10022</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">Attn: Mr. David Hirschberg</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Ph. 212.699.4100</FONT>&nbsp;
  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Fax. 212.699. 4124</FONT>&nbsp;
  </TD>
  </TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>
<FONT face="serif">With a copy to:</FONT>&nbsp;
  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">Thompson Hine LLP</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">3900 Key Center</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">127 Public Square</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">Cleveland, Ohio 44114</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left width=60% nowrap>
<FONT face="serif">Attention: Robyn Minter Smyers, Esq.</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Ph. 216.566.5500</FONT>&nbsp;
  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;

  </TD>
  <TD width=11%>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT face="serif">Fax 216.566.5800</FONT>&nbsp;
  </TD>
  </TR>
</TABLE>
<BR>
<P align="left">
<B><U><FONT face="serif">SECTION 11 CASUALTY AND CONDEMNATION</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">11.1</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Casualty</FONT></U><FONT face="serif">. If any Property is damaged by fire or other casualty prior to the Closing Date and the cost to
repair would exceed twenty-five percent (25%) of the valuation for such Property based upon &#36;76.43 multiplied by the square footage of such Property as reflected on </FONT><U><FONT face="serif">Exhibit 1.1</FONT></U><FONT face="serif"> hereof
(as determined by an insurance adjuster mutually selected by Purchaser and Seller), then either Seller or Purchaser may terminate this Agreement, but only with respect to the Property that is affected by such casualty, by written notice to Seller
given on or before the earlier of (i) twenty (20) days following such casualty or (ii) the Closing Date. In the event of such termination, all exhibits and schedules hereto and definitions herein shall be deemed modified to remove such affected
Property, and the Purchase Price shall be reduced in accordance with Section 15.12 hereof. If neither Seller or Purchaser are entitled to terminate this Agreement with respect to the affected Property pursuant to the foregoing (or otherwise under
this Agreement) or, either Seller or Purchaser are so entitled to terminate this Agreement, but do not elect to do so, then the Closing shall take place as herein provided, including, without </FONT></P>
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<P align="left">
<FONT face="serif">limitation, without abatement of the Purchase Price and with Seller&#146;s delivery of the Lease, executed by Seller, for the affected Property, and Seller shall assign and transfer to Purchaser on the Closing Date, without warranty or
recourse, (A) all of Seller&#146;s right, title and interest in and to all insurance proceeds paid or payable to Seller on account of such fire or casualty (less Seller&#146;s reasonable costs of collection thereof and, provided that Seller obtained
Purchaser&#146;s prior written approval therefor, the reasonable amounts spent by Seller toward the restoration or repair of the Property, as supported by reasonable evidence of such expenditures provided to Purchaser), and (B) all of Seller&#146;s rights
under any contract with respect to any restoration or repair. Seller shall credit Purchaser the amount of the deductible except to the extent that Seller has already expended the deductible on the aforementioned restoration or repair costs, as
supported by reasonable evidence of such expenditures provided to Purchaser. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">11.2</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Right of First Refusal in the Event of Termination Post-Casualty</FONT></U><FONT face="serif">.  If Seller terminates this Agreement
with respect to any Property pursuant to Section 11.1 hereof, then Purchaser shall have a right of first refusal which expires on the date that is 365 days after the date of such termination with respect to any sale, joint venture or other direct or
indirect disposition by Seller and/or REX Stores of such Property. If at any time prior to the date that is 365 days after such date of termination, Seller and/or REX Stores receive a bona fide offer with respect to a sale, joint venture or other
direct or indirect disposition of such Property that Seller and/or REX Stores desire to accept, then prior to accepting the offer, Seller and/or REX shall deliver written notice of the offer to Purchaser. Such notice shall include a copy of the
offer. Purchaser shall have ten (10) Business Days after receipt of the notice regarding the offer to exercise its right of first refusal and accept the offer, which right shall be exercisable by delivery of written notice to Seller and/or REX
Stores. If Purchaser so accepts the offer, then Purchaser shall have the right and the obligation to enter into the transaction contemplated by the offer upon the same terms and conditions as are set forth in the offer, except that periods of time
for purchaser performance shall be extended so that Purchaser shall have at least ten (10) Business Days from the date of Purchaser&#146;s acceptance of the offer for such performance and at least thirty (30) days from the date of Purchaser&#146;s acceptance
of the offer to close on the transaction contemplated by the offer. If Purchaser does not so accept the offer, then Seller and/or REX Stores may accept the offer and enter into the transaction contemplated by the offer pursuant to the terms and
conditions set forth in the offer and the Purchaser&#146;s right of first refusal under this Section 11.2 shall remain in effect with respect to any future offer during the 365-day period. This Section 11.2 shall survive the termination of this Agreement
with respect to any Property pursuant to Section 11.1 and constitutes a Surviving Obligation. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">11.3</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Condemnation</FONT></U><FONT face="serif">. If a Property or any portion thereof is taken in eminent domain proceedings prior to
Closing, and if such taking materially adversely interferes with the value or operation of such Property, Purchaser may, as its sole and exclusive right and remedy, terminate this Agreement, but only with respect to the Property that is affected by
such taking, by notice to Seller given on or before the earlier of (a) twenty (20) days after such taking or (b) the Closing Date. In the event of such termination, all exhibits and schedules hereto and definitions herein shall be deemed modified to
remove such affected Property, and the Purchase Price shall be reduced in accordance with Section 15.12 hereof. If Purchaser is not entitled to or does not elect to so terminate, the Closing shall take place as herein provided, including, without
limitation, without abatement of the Purchase Price and with Seller&#146;s delivery of the Lease, executed by Tenant, for the affected Property, and Seller shall assign and transfer to Purchaser on the Closing </FONT></P>
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<FONT face="serif">Date, without warranty or recourse, all of Seller&#146;s right, title and interest in and to all condemnation awards paid or payable to Seller on account of such eminent domain proceedings (if any) less Seller&#146;s reasonable costs of
collection thereof and, provided that Seller obtained Purchaser&#146;s prior written approval therefor, the reasonable amounts spent by Seller toward the restoration or repair of the Property, as supported by reasonable evidence of such expenditures.
</FONT></P>
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<B><U><FONT face="serif">SECTION 12 OPERATIONS PRIOR TO CLOSING OR TERMINATION</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Seller covenants and agrees with Purchaser that after the date hereof until the Closing or termination of this Agreement, Seller shall conduct its business involving the Properties as follows:
</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller shall not transfer title to any Property or create any easements or mortgages encumbering any Property that will survive Closing.
</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Subject to 12(c)-(d) below, Seller shall not enter into or amend the Service Contracts or any other contracts affecting the Properties,
other than contracts entered into in the ordinary course of business and which are cancelable by the owner of such Property without penalty or fee at or prior to Closing.  Seller shall terminate all Service Contracts and other contracts affecting
the Properties, except the Permitted Exceptions, REAs and Space Leases, and pay any penalty or fee associated with such terminations, at or prior to Closing.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller shall not amend or agree to amend any Space Lease without Purchaser&#146;s prior written consent, which Purchaser shall not unreasonably
withhold or delay. Seller shall pay and perform Seller&#146;s obligations as landlord under the Space Leases and otherwise comply with the requirements of the Space Leases. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller shall not amend or agree to amend any REA without Purchaser&#146;s prior written consent, which Purchaser shall not unreasonably withhold
or delay, and Seller shall pay and perform or cause to be paid and performed Seller&#146;s obligations under the REAs and otherwise comply with the requirements of the REAs.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller shall maintain or cause to be maintained the Properties in the same condition and repair as existed as of the date of the applicable
PSI Reports, normal wear and tear and damage by fire or other casualty excepted, in which case Section 12 of this Agreement shall control. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller shall maintain or cause to be maintained the existing casualty, liability and other insurance policies relating to the Properties
that are currently maintained by Seller as evidenced by the certificate attached hereto as </FONT><U><FONT face="serif">Exhibit 12(f).</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(g)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller shall promptly deliver to Purchaser copies of any (i) notices received by Seller from any governmental authority alleging any
violation of any applicable law or ordinance with respect to any Property; (ii) notices from the Space Lease Tenants under the Space Leases or parties under the REAs alleging any default or default with the giving of notice or passage of time, or
both, on the part of Seller received by Seller; or (iii) notices from Seller alleging any default or any event which with the giving of notice or passage of time, or both, constitutes a default on the part of any party to the Space Leases or REAs;
provided, however, </FONT></P>
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<FONT face="serif">that no such notice alleging a default on the part of any party to the Spaces Leases or REAs shall be given by Seller without Purchaser&#146;s prior consent, which Purchaser may withhold in its sole discretion. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(h)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Seller shall not institute any zoning proceeding affecting any Property without Purchaser&#146;s prior written consent, which Purchaser may
withhold in its sole discretion. Seller shall regularly communicate with Purchaser regarding the status of and developments in any pending property tax complaints or proceedings.  Seller shall deliver written notice to Purchaser prior to instituting
any additional property tax complaints or proceedings. </FONT></P>
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<B><U><FONT face="serif">SECTION 13 DEFAULTS AND REMEDIES</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">13.1</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Seller Defaults</FONT></U><FONT face="serif">.  In the event that Seller, on or prior to the Closing Date, shall default in the
performance of its obligations hereunder (other than de minimis obligations that do not affect the use or value of the transactions contemplated hereunder in any material respect), Purchaser, as its sole and exclusive remedy and in lieu of all other
rights or remedies otherwise provided at law or in equity, may either (a) seek specific performance of Seller&#146;s obligations hereunder, or (b) terminate this Agreement and receive (i) prompt refund of the Earnest Money and any other sums deposited by
Purchaser with the Escrow Agent, and (ii) prompt payment by Seller to Purchaser of a break up fee of Two Million Five Hundred Thousand Dollars (&#36;2,500,000.00), which sums shall be full and complete liquidated damages for such default of Seller.
The parties hereto acknowledge that it is impossible to estimate more precisely the damages which might be suffered by Purchaser upon Seller&#146;s default. Purchaser&#146;s receipt of the aforementioned sums is intended not as a penalty, but as full
liquidated damages. Upon receipt of such sums, Purchaser hereby waives and releases any right to (and hereby covenants that it shall not) sue Seller to recover actual, punitive, consequential, special or exemplary damages in excess of such sums in
connection with any such default.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">13.2</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Purchaser Defaults</FONT></U><FONT face="serif">. In the event that Purchaser, on or prior to the Closing Date, shall default in the
performance of its obligations under this Agreement (other than de minimis obligations that do not affect the value of the transactions contemplated hereunder in any material respect), then Seller, as its sole and exclusive remedy and in lieu of all
other rights or remedies otherwise provided at law or in equity, may terminate this Agreement and receive and retain the Earnest Money as full and complete liquidated damages for such default of Purchaser. The parties hereto acknowledge that it is
impossible to estimate more precisely the damages which might be suffered by Seller upon Purchaser&#146;s default.  Seller&#146;s receipt of the Earnest Money is intended not as a penalty, but as full liquidated damages. The right to retain such sums as full
liquidated damages is Seller&#146;s sole and exclusive remedy in the event the purchase and sale of the Property is not consummated because of a default hereunder by Purchaser, and, upon receipt of such sums, Seller hereby waives and releases any right
to (and hereby covenants that it shall not) sue Purchaser: (i) for specific performance of this Agreement, or (ii) to recover actual, punitive, consequential, special or exemplary damages in excess of such sums in connection with any such
default.</FONT></P>
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<B><U><FONT face="serif">SECTION 14 OTHER OFFERS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">14.1</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Other Offers</FONT></U><FONT face="serif">.  From the date hereof until the Closing Date or the earlier termination of this Agreement
in accordance with the terms hereof, the Restricted Parties will not, and each of them will direct and cause their respective directors, officers, employees and agents not to, directly or indirectly, (i) solicit, initiate, knowingly encourage, take
any action to facilitate the consummation of, or enter into agreements with any other Person with respect to, any Acquisition Proposal, (ii) engage or participate in discussions or negotiations with any Person with respect to an Acquisition
Proposal, or (iii) in connection with an Acquisition Proposal, disclose any nonpublic information relating to the Properties, except that the Restricted Parties may take any action described in clause (ii) or (iii) if (A) such action is taken in
connection with an unsolicited Acquisition Proposal, (B) in the good faith judgment of the Board of Directors of REX Stores, after having received the advice of a financial advisor of internationally recognized reputation and of independent legal
counsel (who may be the regularly engaged independent legal counsel of REX Stores) (1) the Acquisition Proposal constitutes, or is reasonably likely to result in, a Superior Transaction, and (2) the failure to take such action would be a breach of
the fiduciary duties of the Board of Directors of REX Stores under applicable law, and (C) in the case of the disclosure of nonpublic information relating to the Properties, such information is covered by a confidentiality agreement that is no less
favorable to REX Stores than is afforded by the confidentiality agreement entered into between REX Stores and Purchaser in connection with the Proposed Transaction. REX Stores will promptly notify Purchaser orally, and confirm such notification in
writing within 24 hours of such notification, of any Acquisition Proposal or any inquiries with respect thereto.  Any such written notification will include the identity of the Person making such inquiry or Acquisition Proposal and a description of
the material terms of the Acquisition Proposal (or the nature of the inquiry) and will indicate whether any of the Restricted Parties is providing or intends to provide the Person making the Acquisition Proposal with access to nonpublic information
relating to the Properties. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">14.2</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Termination</FONT></U><FONT face="serif">. None of the Restricted Parties will enter into any letter of intent, agreement in principle,
acquisition agreement or other similar agreement (in each case, an &#147;</FONT><U><FONT face="serif">Acquisition Agreement</FONT></U><FONT face="serif">&#148;) relating to any Acquisition Proposal with any Person other than the Purchaser; except that, prior
to the Closing Date, the Restricted Parties may, in response to an unsolicited Acquisition Proposal, enter into an Acquisition Agreement if (i) the Board of Directors of REX Stores determines in good faith after having received the advice of a
financial advisor of internationally recognized reputation and the written opinion of outside legal counsel (who may be the regularly engaged outside legal counsel of REX Stores) that such Acquisition Proposal constitutes a Superior Transaction and
that the failure to take any such action would be a breach of the fiduciary duties of such Board of Directors under applicable law; (ii) within three days after Purchaser&#146;s receipt of written notice from REX Stores advising Purchaser that REX Stores
has received an Acquisition Proposal that has been determined to be a Superior Transaction, which notice shall specify the material terms of the Superior Transaction and identify the Person offering the Superior Transaction, Purchaser does not make
an offer that the Board of Directors determines in good faith to be at least as favorable to REX Stores and its stockholders as the Superior Transaction; and (iii) promptly after satisfaction of the conditions set forth in clauses (i) and (ii)
above, the Restricted Parties pay to Purchaser a termination fee of Two Million Five Hundred Thousand Dollars (&#36;2,500,000.00) (the &#147;</FONT><U><FONT face="serif">Termination Fee</FONT></U><FONT face="serif">&#148;), terminate this Agreement and
concurrently therewith enter into a definitive Acquisition </FONT></P>
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<FONT face="serif">Agreement with respect to such Superior Transaction.  No such termination by the Restricted Parties will be effective unless and until Purchaser has received the Termination Fee. In such event of termination of this Agreement
pursuant to this Section 14.2, the Earnest Money and any other sums deposited by Purchaser with the Escrow Agent shall be returned to Purchaser, all documents delivered into escrow shall be returned by the Escrow Agent to the depositing party,
Purchaser shall promptly return to Seller the Delivery Items, and each party shall pay any costs theretofore incurred by it, whereupon neither party shall have any additional liability hereunder, except for the Surviving Obligations. </FONT></P>
<P align="left">
<B><U><FONT face="serif">SECTION 15 MISCELLANEOUS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.1</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Entire Agreement; Amendments</FONT></U><FONT face="serif">.  This Agreement, together with the exhibits attached hereto, constitutes
the entire agreement of the parties hereto regarding the purchase and sale of the Properties, and all prior agreements, understandings, representations and statements, oral or written, including any so-called offer letters or letters of intent, are
hereby merged herein and superseded hereby. This Agreement may be amended or modified only by an instrument in writing, signed by the party or parties intended to be bound thereby. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.2</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Time</FONT></U><FONT face="serif">. All parties hereto agree that time is of the essence in the performance of the provisions of this
Agreement. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.3</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Counterpart Execution</FONT></U><FONT face="serif">.  This Agreement may be executed in one (1) or more counterparts, each of which
shall be deemed an original. The execution of this Agreement by facsimile signature or other electronic means shall be binding and enforceable as an original. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.4</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Governing Law</FONT></U><FONT face="serif">. This Agreement shall be deemed to be a contract made under the internal laws of the State
of Ohio and for all purposes shall be governed by and interpreted in accordance with the laws of the State of Ohio. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.5</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Assignment; Third Party Beneficiaries</FONT></U><FONT face="serif">. Neither Purchaser or Seller shall assign any of its rights or
delegate any of its obligations under this Agreement without the prior written consent of the other party. Notwithstanding this foregoing, without the prior written consent of Seller, Purchaser shall have the right to (a) assign this Agreement and
Purchaser&#146;s rights hereunder, and/or (b) designate a nominee or nominees to whom Seller shall convey Seller&#146;s interest in one (1) or more Properties at Closing; provided, in each case, Coventry Real Estate Advisors or its affiliates have a direct or
indirect ownership interest in such assignee, nominee or nominees. Subject to the foregoing, this Agreement shall inure to the benefit of, and shall be enforceable by and binding upon, the parties hereto and their respective successors and assigns.
Nothing in this Agreement, expressed or implied, is intended to confer any rights or remedies upon any Person, other than the parties hereto and, subject to the restrictions on assignment herein contained, their respective successors and assigns.
</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.6</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Section Headings</FONT></U><FONT face="serif">.  The Section headings contained in this Agreement are for convenience only and shall in
no way enlarge or limit the scope or meaning of the various and several Sections hereof. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.7</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Severability</FONT></U><FONT face="serif">. If any portion of this Agreement is held to be unenforceable by a court of competent
jurisdiction, the remainder of this Agreement shall remain in full force and effect. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.8</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">WAIVER OF TRIAL BY JURY</FONT></U><FONT face="serif">.  SELLER AND PURCHASER, TO THE EXTENT THEY MAY LEGALLY DO SO, HEREBY EXPRESSLY
WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, CAUSE OF ACTION OR PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS AGREEMENT, OR IN ANY WAY CONNECTED WITH, OR RELATED TO, OR INCIDENTAL TO, THE DEALINGS OF THE PARTIES HERETO WITH
RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND IRRESPECTIVE OF WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE. TO THE EXTENT THEY MAY LEGALLY DO SO, SELLER AND
PURCHASER HEREBY AGREE THAT ANY SUCH CLAIM, DEMAND, ACTION, CAUSE OF ACTION OR PROCEEDING SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY AND THAT ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENT OF THE OTHER PARTY OR PARTIES HERETO TO WAIVER OF ITS OR THEIR RIGHT TO TRIAL BY JURY. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.9</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">No Waiver</FONT></U><FONT face="serif">.  No covenant, term or condition of this Agreement, other than as expressly set forth herein,
shall be deemed to have been waived by Seller or Purchaser unless such waiver is in writing and executed by Seller or Purchaser, as the case may be. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.10</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Time of Performance</FONT></U><FONT face="serif">. Whenever the time for performance of an obligation under this Agreement occurs or
expires on a day other than a Business Day, the time for performance thereof shall be extended to the next Business Day.  For the purpose of this Agreement, &#147;</FONT><U><FONT face="serif">Business Day</FONT></U><FONT face="serif">&#8221; shall mean any day
other than a Saturday, Sunday, U.S. national holiday or holiday in the State of Ohio. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.11</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Commercially Reasonable Efforts</FONT></U><FONT face="serif">. Between the date of this Agreement and the Closing Date, REX Stores,
Seller and Purchaser shall cooperate with each other and use commercially reasonable efforts to perform their respective obligations hereunder and cause to be made the respective deliveries required to be made by them. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.12</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Termination; Reduction of Purchase Price</FONT></U><FONT face="serif">. In the event of the termination of this Agreement with respect
to any Property that, by the express terms of this Agreement, is governed by this Section 15.12, the Purchase Price shall be reduced by the amount equal to &#36;76.43 multiplied by the square footage of such Property as reflected on </FONT><U><FONT face="serif">Exhibit 1.1</FONT></U><FONT face="serif"> hereof.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.13</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Further Assurances</FONT></U><FONT face="serif">. If at any time any of the parties hereto reasonably determine that any further
assignments, conveyances or assurances are reasonably necessary or desirable to carry out the provisions hereof and the transactions contemplated herein, the appropriate parties hereto shall execute and deliver, or cause to be executed and
delivered, any and all proper deeds, assignments and assurances and to do, or cause to be done, all things reasonably necessary or proper to carry out fully the provisions hereof. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.14</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Non-Solicitation</FONT></U><FONT face="serif">. Seller agrees not to market for a sale, debt financing, joint venture or other direct
or indirect disposition of any Property or the Properties  (each, a &#147;</FONT><U><FONT face="serif">Prohibited Transaction</FONT></U><FONT face="serif">&#148;), negotiate for any Prohibited Transaction, or accept any offers for a Prohibited Transaction
until the earliest to occur of (a) this Agreement is terminated with respect to the affected Property pursuant to the terms hereof, or (b) the termination of this Agreement in its entirety. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.15</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">1031 Exchange</FONT></U><FONT face="serif">. Any party hereto may structure the sale or purchase of any Property or the Properties, as
the case may be, as a like-kind exchange under Internal Revenue Code Section 1031 at the exchanging party&#146;s sole cost and expense, except as set forth below. Each party shall reasonably cooperate therein, provided that such party(ies) shall incur no
material costs, expenses or liabilities in connection with the other party&#146;s exchange. Each party shall indemnify, defend and hold the other harmless from all liability in connection with the indemnifying party&#146;s exchange.  If any party uses a
qualified intermediary to effectuate the exchange, any assignment of the rights or obligations of such party hereunder shall not relieve, release or absolve such party of its obligations to the others.  The provisions of this Section 15.14. shall
survive the Closing. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.16</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Joint and Several Liability</FONT></U><FONT face="serif">.  The obligations and undertakings of Seller One, Seller Two and Seller
Three and REX Stores under this Agreement are joint and several.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">15.17</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Allocations</FONT></U><FONT face="serif">. The allocation of the Purchase Price with respect to each Property on </FONT><U><FONT face="serif">Schedule 15.17</FONT></U><FONT face="serif"> shall be as set forth on such schedule. The allocation of the Purchase Price with respect to each Property other than each Property on </FONT><U><FONT face="serif">Schedule
15.17</FONT></U><FONT face="serif"> shall be mutually agreed upon between Seller and Purchaser not later than March 30, 2007. If Seller and Purchaser are unable to so agree by such date, the Purchase Price allocated to each Property other than the
Properties on </FONT><U><FONT face="serif">Schedule 15.17</FONT></U><FONT face="serif"> hereof shall be calculated by multiplying the square footage of each Property by the Square Foot Allocation. For the purpose of this Agreement, (i)
&#147;</FONT><U><FONT face="serif">Square</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Footage Allocation</FONT></U><FONT face="serif">&#8221; shall mean the amount equal to the Adjusted Purchase Price divided by the Adjusted Aggregate Square
Footage, (ii) &#147;</FONT><U><FONT face="serif">Adjusted Purchase Price</FONT></U><FONT face="serif">&#8221; shall mean the amount equal to the Purchase Price for the Properties less the Purchase Price allocated to each Property on </FONT><U><FONT face="serif">Schedule 15.17</FONT></U><FONT face="serif"> hereof, and (iii) &#147;</FONT><U><FONT face="serif">Adjusted Aggregate Square Footage</FONT></U><FONT face="serif">&#8221; shall mean the amount equal to the aggregate square footage of the Properties
less the aggregate square footage of the Properties on </FONT><U><FONT face="serif">Schedule 15.17</FONT></U><FONT face="serif">.</FONT></P>
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<B><U><FONT face="serif">SECTION 16 ESCROW</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<FONT face="serif">16.1</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Earnest Money</FONT></U><FONT face="serif">.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The parties hereto have mutually requested that the Escrow Agent act as escrow agent for the purpose of holding the Earnest Money in
accordance with the terms of this Agreement. The Earnest Money shall be deposited by the Escrow Agent in an interest bearing account approved by Purchaser. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Earnest Money shall be released or delivered to the party entitled thereto pursuant to this Agreement with reasonable promptness after
the Escrow Agent shall have received notice: </FONT></P>
<P align="center">
<FONT face="serif">-40- </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<table width="100%"  border="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="5%" valign="top">(i)</td>
    <td colspan="2"><div align="justify"><FONT face="serif">from Seller and Purchaser authorizing release of the Earnest Money, or </FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">(ii)</td>
    <td colspan="2"><FONT face="serif">of the occurrence of either of the following events: </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="80%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">(A)</FONT></td>
    <td valign="top"><FONT face="serif">Closing, at which time the Earnest Money shall be paid to Seller and applied to the Purchase Price; or </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">(B)</FONT></td>
    <td valign="top"><FONT face="serif">the receipt by the Escrow Agent of a written notice from either Seller or Purchaser stating that an event has occurred under this Agreement entitling the party delivering such notice to the Earnest Money, whereupon the Escrow
Agent shall deliver written notice (the &#147;</FONT><U><FONT face="serif">Default Notice</FONT></U><FONT face="serif">&#148;) thereof to the other party and, unless such other party shall have delivered a written notice of objection to the Title Company
within ten (10) Business Days following receipt by such other party of the Default Notice, the Escrow Agent shall
deliver the Earnest Money to the party initially requesting the Earnest Money. </FONT></td>
  </tr>
</table>

<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Duties</FONT></U><FONT face="serif">.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Escrow Agent is to be considered as a depository only, shall not be deemed to be a party to any document other than this Agreement. The
Escrow Agent shall not at any time be held liable for actions taken or omitted to be taken in good faith and in the exercise of reasonable judgment and without negligence or willful misconduct.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">It is further understood by Seller and Purchaser that if, as a result of any disagreement between them or adverse demands and claims being
made by any of them upon the Escrow Agent, or if the Escrow Agent otherwise shall become involved in litigation with respect to this Agreement, the Escrow Agent may deposit the Earnest Money with a court of competent jurisdiction and/or in
accordance with the order of a court of competent jurisdiction and in any such event, Seller and Purchaser agree that they, jointly and severally, are and shall be liable to the Escrow Agent and shall reimburse the Escrow Agent on demand for all
costs, expenses and reasonable counsel fees it shall incur or be compelled to pay by reason of any such litigation. Seller and Purchaser agree between themselves that each shall be responsible to advance one-half of all amounts due the Escrow Agent
pursuant to this Section 16.2, provided that any such advance by Seller or Purchaser as a result of any dispute or litigation between them shall be without prejudice to its right to recover such amount as damages from the breaching party except as
otherwise provided herein. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">In taking or omitting to take any action whatsoever hereunder, the Escrow Agent shall be protected in relying upon any notice, paper, or
other document reasonably believed by it to be genuine, or upon evidence deemed by it to be sufficient. </FONT></P>
<P align="center">
<FONT face="serif">-41- </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
<FONT face="serif">16.3</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Closing</FONT></U><FONT face="serif">.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Upon the satisfaction of the mutual obligations of the parties hereunder, the Title Company shall promptly submit for recording or filing,
as applicable, all appropriate instruments delivered to it at the Closing. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Title Company shall have no right to approve any amendment to this Agreement unless such amendment purports to affect the rights or
obligations of the Title Company or Escrow Agent hereunder. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The Title Company hereby agrees to serve as the &#8220;real estate reporting person&#8221; (as such term is defined in Section 6045(e) of the
Code).</FONT></P>
<P align="center">
<FONT face="serif">[signatures on following page]</FONT></P>
<P align="center">
<FONT face="serif">-42- </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as of the day and year first above written. </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=43% nowrap>
<B><FONT face="serif">REX STORES:</FONT></B>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>
<B><FONT face="serif">PURCHASER:</FONT></B>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap>
<FONT face="serif">REX STORES CORPORATION,</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>
<FONT face="serif">COVENTRY REAL ESTATE</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap>
<FONT face="serif">a Delaware corporation</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>
<FONT face="serif">INVESTMENTS, LLC,</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap>&nbsp;

  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>
<FONT face="serif">a Delaware limited liability company</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">By:</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>
<FONT face="serif">By: Coventry Real Estate Investment Holdings,</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Name:</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>
<FONT face="serif">LLC</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Title:</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap>&nbsp;

  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">By:</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap>&nbsp;

  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=center width=49% nowrap>
<FONT face="serif">David S. Hirschberg, Member</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap>
<B><FONT face="serif">SELLER:</FONT></B>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap>
<FONT face="serif">REX RADIO AND TELEVISION, INC.,</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap>
<FONT face="serif">an Ohio corporation</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">By:</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Name:</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Title:</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap>
<FONT face="serif">KELLY &amp; COHEN APPLIANCES, INC.,</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap>
<FONT face="serif">an Ohio corporation</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">By:</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Name:</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Title:</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap>
<FONT face="serif">STEREO TOWN, INC.,</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap>
<FONT face="serif">a Georgia corporation</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">By:</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Name:</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp;<FONT face="serif">Title:</FONT>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=49% nowrap>&nbsp;

  </TD>
</TR>
</TABLE><BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Exhibit 1.1</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">List of Sites</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Store<br>No.</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Address</FONT></B>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">City</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">ZIP</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">County</FONT></B>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">SF</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Seller</FONT></B>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2119 E. Dorothy Lane</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Kettering</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OH</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">45420</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Montgomery</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,507</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5225 Highway 18 South</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Jackson</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MS</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">39209</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hinds</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,996</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">32</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2440 Broad Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Sumter</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">29151</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Sumter</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,527</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">45</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8522 US Hwy 441</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Leesburg</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">34788</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lake</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Three</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">50</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1808 22nd Ave. SW</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Minot</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">ND</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">58701</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ward</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">51</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7050 Ulmerton Road</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Largo</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">34641</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Pinellas</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">52</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2651 29th St.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Greeley</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">CO</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">80631</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Weld</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,980</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">53</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3755 Harrison Ave.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Butte</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MT</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">59701</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Silver Bow</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">56</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4300 10th Ave. South</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Great Falls</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MT</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">59405</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Cascade</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">59</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8290 N. Pensacola Blvd.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Pensacola</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">32505</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Escambia</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,500</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Three</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">60</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3501 6th Ave. S.E.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Aberdeen</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SD</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">57401</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Brown</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,956</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">61</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1725 32nd Ave. S.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Grand Forks</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">ND</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">58201</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Grand Forks</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,844</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">67</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">241 W. 15th Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Panama City</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">32401</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bay</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8,746</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Three</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">73</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3301 Singing Hills Blvd.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Sioux City</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">51106</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Woodbury</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">78</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3548 Rt. 281</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Cortland</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13045</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Cortland</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">88</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1801 Norman Drive</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Valdosta</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">GA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">31601</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lowndes</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">97</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2717 W. 26th Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Erie</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">PA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">16506</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Erie</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">103</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1821 Beltline Road SW</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Decatur</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">AL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">35601</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Morgan</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">104</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">120 N. Range Line</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Joplin</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MO</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">65801</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Jasper</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">108</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2619 Dawson Road</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Albany</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">GA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">31707</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Dougherty</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">112</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4099 McDonald Drive</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Dubuque</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">52002</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Dubuque</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,830</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">118</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1305 81 E. Ash Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Piqua</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OH</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">45356</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Miami</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">120</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">803 S. Wheatley Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ridgeland</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MS</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">39158</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Madison</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,920</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">129</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2920 Cheney Highway</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Titusville</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">32780</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Brevard</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Three</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">132</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5101 Okeechobee Rd.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ft. Pierce</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">34947</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Saint Lucie</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Three</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">133</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4436 Tamiami Trial</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Naples</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">33962</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Collier</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,958</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Three</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">140</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4801 Commercial Way</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Springhill</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">34606</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hernando</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,570</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Three</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">142</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6748 NW Cache Road</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lawton</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OK</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">73505</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Comanche</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Three</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">143</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">28270 S. Tamiami Trail</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonita Springs</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">34134</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lee</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">144</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">946 Orleans Road</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Charleston</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">29407</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Charleston</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,058</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">145</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1817 S. Ave. West</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Missoula</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MT</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">59801</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Missoula</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,840</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">147</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1414 Poleline Road East</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Twin Falls</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">ID</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">83301</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Twin Falls</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">148</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">262 W. Hanley Avenue</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Coeur D'Alen</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">ID</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">83814</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Kootenai</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">152</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1804 N. Belt Highway</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">St. Joseph</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MO</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">64506</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Buchanan</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">155</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2827 Watson Blvd.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Warner Robins</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">GA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">31093</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Houston</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,900</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">160</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=21% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1145 East Main Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Carbondale</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">62901</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Jackson</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,211</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Store<br>No.</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Address</FONT></B>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">City</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">ZIP</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">County</FONT></B>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">SF</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Seller</FONT></B>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">162</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12052 Highway 17 Bypass</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Murell&#146;s Inlet</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">29576</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Georgetown</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,999</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">163</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2376 David Lyle Blvd.</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Rock Hill</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">29730</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">York</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,044</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">167</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1200 Berkeley Blvd.</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Goldsboro</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">27532</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Wayne</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,918</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">169</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2045 Statesville Blvd.</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Salisbury</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">28144</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Rowan</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,064</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">171</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1806 21st Street</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lewiston</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">ID</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">83501</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Nez Perce</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,904</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=15>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">174</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12905 U.S. Hwy 19</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hudson</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">34667</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Pasco</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Three</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">175</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">30512 U.S. Hwy 19 S.</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Palm Harbor</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">34684</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Pinellas</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Three</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">183</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7130 Rivers Ave.</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Charleston</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">29418</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Charleston</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,600</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">193</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">106 East Loop 281</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Longview</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TX</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">75601</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Gregg</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,918</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">194</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4322 John Ben Sheppard</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Odessa</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TX</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">79762</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ector</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,009</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">196</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4717 N. Midkiff Road</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Midland</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TX</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">79702</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Midland</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,009</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=4% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=22% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=13% nowrap>
<FONT size=2 face="sans-serif">New</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=4% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=5% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=12% nowrap>&nbsp;

  </TD>
  <TD width=5%>&nbsp;
  </TD>
  <TD align=left width=5% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=10% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">201</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">331 Graft Road S.E.</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Philadelphia</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OH</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">44663</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Tuscarawas</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8,004</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">202</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4903 Milan Road</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Sandusky</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OH</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">44870</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Erie</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,918</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">204</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2900 Milton Ave.</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Janesville</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">WI</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">53545</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Rock</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">207</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2550 E. Morris Blvd.</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Morristown</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TN</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">37813</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hamblen</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,650</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">212</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8202 N. Naverro</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Victoria</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TX</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">77904</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Victoria</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,044</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">214</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2200 Orchard Crossing</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Benton Harbor</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MI</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">49022</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Berrien</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,985</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">216</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4130 E. Wilder Road</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bay City</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MI</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">48706</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bay</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,940</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">217</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1612 Highway 50 West</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Pueblo</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">CO</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">81008</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Pueblo</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">218</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2152 Dell Range Blvd.</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Cheyenne</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">WY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">82009</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Laramie</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,700</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">219</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3650 E. 2nd Street</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Casper</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">WY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">82601</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Natrona</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,932</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">220</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2469 Hwy 6 &amp; 50</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Grand Junction</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">CO</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">81505</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Mesa</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,985</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">221</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2223 Colorado Boulevard</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Denton</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TX</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">76205</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Denton</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,985</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">223</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3035 Northridge East</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ashtabula</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OH</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">44004</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ashtabula</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,960</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">231</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3501 4th St. SW</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Mason City</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">50401</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Cerro Gordo</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">233</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">107 Sandy Court</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Danville</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">VA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">24541</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Danville City</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,900</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">237</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6967 US Routes 322</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Cranberry</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">PA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">16319</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Butler</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,920</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">238</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4361 Venture Drive</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Peru</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">61354</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">La Salle</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">15,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">239</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3208 Veterans Drive</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Pekin</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">61554</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Tazewell</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">242</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1804 N. Diers Avenue</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Grand Island</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NE</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">68803</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hall</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14,652</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">248</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">20839 State Route 3</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Watertown</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13601</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Jefferson</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,880</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">252</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">96 Airport Beltway</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hazelton</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">PA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">18201</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Luzerne</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">254</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1573 N. State Rte 50</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bradley</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">60915</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Kankakee</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,748</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">264</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2313 N. Monroe</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Monroe</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MI</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">48162</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Monroe</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">16,488</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">265</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2350 Airline Drive</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bossier City</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">LA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">71111</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bossier Parish</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14,985</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">271</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">979 St. Rte 5 &amp; US 20</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Geneva</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14556</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ontario</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,970</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">272</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2749 Military Road</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Niagara Falls</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14305</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Niagara</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=4% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=22% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=13% nowrap>
<FONT size=2 face="sans-serif">N. Myrtle</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=4% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=5% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=12% nowrap>&nbsp;

  </TD>
  <TD width=5%>&nbsp;
  </TD>
  <TD align=left width=5% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=10% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">273</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">851 Highway 17 South</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=13% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Beach</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">29582</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Horry</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">-2- </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Store<br>No.</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Address</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">City</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">ZIP</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">County</FONT></B>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">SF</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Seller</FONT></B>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">276</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2250 Tiffin Ave.</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Findlay</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OH</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">45840</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hancock</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,984</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">280</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5071 State Hwy 23</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Oneonta</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13820</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Otsego</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,400</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">281</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">90A W. Campbell Road</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Rotterdam</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12306</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Schenectady</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">283</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13115 Lee Highway</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bristol</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">VA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">24202</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bristol</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">284</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4531 North Main Street</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Roswell</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NM</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">88202</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Chaves</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=15>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">287</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">420 Walton Drive</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Texarkana</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TX</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">75501</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bowie</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,700</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">288</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">W8165 Hwy 2 &amp; 141 South</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Iron Mountain</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MI</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">49801</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Dickinson</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=4% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=24% nowrap>
<FONT size=2 face="sans-serif">3336 North Montana</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=12% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=4% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=5% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=11% nowrap>
<FONT size=2 face="sans-serif">Lewis and</FONT>&nbsp;
  </TD>
  <TD width=6%>&nbsp;
  </TD>
  <TD align=left width=5% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=10% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">289</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Avenue</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Helena</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MT</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">59602</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Clark</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">290</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2615 Lincoln Way</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Clinton</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">52732</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Clinton</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">291</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1823 S. West Avenue</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Freeport</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">61032</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Stephenson</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,970</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">292</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2100 Memorial Drive</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Waycross</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">GA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">31501</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ware</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=4% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=24% nowrap>
<FONT size=2 face="sans-serif">3190 E. Andrew Johnson</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=12% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=4% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=5% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=11% nowrap>&nbsp;

  </TD>
  <TD width=6%>&nbsp;
  </TD>
  <TD align=left width=5% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=10% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">295</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hwy</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Greenville</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TN</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">37745</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Greene</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">297</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">927 S. State Road 19</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Palatka</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">32177</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Putnam</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Three</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">306</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1611 West Rose Street</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Walla Walla</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">WA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">99362</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Walla Walla</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,400</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">307</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2654 S.E. Washington Blvd.</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bartlesville</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OK</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">74006</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Washington</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Three</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">308</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1431 Montana Hwy 35</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Kalispell</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MT</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">59901</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Flathead</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,830</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">309</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1600 Memorial Drive</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Houghton</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MI</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">49931</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Houghton</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">314</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2200 E. Main Street</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Owosso</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MI</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">48867</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Shiawassee</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">316</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1603 E. Dixie Drive</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Asheboro</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">27203</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Randolph</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller Two</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">324</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=24% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3869 N. Gloster</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Tupelo</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MS</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">38801</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lee</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,720</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Seller One</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<B><U><FONT face="serif">Seller Key</FONT></U></B><B><FONT face="serif">: </FONT></B></P>
<P align="left">
<FONT face="serif">Seller One: Rex Radio and Television, Inc.</FONT></P>
<P align="left">
<FONT face="serif">Seller Two: Kelly &amp; Cohen Appliances, Inc.</FONT></P>
<P align="left">
<FONT face="serif">Seller Three: Stereo Town, Inc. </FONT></P>
<P align="CENTER">
<FONT size=2 face="serif">-3- </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Exhibit 2.1(a)(i)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Legal Descriptions</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<FONT face="serif">[see attachment] </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Exhibit 2.3(a)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Form of Lease</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<FONT face="serif">[see attachment]</FONT><B><FONT face="serif"> </FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Exhibit 2.3(b)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Form of Guaranty</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<FONT face="serif">[see attachment] </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<U><FONT face="serif">LEASE GUARANTEE</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">REX STORES CORPORATION, a Delaware corporation (&#8220;Guarantor&#148;), whose address is 2875 Needmore Road, Dayton, Ohio 45414, as a material inducement to and in consideration of ____________________,
a ____________________ (&#8220;Landlord&#148;), entering into a written lease (&#8220;Lease&#148;) with ____________________ (&#8220;Tenant&#148;), dated ____________, 20___, including any amendments thereto, pursuant to which Landlord leased to Tenant, and
Tenant leased from Landlord, premises located in the City of __________, State of __________, described on </FONT><U><FONT face="serif">Exhibit A</FONT></U><FONT face="serif">, attached hereto and made a part hereof, together with
all buildings and improvements located thereon, unconditionally and absolutely guarantees and promises, to and for the benefit of Landlord, its successors and assigns, that Tenant shall perform the provisions of the Lease that Tenant is to perform,
including, but not limited to, payment of Minimum Rent and any and all other sums, charges, costs and expenses payable by Tenant, its successors and assigns, under the Lease and the full performance and observance of all of the covenants, terms,
conditions and agreements therein provided to be performed and observed by Tenant, its successors and assigns. The defined terms used herein shall have the same meaning as set forth in the Lease. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> A separate action may be brought or prosecuted against any Guarantor whether the action is brought or prosecuted against Guarantor, Tenant, or whether Guarantor or Tenant, are joined in the action.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Guarantor waives the benefit of any statute of limitations affecting Guarantor&#146;s liability under this Guarantee. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The provisions of the Lease may be changed by agreement between Landlord and Tenant, or their respective successors or assigns, at any time, or by course of conduct, without the consent of or without
notice to Guarantor, including, without limitation, the rental obligations of Tenant, the Term of the Lease or the time for performance of any obligation thereunder, or the release, compromise or settlement of any Lease obligations. This Guarantee
shall guarantee the performance of the Lease as changed. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Guarantee shall not be affected by Landlord&#146;s failure or delay to enforce any of its rights or Landlord&#146;s promptness in commencing or diligence in prosecuting suit. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If Tenant defaults under the Lease, Landlord can proceed immediately against Guarantor or Tenant, or both parties collectively, without prior notice to Guarantor or Landlord can enforce against
Guarantor or Tenant, or both parties collectively, any rights that it has under the Lease or pursuant to applicable laws. If the Lease terminates and Landlord has any rights it can enforce against Tenant after termination, Landlord can enforce those
rights against Guarantor without giving previous notice to Tenant or Guarantor, or without making any demand on either of them. This Guarantee is a guarantee of payment and not of collection. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Guarantor waives the right to require Landlord to (1) proceed against Tenant; (2) proceed against or exhaust any security that Landlord holds from Tenant; or (3) pursue any other remedy in Landlord&#146;s
power. Guarantor waives any defense by reason of any disability of Tenant, including but not limited to any limitation on the liability or obligation of Tenant under the Lease </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
<FONT face="serif">or its estate in bankruptcy or of any remedy for the enforcement thereof, resulting from the operation of any present or future provision of the National Bankruptcy Act or other statute, or from the decision of any court, and
waives any other defense based on the termination of Tenant&#146;s liability from any cause whatsoever. Until all of Tenant&#146;s obligations to Landlord have been discharged in full, Guarantor has no right of subrogation against Tenant. Guarantor waives its
rights to enforce any remedies that Landlord now has, or later may have against Tenant. Guarantor waives any right to participate in any security now or later held by Landlord. Guarantor waives all presentments, demands for performance, notices of
nonperformance, protests, notices of protest, notices of dishonor and notices of acceptance of this Guarantee, and waives all notices of the existence, creation or incurring of new or additional obligations. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Guarantee shall continue to be effective, or be reinstated, as the case may be, if at any time any whole or partial payment or performance of any obligation under the Lease is or is sought to be
rescinded or must otherwise be restored or returned by Landlord upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of Tenant, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee
or similar officer for Tenant or any substantial part of Tenant&#146;s property, or otherwise, all as though such payments and performance had not been made. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If Landlord disposes of its interest in the Lease, the term &#8220;Landlord,&#8221; as used in this Guarantee, shall mean Landlord&#146;s successors. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If Landlord is required to enforce Guarantor&#146;s obligations by legal proceedings, Guarantor shall pay to Landlord all costs incurred, including, without limitation, reasonable attorneys&#8217; fees.
Guarantor hereby waives trial by jury in any such legal proceedings. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If any term or provision of this Guarantee, or the application thereof to any person or circumstance, shall, to any extent, be invalid or unenforceable, the remainder of this Guarantee, or the
application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Guarantee shall be valid and be enforced to the
fullest extent permitted by law. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">No waiver by Landlord of any provision or right hereunder shall be implied from any omission by Landlord to take any action on account of Landlord&#146;s right under such provision. Any express waiver by
Landlord of any provision or right hereunder shall not act as a waiver of any provision or right elsewhere contained herein, and shall only act as a waiver as specifically expressed in said waiver, and only for the time and to the extent therein
stated. One or more waivers by Landlord shall not be construed as a waiver of a subsequent breach of the same provision or right. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The rights and remedies given to Landlord by this Guarantee shall be deemed to be cumulative and no one of such rights and remedies shall be exclusive at law or in equity of the rights and remedies
which Landlord might otherwise have by virtue of a default under this Guarantee, and the exercise of one such right or remedy by Landlord shall not impair Landlord&#146;s standing to exercise any other rights or remedies. </FONT></P>
<P align="center">
<FONT size=2 face="serif">-2- </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">All the terms, provisions and agreements of this Guarantee shall be construed liberally in favor of Landlord, shall inure to the benefit of and be enforceable by Landlord, its successors and assigns,
and shall be binding upon Guarantor and its successors and assigns. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Guarantee shall be governed by, and construed in accordance with, the laws of the State of Ohio. </FONT></P>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=46% nowrap>
<FONT face="serif">WITNESSES AS TO GUARANTOR:</FONT>&nbsp;
  </TD>
  <TD width=10%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap>
<FONT face="serif">GUARANTOR:</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=46% nowrap>&nbsp;

  </TD>
  <TD width=10%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap>
<FONT face="serif">REX STORES CORPORATION,</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=46% nowrap>&nbsp;

  </TD>
  <TD width=10%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap>
<FONT face="serif">a Delaware corporation</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=46% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=10%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">By:</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=46% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">Print Name:</FONT>&nbsp;
  </TD>
  <TD width=10%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">Its:</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=46% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">Print Name:</FONT>&nbsp;
  </TD>
  <TD width=10%>&nbsp;
  </TD>
  <TD align=left width=44% nowrap>&nbsp;

  </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">STATE OF OHIO</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=left width=9% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>&nbsp;

  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=left width=9% nowrap>
<FONT face="serif">SS:</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=50% nowrap>
<FONT face="serif">COUNTY OF</FONT>&nbsp;
  </TD>
  <TD width=40%>&nbsp;
  </TD>
  <TD align=left width=9% nowrap>&nbsp;

  </TD>
</TR>
</TABLE><BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Personally appeared before me, the undersigned, a Notary Public, in and for said County and State,
_____________________, known to me to be the ________________ of REX STORES
CORPORATION, the corporation which executed the foregoing instrument, who acknowledged that he/she did sign and seal the foregoing instrument for and on behalf of said corporation being thereunto duly authorized by its Board of Directors, that the
same is his/her free act and deed and the free act and deed of said corporation. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal at ____________________,
_____________________ this _____ day of ____________, 2007. </FONT></P>



<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
<TD width=50%>&nbsp;
  </TD>
<TD width=50% style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align=left width=50% nowrap><FONT face="serif">Notary Public </FONT></TD>
</TR>
</TABLE>

<P align="left">
<B><FONT face="serif">[Add to Guarantee: Exhibit A: Description of Leased Premises] </FONT></B></P>
<P align="center">
<FONT size=2 face="serif">-3- </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Exhibit 2.3(c)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Form of License Agreement</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<FONT face="serif">[see attachment] </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Exhibit 3.4(a)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Form of Space Lease Estoppel</FONT></U></B><B><FONT face="serif"> </FONT></B></P>


<TABLE width=35% border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width=11% align="left">TO:</TD>
<TD width=89% style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD  style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD  style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD  style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
</TABLE>
<br>

<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width=10%>&nbsp;</TD>
  <TD width=5% valign="top" align="left">Re:</TD>
  <TD width=85%><FONT face="serif"> Proposed purchase of property located at ______________________ (the &#147;Property&#148;), subject to a
Lease dated _____________ (&#147;Lease&#148;) between the undersigned (&#147;Tenant&#148;) and __________________________
(&#147;Landlord&#148;), by virtue of that certain Purchase and Sale Agreement between Landlord and _________________________
(&#147;Purchaser&#148;) dated ______________, 2007 </FONT></TD>
</TR>
</TABLE>


<P align="left">
<FONT face="serif">Ladies and Gentlemen: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">I.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The following statements are made with the knowledge that Purchaser is relying on them in connection with the purchase and assignment of the
Landlord&#146;s interest in the Lease and, in connection therewith, Purchaser and Landlord and their respective lenders, successors and assigns (collectively, the &#147;Beneficiaries&#148;) may rely on them for that purpose. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The undersigned hereby certifies to Purchaser and the other Beneficiaries that the following statements are true, correct and complete as of the date hereof: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">1. The Lease is presently in full force and effect and neither Landlord nor Tenant is in default thereunder beyond any applicable notice or cure period.  To the knowledge of the undersigned, no event
has occurred that with the giving of notice or the passage of time, or both, would constitute a default by either Landlord or Tenant under the Lease. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">2. The documents constituting the Lease, as described on Exhibit A attached hereto, constitute the entire agreement between Landlord and Tenant and there has been no amendment, written or oral, to the
Lease except as included in Exhibit A. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">3. [The term of the Lease commenced on _______________, ____ and, unless sooner terminated in accordance with its terms, the term will end on ____________, with options to extend for
successive periods of _______ years each.][The term of  the Lease is month-to-month and will expire upon thirty (30) days' prior written notice delivery to Tenant.] [Except the foregoing options to extend, if any,] there are no termination
options, purchase options or rights of first refusal regarding the Property except as set forth in the Lease. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">4. Tenant is currently paying &#36;___________ per month as rent under the Lease, which rent obligation is not past due or delinquent in any respect and has been paid through and including
______________________, 2007.  [No percentage rent is due under the Lease.] [Percentage rent is due under the Lease, which percentage rent is calculated as follows: _____________, which rent obligation is not past due or delinquent in
any respect and </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
<FONT face="serif">has been paid through and including __________________, 2007. Percentage rent paid in 2007 through _________ [current month], 2007 equaled &#36;__________. Percentage rent paid in 2006 equaled
&#36;_________.] No rent under the Lease has been paid more than thirty (30) days in advance. The estimated additional rent payable pursuant to the Leases has been paid through and including __________________, 2007 in the following
amounts: </FONT></P>
<P align="left">
<FONT face="serif">[COMPLETE PRIOR TO SENDING, IF APPLICABLE] </FONT></P>

<TABLE width=80% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width=10%></TD>
  <TD width=80% align=left>Common Area Maintenance</TD>
  <TD width=10% align=right style="border-bottom:1px double #000000;">&nbsp;</TD>
<TR>
  <TD>&nbsp;</TD>
  <TD align=left>Insurance</TD>
  <TD style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align=left>Real Estate Taxes</TD>
  <TD style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align=left>Water/Sewer</TD>
  <TD style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align=left>Trash</TD>
  <TD style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align=left>Utilities</TD>
  <TD style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align=left>Reserve for Major Repairs</TD>
  <TD style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align=left>Sign</TD>
  <TD style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
</TABLE>


<FONT face="serif">None of the additional rent set forth above is past due or delinquent in any respect. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5. [Tenant has not made any payment to Landlord as a security deposit or rental deposit.] [Tenant has made a payment to Landlord in the amount of &#36;<BR>_________<BR> as a security deposit.]
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">6. Tenant has not entered into any sublease, assignment or any other agreement transferring any of its interest in the Lease or the Premises.  To the knowledge of the undersigned, Landlord has not
entered into any sublease, assignment or any other agreement transferring any of its interest in the Lease or the Premises. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT>7. All exhibits attached hereto are by this reference incorporated fully herein. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT>8. The undersigned is duly authorized to execute and deliver this estoppel certificate. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">9. This estoppel certificate is binding upon the undersigned and its successors and assigns and may be relied upon by Purchaser and the other Beneficiaries, and if any mortgage loan encumbering the
Property becomes the subject of any securitization, may also be relied upon by the credit rating agency, if any, rating the securities collateralized by the mortgage loan as well as any issuer of such securities and any servicer and/or trustee
acting in respect of such securitization.</FONT></P>
<P align="left">
<FONT face="serif"> EXECUTED as of the _____ day of _______________, 2007. </FONT></P>

<TABLE border=0 width=50% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=3%><FONT face="serif">By:</FONT></TD>
  <TD align="left" width=100% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD><FONT face="serif">Name:</FONT></TD>
  <TD align="left" width=100% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD><FONT face="serif">Title:</FONT></TD>
  <TD align="left" width=100% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">-2- </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Exhibit 3.4(b)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Form of REA Estoppel</FONT></U></B><B><FONT face="serif"> </FONT></B></P>


<TABLE width=35% border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width=11% align="left">TO:</TD>
<TD width=89% style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD  style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD  style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD  style="border-bottom:1px double #000000;">&nbsp;</TD>
</TR>
</TABLE>
<br>

<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width=10%>&nbsp;</TD>
  <TD width=5% valign="top" align="left">Re:</TD>
  <TD width=85%><FONT face="serif">Proposed assignment of the REA (defined below) pursuant to that certain
  Purchase and Sale Agreement between _________________________ (&#8220;Seller&#148;) and _________________________ (&#8220;Purchaser&#148;)
  dated ______________, 2007 regarding ___________________________ (the &#147;Property&#148;) </FONT></TD>
</TR>
</TABLE>

<P align="left">
<FONT face="serif">Ladies and Gentlemen: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">II.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">The following statements are made with the knowledge that Purchaser is relying on them in connection with the purchase of the Property and
the assignment to Purchaser of the REA (defined below) in connection therewith, and Purchaser and Seller and their respective lenders, successors and assigns, and successor owners of the Property (collectively, the &#8220;Beneficiaries&#148;) may rely on them
for that purpose. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The undersigned hereby certifies to Purchaser and the other Beneficiaries that the following statements are true, correct and complete as of the date hereof: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">1. The undersigned is a party to the documents identified on Exhibit A attached hereto (collectively, the &#8220;REA&#148;). Seller is a party to the REA with respect to the Property. There have been no
amendments, modifications or revisions to the REA, written or oral, except as set forth on Exhibit A. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The REA is presently in full force and effect. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">3. No party is in default under the REA beyond any applicable notice or cure period, including, without limitation, any common area maintenance obligations under the REA, no event has occurred that
with the giving of notice or passage of time, or both, could constitute a default under the REA, and no party to the REA owes any payment or other funds under the REA to a third party or other party thereto. </FONT></P>
<P align="left">
<FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. There are no unpaid assessments or charges existing under the REA that are due from Seller or previous owners or occupants of the Property.  The amount of assessments or charges assessed against all of the Property subject to
the REA for 2005 was &#36;___________, which amount was timely paid in full. No assessments or charges have been paid more than one (1) month in advance. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5. All construction work, if any, required to be performed by Seller under the REA has been completed as required thereunder and has been accepted by the other party thereto. </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT>6. The undersigned is duly authorized to execute and deliver this estoppel certificate. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">7. This estoppel certificate is binding upon the undersigned and its successors and assigns and may be relied upon by Purchaser and the other Beneficiaries, and if any mortgage loan encumbering the
Property becomes the subject of any securitization, may also be relied upon by the credit rating agency, if any, rating the securities collateralized by the mortgage loan as well as any issuer of such securities and any servicer and/or trustee
acting in respect of such securitization. </FONT></P>
<P align="left">
<FONT face="serif">EXECUTED as of the  day of , 2007. </FONT></P>

<TABLE border=0 width=50% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=3%><FONT face="serif">By:</FONT></TD>
  <TD align="left" width=100% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD><FONT face="serif">Name:</FONT></TD>
  <TD align="left" width=100% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD><FONT face="serif">Title:</FONT></TD>
  <TD align="left" width=100% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>

<br>

<P align="center">
<FONT face="serif">-2- </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Exhibit 4.2(a)(i)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Form of Deed</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<FONT face="serif">[see attachment] </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
<B><FONT face="serif">RECORDING REQUESTED BY </FONT></B><BR>
<BR>
<B><FONT face="serif">AND WHEN RECORDED MAIL </FONT></B><BR>
<B><FONT face="serif">TO: </FONT></B></P>
<hr size="1" noshade>
<P align="center">
<FONT face="serif">SPACE ABOVE THIS LINE FOR RECORDER&#146;s USE </FONT></P>
<P align="center">
<B><FONT face="serif">Special Warranty Deed </FONT></B></P>
<P align="left">
<FONT face="serif">For the consideration of Ten Dollars (&#36;10.00), and other valuable considerations, I or we, _____________________________________________________________, do/does hereby convey to _______________________________
the real property situated in _______________ County, _____________ described as Parcel Nos. _______________ [the fee parcels] on </FONT><U><FONT face="serif">Exhibit A</FONT></U><FONT face="serif"> attached hereto and made a
part hereof. </FONT></P>
<P align="left">
<FONT face="serif">TOGETHER WITH: any and all rights, benefits, privileges, easements, tenements, hereditaments, rights-of-way and other appurtenances thereon or in any way appertaining thereto, including without limitation Grantor&#146;s interest in
Parcel Nos. ___________________ [the appurtenant easements] described on </FONT><U><FONT face="serif">Exhibit A</FONT></U><FONT face="serif"> attached hereto and made a part hereto; </FONT></P>
<P align="left">
<FONT face="serif">SUBJECT ONLY TO: (i) real estate taxes and assessments which are a lien but not yet due and payable, (ii) building and zoning laws, ordinances and regulations, (iii) public streets and rights of way and (iv) such other matters set
forth on </FONT><U><FONT face="serif">Exhibit B</FONT></U><FONT face="serif"> attached hereto and made a part hereof. And the Grantor hereby binds itself and its successors to warrant and defend the title against all acts of the Grantor herein, and no other, subject to the matters set forth. </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
<FONT face="serif">Dated as of the _____ day of _______________, 2007. </FONT></P>

<TABLE width=50% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=56% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">STATE OF</FONT>&nbsp;</TD>
  <TD align=left width=5% nowrap>
<FONT face="serif">)</FONT>&nbsp;</TD>
  <TD align=left width=39% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=left nowrap>
<FONT face="serif">)</FONT>&nbsp;
  </TD>
  <TD width=39%><FONT face="serif">SS:</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=56% nowrap  style="border-bottom:1px solid #000000;">
<FONT face="serif">COUNTY OF</FONT>&nbsp;
  </TD>
  <TD align=left>
<FONT face="serif">)</FONT>&nbsp;
  </TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT face="serif">On this _____ day of _______________, 2007, before me, a Notary Public in and for said County and State, personally appeared
_________________________, personally known to me (or proved to me on the basis
of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument. </FONT></P>
<P align="left">
<FONT face="serif">WITNESS my hand and affixed my official seal. </FONT></P>
<P align="left">
<FONT face="serif">Signature _________________________________</FONT></P>
<P align="center">
<FONT face="serif">For Notary Seal or Stamp </FONT></P>
<P align="left">
<B><FONT face="serif">[Add to Deed: Exhibit A &#150; Legal Description of Property and Exhibit B &#150; Permitted Exceptions] </FONT></B></P>
<P align="center">
<FONT face="serif">-2- </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Exhibit 4.2(a)(ii)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Form of Space Lease Assignment</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<FONT face="serif">[see attachment] </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
<FONT face="serif">RECORDING REQUESTED BY </FONT><BR>
<FONT face="serif">AND WHEN RECORDED MAIL TO: </FONT><BR>
____________________________________<BR>
____________________________________<BR>
____________________________________<BR>
____________________________________<BR></P>

<P align="center">
<U><FONT face="serif">ASSIGNMENT AND ASSUMPTION OF LEASES</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">THIS ASSIGNMENT AND ASSUMPTION OF LEASES (this &#8220;Assignment&#148;) is entered into as of the ____ day of ____________, 2007, between
_________________________, a ________________
(&#8220;Assignor&#148;) and ______________________, a __________________ (&#8220;Assignee&#148;). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">1. </FONT><U><FONT face="serif">Property</FONT></U><FONT face="serif">.  The &#8220;Property&#148; shall mean the land legally described in Exhibit A attached to this Assignment, together with the buildings,
structures and other improvements located thereon. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">2. </FONT><U><FONT face="serif">Leases and Tenancies</FONT></U><FONT face="serif">.  The &#8220;Leases&#8221; shall mean all leases and any amendments thereto identified on Exhibit B attached to this Assignment.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">3. </FONT><U><FONT face="serif">Assignment</FONT></U><FONT face="serif">. For good and valuable consideration received by Assignor, the receipt and sufficiency of which are hereby acknowledged,
Assignor hereby gives, grants, conveys and assigns to Assignee as of the date hereof, the entire right, title and interest of Assignor in and to the Leases. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">4. </FONT><U><FONT face="serif">Assumption</FONT></U><FONT face="serif">. Assignee hereby assumes, and agrees to be bound by and to perform, all of the covenants, agreements and obligations of
Assignor under the Leases accruing on or after the date hereof.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5. </FONT><U><FONT face="serif">Third Parties</FONT></U><FONT face="serif">.  No third party shall have the benefit of any of the provisions of this Assignment, nor is this Assignment made with the
intent that any person or entity other than Assignor or Assignee rely hereon. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">6. </FONT><U><FONT face="serif">Indemnification by Assignor</FONT></U><FONT face="serif">. Assignor hereby indemnifies Assignee, and agrees to defend and hold Assignee harmless from and against any
and all liability, loss, cost, damage and/or expense, including without limitation reasonable attorneys&#8217; fees, which Assignee shall incur in connection to the Leases by reason of any failure or alleged failure of Assignor to have complied with or to
have fully performed, before the date hereof, all obligations on its part to have been performed, complied with or discharged under any of the terms and conditions of the Leases. </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> 7. </FONT><U><FONT face="serif">Indemnification by Assignee</FONT></U><FONT face="serif">. Assignee hereby indemnifies Assignor, and agrees to defend and hold Assignor harmless from and against any
and all liability, loss, cost, damage and/or expense, including without limitation reasonable attorneys&#8217; fees, which Assignor shall incur in connection with the Leases by reason of any failure or alleged failure of Assignee, as the successor to
Assignor, to comply with or to fully perform, on and after the date hereof, all obligations to be performed or complied with under any of the terms and conditions in of the Leases. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> 8. </FONT><U><FONT face="serif">Counterparts</FONT></U><FONT face="serif">. This Agreement may be executed in any number of counterparts, any or all of which may contain the signatures of less than
all of the parties, and all of which shall be construed together as a single instrument. For purposes of this Agreement, a facsimile of an executed counterpart shall constitute an original. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">9. </FONT><U><FONT face="serif">Successors and Assigns</FONT></U><FONT face="serif">. The terms and conditions of this Assignment shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and assigns. </FONT></P>
<P align="center">
<FONT face="serif">[signatures on following page] </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment as of the day and year first above written. </FONT></P>


<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD align=left colspan=2><B><FONT face="serif">ASSIGNEE:</FONT></B></TD>
  <TD align=left colspan=2><B><FONT face="serif">ASSIGNOR:</FONT></B></TD>
</TR>
<TR>
  <TD width=55% colspan=2><FONT face="serif">By: _____________________________________</FONT></TD>
  <TD width=4%>&nbsp;</TD>
  <TD width=41%>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><FONT face="serif">Name: ____________________________________</FONT></TD>
  <TD colspan=2><FONT face="serif">By: _____________________________________</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><FONT face="serif">Title: _____________________________________</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT face="serif">Name: ____________________________________</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><FONT face="serif">Title: _____________________________________</FONT></TD>
</TR>
</TABLE>

<P align="left">
<B><U><FONT face="serif">[**add appropriate notary blocks]</FONT></U></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Exhibit 4.2(a)(iii)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Form of Non-Foreign Transferor Certification</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<FONT face="serif">NON-FOREIGN AFFIDAVIT </FONT></P>
<P align="left">
<FONT face="serif">Section 1445 of the Internal Revenue Code of 1986, as amended, provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. To inform the transferee that withholding of tax
is not required upon the disposition of a U.S. real property interest by ____________________, a _________ limited liability company (&#8220;Transferor&#148;), the undersigned hereby certifies the following on behalf of the Transferor:
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">1. Transferor is not a foreign corporation, foreign partnership, foreign trust, foreign estate, or foreign person (as those terms are defined in the Internal Revenue Code and the Income Tax
Regulations promulgated thereunder); </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">2. Transferor&#146;s U.S. employer identification number is __________; and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">3. Transferor&#146;s address is            . </FONT></P>
<P align="left">
<FONT face="serif">Transferor understands that this certification may be disclosed to the Internal Revenue Service by the transferee and that any false statement contained herein could be punished by fine, imprisonment, or both. </FONT></P>
<P align="left">
<FONT face="serif">Under penalties of perjury the undersigned declares that it has examined this certification and to the best of its knowledge and belief it is true, correct and complete, and it further declares that it has authority to sign this
document on behalf of Transferor. </FONT></P>
<P align="left">
<FONT face="serif">Dated: _____________ ____, 2007 </FONT></P>
<P align="left">
<FONT face="serif">Transferor: </FONT><BR>
<BR>

<TABLE border=0 width=50% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=3%><FONT face="serif">By:</FONT></TD>
  <TD align=left width=100% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD><FONT face="serif">Name:</FONT></TD>
  <TD align=left width=100% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD><FONT face="serif">Title:</FONT></TD>
  <TD align=left width=100% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>


<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Exhibit 4.2(a)(vii)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Form of Date-Down Letter</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<FONT face="serif">CLOSING CERTIFICATE </FONT></P>
<P align="left">
<FONT face="serif"> __________________________, a __________ limited liability company (&#8220;Seller&#148;), hereby certifies and confirms for the benefit of
___________________________ (&#8220;Purchaser&#148;), that all representations and
warranties made by Seller in the Purchase and Sale Agreement dated _______________, 2007, by and between Seller and Purchaser, are true and correct in all material respects as of the date hereof. </FONT></P>
<P align="left">
<FONT face="serif"> DATED as of the ____ day of ________________, 2007. </FONT></P>


<TABLE border=0 width=50% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=3%><FONT face="serif">By:</FONT></TD>
  <TD align=left width=100% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD><FONT face="serif">Name:</FONT></TD>
  <TD align=left width=100% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD><FONT face="serif">Title:</FONT></TD>
  <TD align=left width=100% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Exhibit 4.2(a)(x)</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Form of REA Assignment</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<FONT face="serif">[see attachment] </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
<FONT face="serif">RECORDING REQUESTED BY </FONT><BR>
<FONT face="serif">AND WHEN RECORDED MAIL TO: </FONT><BR>
____________________________________<BR>
____________________________________<BR>
____________________________________<BR>
____________________________________<BR></P>
<P align="left">
<U><FONT face="serif">ASSIGNMENT AND ASSUMPTION</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
<U><FONT face="serif">OF RECIPROCAL EASEMENT AGREEMENT</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">THIS ASSIGNMENT AND ASSUMPTION OF RECIPROCAL EASEMENT AGREEMENT (this &#8220;Assignment&#148;) is entered into as of the ____ day of ____________, 20__, between ________________________, a
___________________ (&#8220;Assignor&#148;) and ___________________________________, a __________________ (&#8220;Assignee&#148;). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">1. </FONT><U><FONT face="serif">Property</FONT></U><FONT face="serif">. The &#8220;Property&#8221; shall mean the land legally described in Exhibit A attached to this Assignment, together with the buildings
structures and other improvements located thereon. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">2. </FONT><U><FONT face="serif">REA</FONT></U><FONT face="serif">. The &#8220;REA&#8221; shall mean the agreements affecting the Property, or any part thereof, listed on Exhibit B attached to this Assignment as
amended or supplemented from time to time. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">3. </FONT><U><FONT face="serif">Assignment</FONT></U><FONT face="serif">. For good and valuable consideration received by Assignor, the receipt and sufficiency of which are hereby acknowledged,
Assignor hereby gives, grants, conveys and assigns to Assignee as of the date hereof the entire right, title and interest of Assignor in and to the REA.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">4. </FONT><U><FONT face="serif">Assumption</FONT></U><FONT face="serif">. Assignee hereby assumes, and agrees to be bound by and to perform, all of the covenants, agreements and obligations of
Assignor under the REA described on Exhibit B accruing on or after the date hereof.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5. </FONT><U><FONT face="serif">Indemnification by Assignor</FONT></U><FONT face="serif">. Assignor hereby indemnifies Assignee, and agrees to defend and hold Assignee harmless from and against any
and all liability, loss, cost, damage and/or expense, including, without limitation, reasonable attorneys&#8217; fees, which Assignee shall incur in connection to the REA by reason of any failure or alleged failure of Assignor to have complied with or to
have fully performed, before the date hereof, all obligations on its part to have been performed, complied with or discharged under any of the terms and conditions of the REA. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">6. </FONT><U><FONT face="serif">Indemnification by Assignee</FONT></U><FONT face="serif">. Assignee hereby indemnifies Assignor, and agrees to defend and hold Assignor harmless from and against any
and all liability, loss, cost, damage and/or expense, including without limitation reasonable attorneys&#8217; fees, which Assignor shall incur in connection with the REA by reason of any failure or alleged failure of Assignee, as </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
<FONT face="serif">the successor to Assignor, to comply with or to fully perform, on and after the date hereof, all obligations to be performed or complied with under any of the terms and conditions in of the REA. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> 7. </FONT><U><FONT face="serif">Counterparts</FONT></U><FONT face="serif">. This Agreement may be executed in any number of counterparts, any or all of which may contain the signatures of less than
all of the parties, and all of which shall be construed together as a single instrument. For purposes of this Agreement, a facsimile of an executed counterpart shall constitute an original. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">8. </FONT><U><FONT face="serif">Successors and Assigns</FONT></U><FONT face="serif">. The terms and conditions of this Assignment shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and assigns. </FONT></P>
<P align="center">
<FONT face="serif">[signatures on following page] </FONT></P>
<P align="center">
<FONT face="serif">-2- </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment as of the day and year first above written. </FONT></P>



<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD align=left colspan=2><B><FONT face="serif">ASSIGNEE:</FONT></B></TD>
  <TD align=left colspan=2><B><FONT face="serif">ASSIGNOR:</FONT></B></TD>
</TR>
<TR>
  <TD width=55% colspan=2><FONT face="serif">By: _____________________________________</FONT></TD>
  <TD width=4%>&nbsp;</TD>
  <TD width=41%>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><FONT face="serif">Name: ____________________________________</FONT></TD>
  <TD colspan=2><FONT face="serif">By: _____________________________________</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><FONT face="serif">Title: _____________________________________</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT face="serif">Name: ____________________________________</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><FONT face="serif">Title: _____________________________________</FONT></TD>
</TR>
</TABLE>


<BR>
<P align="left">
<B><U><FONT face="serif">[**add appropriate notary blocks]</FONT></U></B><FONT face="serif"> </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Exhibit 4.2(a)(xii)</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Form of Bill of Sale and Assignment</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<FONT face="serif">[see attachment] </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<U><FONT face="serif">BILL OF SALE AND ASSIGNMENT</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This BILL OF SALE AND ASSIGNMENT (this &#8220;Bill of Sale&#148;) is made and entered into as of ________ __, 2007, by and between _______________________________, a ___________________
(&#8220;Assignor&#148;), and _____________________________, a _________________ (&#8220;Assignee&#148;). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In consideration of the sum of Ten Dollars (&#36;10) and other good and valuable consideration paid by Assignee to Assignor, the receipt and sufficiency of which are hereby acknowledged, Assignor does
hereby assign, transfer, convey and deliver to Assignee, its successors and assigns, all of Seller&#146;s right title and interest in and to the Personal Property and Intangible Property, as such terms are defined in the Purchase and Sale Agreement, by
and between Assignor and Assignee, dated as of <BR>___________<BR>, 2007 (the &#147;Purchase Agreement&#148;). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Assignor warrants to Assignee that Assignor owns all right, title and interest in the Personal Property and Intangible Property free and clear of any lien, security interest or adverse claim.
</FONT></P>
<P align="center">
<FONT face="serif">[signatures on following page] </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">IN WITNESS WHEREOF, Assignor and Assignee have executed this Bill of Sale as of the day and year first above written. </FONT></P>

<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD align=left colspan=2><B><FONT face="serif">ASSIGNEE:</FONT></B></TD>
  <TD align=left colspan=2><B><FONT face="serif">ASSIGNOR:</FONT></B></TD>
</TR>
<TR>
  <TD width=55% colspan=2><FONT face="serif">By: _____________________________________</FONT></TD>
  <TD width=4%>&nbsp;</TD>
  <TD width=41%>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><FONT face="serif">Name: ____________________________________</FONT></TD>
  <TD colspan=2><FONT face="serif">By: _____________________________________</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><FONT face="serif">Title: _____________________________________</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT face="serif">Name: ____________________________________</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><FONT face="serif">Title: _____________________________________</FONT></TD>
</TR>
</TABLE>

<BR>

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<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Exhibit 12(f)</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Insurance Certificate</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<FONT face="serif">[see attachment] </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Schedule 2.1(a)(iv)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Schedule of Space Lease Documents</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<U><FONT face="serif">Store 88 &#150; 1801 Norman Drive, Valdosta, Georgia</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif">Lease dated January 30, 2006 between Kelly &amp; Cohen Appliances, Inc., as landlord, and Dollar Tree Stores, Inc., as tenant </FONT></P>
<P align="left">
<U><FONT face="serif">Store 108 &#150; 2619 Dawson Road, Albany, Georgia</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif">Lease dated September 23, 2005 between Kelly &amp; Cohen Appliances, Inc., as landlord, and Dollar Tree Stores, Inc., as tenant</FONT></P>
<P align="left">
<U><FONT face="serif">Store 142 - 6748 N.W. Cache Road, Lawton, Oklahoma</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif">Lease dated October 14, 2005 between Stereo Town, Inc., as landlord, and Dollar Tree Stores, Inc., as tenant </FONT></P>
<P align="left">
<U><FONT face="serif">Store 163 - 2376 David Lyle Boulevard, Rock Hill, South Carolina</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif">Lease dated January 30, 2006 between Kelly &amp; Cohen Appliances, Inc., as landlord, and Dollar Tree Stores, Inc., as tenant </FONT></P>
<P align="left">
<U><FONT face="serif">Store 214 - 2200 Orchard Crossing, Benton Harbor, Michigan</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif">Lease dated December 10, 2003 between Rex Radio and Television, Inc., as landlord, and Goodwill Industries of Southwestern Michigan, Inc., as tenant </FONT></P>
<P align="left">
<U><FONT face="serif">Store 265(a) &#150; 2350 Airline Drive, Bossier City, Louisiana</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif">Lease dated February 24, 2006 between Rex Radio and Television, Inc., as landlord, and Dollar Tree Stores, Inc., as tenant </FONT></P>
<P align="left">
<U><FONT face="serif">Store 265(b) &#150; 2350 Airline Drive, Bossier City, Louisiana</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif">Lease dated August 9, 2001 between Rex Radio and Television, Inc., as landlord, and Nexola Communications, Inc., as tenant </FONT></P>
<P align="left">
<U><FONT face="serif">Store 288 - 8165 US Highway 1/141, Iron Mountain, Michigan</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif">Lease dated October 14, 2005 between Rex Radio and Television, Inc., as landlord, and Dollar Tree Stores, Inc., as tenant </FONT></P>
<P align="left">
<FONT face="serif">Letter from landlord dated April 20, 2006 representing that actual real estate tax base for 2004 is &#36;12,029.00 (rather than &#36;6,209.81 as set forth in Section A.11.b.2 of the Lease) </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
<U><FONT face="serif">Store 307 - 2651 SE Washington Boulevard, Bartlesville, Oklahoma</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif">Lease dated October 14, 2005 between Stereo Town, Inc., as landlord, and Dollar Tree Stores, Inc., as tenant </FONT></P>
<P align="left">
<U><FONT face="serif">Store 309 - 1600 Memorial Road, Houghton, Michigan</FONT></U><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif">Lease dated October 14, 2005 between Rex Radio and Television, Inc., as landlord, and Dollar Tree Stores, Inc., as tenant </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Schedule 2.3(a)(i)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Schedule of Twenty Leased Properties</FONT></U></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Store<br>No.</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Address</FONT></B>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">City</FONT></B>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">ZIP</FONT></B>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">County</FONT></B>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">SF</FONT></B>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2119 E. Dorothy Lane</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Kettering</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OH</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">45420</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Montgomery</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,507</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">32</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2440 Broad Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Sumter</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">29151</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Sumter</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,527</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">45</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8522 US Hwy 441</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Leesburg</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">34788</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lake</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">103</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1821 Beltline Road SW</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Decatur</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">AL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">35601</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Morgan</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">129</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2920 Cheney Highway</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Titusville</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">32780</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Brevard</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">147</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1414 Poleline Road East</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Twin Falls</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">ID</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">83301</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Twin Falls</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">194</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4322 John Ben Sheppard</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Odessa</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TX</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">79762</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ector</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,009</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">202</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4903 Milan Road</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Sandusky</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OH</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">44870</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Erie</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,918</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">207</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2550 E. Morris Blvd.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Morristown</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TN</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">37813</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hamblen</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,650</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">218</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2152 Dell Range Blvd.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Cheyenne</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">WY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">82009</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Laramie</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,700</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">219</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3650 E. 2nd Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Casper</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">WY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">82601</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Natrona</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,932</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">233</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">107 Sandy Court</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Danville</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">VA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">24541</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Danville City</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,900</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">238</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4361 Venture Drive</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Peru</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">61354</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">La Salle</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">15,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">254</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1573 N. State Rte 50</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bradley</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">60915</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Kankakee</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,748</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">276</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2250 Tiffin Ave.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Findlay</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OH</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">45840</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hancock</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,984</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">280</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5071 State Hwy 23</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Oneonta</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13820</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Otsego</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,400</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">283</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13115 Lee Highway</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bristol</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">VA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">24202</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bristol</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">306</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1611 West Rose Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Walla Walla</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">WA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">99362</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Walla Walla</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,400</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">314</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2200 E. Main Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Owosso</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MI</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">48867</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Shiawassee</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">324</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3869 N. Gloster</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Tupelo</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MS</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">38801</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lee</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,720</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Schedule 2.3(a)(ii)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Schedule of Twenty Non-Leased Properties</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Store<br>No.</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Address</FONT></B>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">City</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">ZIP</FONT></B>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">County</FONT></B>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">SF</FONT></B>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5225 Highway 18 South</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Jackson</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MS</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">39209</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hinds</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,996</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">52</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2651 29th St.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Greeley</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">CO</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">80631</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Weld</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,980</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">61</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1725 32nd Ave. S.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Grand Forks</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">ND</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">58201</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Grand Forks</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,844</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">67</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">241 W. 15th Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Panama City</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">32401</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bay</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8,746</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">78</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3548 Rt. 281</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Cortland</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13045</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Cortland</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">97</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2717 W. 26th Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Erie</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">PA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">16506</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Erie</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">112</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4099 McDonald Drive</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Dubuque</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">52002</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Dubuque</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,830</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">120</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">803 S. Wheatley Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ridgeland</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MS</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">39158</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Madison</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,920</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">144</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">946 Orleans Road</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Charleston</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">29407</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Charleston</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,058</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">145</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1817 S. Ave. West</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Missoula</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MT</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">59801</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Missoula</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,840</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">155</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2827 Watson Blvd.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Warner Robins</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">GA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">31093</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Houston</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,900</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">169</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2045 Statesville Blvd.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Salisbury</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">28144</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Rowan</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,064</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">183</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7130 Rivers Ave.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Charleston</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">29418</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Charleston</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,600</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">193</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">106 East Loop 281</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Longview</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TX</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">75601</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Gregg</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,918</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">216</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4130 E. Wilder Road</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bay City</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MI</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">48706</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bay</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,940</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">221</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2223 Colorado Boulevard</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Denton</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TX</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">76205</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Denton</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,985</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">231</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3501 4th St. SW</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Mason City</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">50401</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Cerro Gordo</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">248</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">20839 State Route 3</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Watertown</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13601</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Jefferson</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,880</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">252</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">96 Airport Beltway</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hazelton</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">PA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">18201</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Luzerne</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">272</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2749 Military Road</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Niagara Falls</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14305</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Niagara</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Schedule 2.3(e)</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Schedule of Twenty-Two Properties</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Store<br>No.</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Address</FONT></B>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">City</FONT></B>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">ZIP</FONT></B>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">County</FONT></B>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">SF</FONT></B>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2119 E. Dorothy Lane</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Kettering</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">*/OH</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">45420</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Montgomery</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,507</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">32</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2440 Broad Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Sumter</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">29151</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Sumter</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,527</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">45</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8522 US Hwy 441</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Leesburg</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">34788</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lake</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">103</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1821 Beltline Road SW</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Decatur</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">AL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">35601</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Morgan</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">129</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2920 Cheney Highway</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Titusville</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">32780</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Brevard</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">133</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4436 Tamiami Trial</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Naples</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">33962</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Collier</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,958</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">143</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">28270 S. Tamiami Trail</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonita Springs</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">34134</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lee</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">147</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1414 Poleline Road East</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Twin Falls</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">ID</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">83301</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Twin Falls</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">194</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4322 John Ben Sheppard</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Odessa</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TX</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">79762</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ector</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,009</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">202</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4903 Milan Road</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Sandusky</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OH</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">44870</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Erie</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,918</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">207</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2550 E. Morris Blvd.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Morristown</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TN</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">37813</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hamblen</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,650</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">218</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2152 Dell Range Blvd.</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Cheyenne</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">WY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">82009</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Laramie</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,700</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">219</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3650 E. 2nd Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Casper</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">WY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">82601</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Natrona</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,932</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">233</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">107 Sandy Court</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Danville</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">VA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">24541</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Danville City</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,900</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">238</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4361 Venture Drive</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Peru</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">61354</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">La Salle</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">15,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">254</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1573 N. State Rte 50</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bradley</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">60915</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Kankakee</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,748</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">264</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2313 N. Monroe</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Monroe</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MI</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">48162</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Monroe</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">16,488</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">280</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5071 State Hwy 23</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Oneonta</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13820</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Otsego</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,400</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">283</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13115 Lee Highway</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bristol</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">VA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">24202</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bristol</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">306</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1611 West Rose Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Walla Walla</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">WA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">99362</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Walla Walla</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,400</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">314</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2200 E. Main Street</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Owosso</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MI</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">48867</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Shiawassee</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">324</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3869 N. Gloster</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=14% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Tupelo</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MS</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">38801</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lee</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,720</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Schedule 3.1(a)(xix)</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Schedule of Service Contracts</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<B><U><FONT face="serif">NONE</FONT></U></B><B><FONT face="serif"> </FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Schedule 3.3(f)</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Additional Properties</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Store<br>No.</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=18% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Address</FONT></B>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=9% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">City</FONT></B>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">ZIP</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=8% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">County</FONT></B>&nbsp;
  </TD>
  <TD width=9% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">SF</FONT></B>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">60</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=18% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3501 6th Ave. S.E.</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=9% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Aberdeen</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">South Dakota</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SD</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">57401</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=8% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Brown</FONT>&nbsp;
  </TD>
  <TD width=9% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,956</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">254</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=18% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1573 N. State Rte 50</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=9% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bradley</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Illinois</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IL</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">60915</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=8% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Kankakee</FONT>&nbsp;
  </TD>
  <TD width=9% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,748</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">271</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=18% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">979 St. Rte 5 &amp; US 20</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=9% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Geneva</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">New York</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14556</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=8% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ontario</FONT>&nbsp;
  </TD>
  <TD width=9% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,970</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">292</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=18% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2100 Memorial Drive</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=9% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Waycross</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Georgia</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">GA</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">31501</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=8% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ware</FONT>&nbsp;
  </TD>
  <TD width=9% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">248</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=18% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">20839 State Route 3</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=9% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Watertown</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">New York</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NY</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13601</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=8% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Jefferson</FONT>&nbsp;
  </TD>
  <TD width=9% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,880</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">118</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=18% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1305 81 E. Ash Street</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=9% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Piqua</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ohio</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OH</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">45356</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=8% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Miami</FONT>&nbsp;
  </TD>
  <TD width=9% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">104</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=18% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">120 N. Range Line</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=9% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Joplin</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Missouri</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MO</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">65801</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=8% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Jasper</FONT>&nbsp;
  </TD>
  <TD width=9% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">316</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=18% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1603 E. Dixie Drive</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=9% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Asheboro</FONT>&nbsp;
  </TD>
  <TD width=6% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">North Carolina</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NC</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">27203</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=8% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Randolph</FONT>&nbsp;
  </TD>
  <TD width=9% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Schedule 3.3(i)</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Environmental Assessment Properties</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<TABLE border=0  width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="sans-serif">Store<br>No.</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=19% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Address</FONT></B>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">City</FONT></B>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">ZIP</FONT></B>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">County</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center width=6% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">SF</FONT></B>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<FONT size=2 face="sans-serif">290</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=19% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2615 Lincoln Way</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Clinton</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Iowa</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IA</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">52732</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Clinton</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<FONT size=2 face="sans-serif">276</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=19% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2250 Tiffin Ave.</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Findlay</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ohio</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OH</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">45840</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hancock</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,984</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<FONT size=2 face="sans-serif">231</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=19% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3501 4th St. SW</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Mason City</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Iowa</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IA</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">50401</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Cerro Gordo</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<FONT size=2 face="sans-serif">291</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=19% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1823 S. West Avenue</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Freeport</FONT>&nbsp;
  </TD>
  <TD width=4% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Illinois</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IL</FONT>&nbsp;
  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">61032</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Stephenson</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center width=6% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,970</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Schedule 3.6(a)(vii)</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Schedule of 25 Properties</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<TABLE border=0 width=1005 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Store<br>No.</FONT></B>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Address</FONT></B>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">City</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">ZIP</FONT></B>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">County</FONT></B>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">SF</FONT></B>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">60</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3501 6th Ave. S.E.</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Aberdeen</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">South Dakota</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SD</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">57401</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Brown</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,956</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">108</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2619 Dawson Road</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Albany</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Georgia</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">GA</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">31707</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Dougherty</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">307</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2654 S.E. Washington Blvd.</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bartlesville</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Oklahoma</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OK</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">74006</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Washington</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">143</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">28270 S. Tamiami Trail</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonita Springs</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Florida</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">34134</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lee</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">265</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2350 Airline Drive</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bossier City</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Louisiana</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">LA</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">71111</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bossier Parish</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14,985</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">254</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1573 N. State Rte 50</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bradley</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Illinois</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IL</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">60915</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Kankakee</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,748</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">283</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13115 Lee Highway</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bristol</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Virginia</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">VA</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">24202</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bristol</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">219</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3650 E. 2nd Street</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Casper</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Wyoming</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">WY</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">82601</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Natrona</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,932</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">218</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2152 Dell Range Blvd.</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Cheyenne</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Wyoming</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">WY</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">82009</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Laramie</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,700</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">290</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2615 Lincoln Way</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Clinton</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Iowa</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IA</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">52732</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Clinton</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">276</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2250 Tiffin Ave.</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Findlay</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ohio</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OH</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">45840</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hancock</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,984</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">271</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">979 St. Rte 5 &amp; US 20</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Geneva</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">New York</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NY</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14556</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ontario</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,970</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">242</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1804 N. Diers Avenue</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Grand Island</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Nebraska</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NE</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">68803</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hall</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14,652</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">52</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2651 29th St.</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Greeley</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Colorado</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">CO</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">80631</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Weld</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,980</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">288</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">W8165 Hwy 2 &amp; 141 South</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Iron Mountain</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Michigan</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MI</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">49801</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Dickinson</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">142</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6748 NW Cache Road</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lawton</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Oklahoma</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OK</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">73505</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Comanche</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">231</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3501 4th St. SW</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Mason City</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Iowa</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IA</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">50401</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Cerro Gordo</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">145</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1817 S. Ave. West</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Missoula</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Montana</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MT</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">59801</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Missoula</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,840</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">133</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4436 Tamiami Trial</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Naples</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Florida</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">33962</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Collier</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,958</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">175</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">30512 U.S. Hwy 19 S.</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Palm Harbor</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Florida</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">FL</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">34684</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Pinellas</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">238</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4361 Venture Drive</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Peru</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Illinois</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IL</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">61354</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">La Salle</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">15,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">217</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1612 Highway 50 West</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Pueblo</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Colorado</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">CO</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">81008</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Pueblo</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,988</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">324</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3869 N. Gloster</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Tupelo</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Mississippi</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MS</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">38801</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lee</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,720</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">88</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1801 Norman Drive</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Valdosta</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Georgia</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">GA</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">31601</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Lowndes</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">306</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=22% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1611 West Rose Street</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=12% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Walla Walla</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Washington</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">WA</FONT>&nbsp;
  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">99362</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=11% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Walla Walla</FONT>&nbsp;
  </TD>
  <TD width=7% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,400</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Schedule 6.1(c)(i)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Schedule of Purchase Option Agreements</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=7% rowspan="2" align=center nowrap>
<B><FONT face="serif">Store</FONT></B>&nbsp;
<B><FONT face="serif"><br>No.</FONT></B>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD width=25% rowspan="2" align=left nowrap>
 <div align="left"><B><FONT face="serif">Property Address</FONT></B>&nbsp;
  </div></TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD width=63% rowspan="2" align=center nowrap>
    <div align="left"><B><FONT face="serif">Purchase Option Agreement</FONT></B>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
  <TD width=3%>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">103</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">1821 Beltline Road SW</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Deed from Beltline-Decature to Seller, dated October</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">Decatur, AL 35601</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=63% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">22, 1986</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">160</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">1145 East Main Street</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Supplemental Agreement, between Kelly &amp; Cohen</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">Carbondale, IL 62901</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Appliances, Inc. and UM Partners, dated June 5, 1994</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=63% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">(recorded)</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">201</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">331 Graft Road</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">General Warranty Deed, by Newtowne Mall</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">New Philadelphia, OH</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Associates Limited Partnership, as grantor, to Rex, as</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">44663</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=63% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">grantee, dated August 25, 1993</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">207</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">2550 E. Morris Blvd.</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Special Warranty Deed, by CBL Morristown, Ltd., as</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">Morristown, TN 37813</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">grantor, to Kelly &amp; Cohen Appliances, Inc., as</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=63% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">grantee, dated October 15, 1993</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">252</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">96 Airport Beltway</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Supplemental Agreement, dated November 26, 1971,</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">Hazelton, PA 18201</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=63% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">and recorded in Book 1737, Page 1058.</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">316</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">1603 E. Dixie Drive</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Easement and Restriction Agreement dated</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">Asheboro, NC 27203</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">September 5, 2000, by and among Randolph Fringe</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Land, Ltd., Kelly &amp; Cohen Appliances, Inc. and JG</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Randolph LLC (recorded) (referenced also in Special</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Warranty Deed, by Randolph Fringe Land, Ltd., as</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">grantor, to Kelly &amp; Cohen Appliances, Inc., as</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">grantee, dated September 5, 2000)</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_92"></A>

<P align="center">
<B><U><FONT face="serif">Schedule 6.1(c)(ii)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">Schedule of Right of First Refusal Agreements</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=7% rowspan="2" align=center nowrap>
<B><FONT face="serif">Store<BR>No.</FONT></B>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD width=25% rowspan="2" align=center nowrap>
  <div align="left"><B><FONT face="serif">Property Address</FONT></B>&nbsp;
  </div></TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD width=63% rowspan="2" align=center nowrap>
    <div align="left"><B><FONT face="serif">Right of First Refusal Agreements</FONT></B>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
  <TD width=3%>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">103</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">1821 Beltline Road SW</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Deed from Beltline-Decatur to Seller, dated October</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">Decatur, AL 35601</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=63% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">22, 1986</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">145</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">1817 S. Ave. West</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Right of First Refusal, between Kelly &amp; Cohen</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">Missoula, MT 59801</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Appliances, Inc. and Southgate Mall Associates, LLP</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=63% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">(&#147;Southgate&#148;), dated November 4, 1998</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">155</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">2827 Watson Blvd.</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Right of First Refusal to Purchase, between Kelly &amp;</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">Warner Robbins, GA</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Cohen Appliances, Inc. and S.G.I., Inc., dated</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">31093</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=63% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">August 15, 1994</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">160</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">1145 East Main Street</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Supplemental Agreement, between Kelly &amp; Cohen</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">Carbondale, IL 62901</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Appliances, Inc. and UM Partners, dated June 5, 1994</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=63% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">(recorded)</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">207</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">2550 E. Morris Blvd.</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Special Warranty Deed, by CBL Morristown, Ltd., as</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">Morristown, TN 37813</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">grantor, to Kelly &amp; Cohen Appliances, Inc., as</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=63% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">grantee, dated October 15, 1993</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">214</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">2200 Orchard Crossing</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Lease Agreement, by and between Goodwill</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">Benton Harbor, Michigan</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Industries of Southwestern Michigan, Inc. and Rex</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">49022</FONT>&nbsp;
  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=63% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">Radio and Television, Inc., dated December 10, 2003</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">223</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">3035 Northridge East</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Grant Deed from Ashtabula Mall Company to Seller,</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">Ashtabula, OH 44004</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">dated c. August 10, 1995, and recorded in Vol. 082,</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=63% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">Page 9878 of the county records.</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">264</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">2313 N. Monroe</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Grant Deed from Frenchtown Square Partnership to</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">Monroe, MI 48162</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Kelly &amp; Cohen, dated c. December 7, 1999, recorded</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=63% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">in Liber 1872, Page 0009.</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=7% nowrap>
<FONT face="serif">316</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">1603 E. Dixie Drive</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Easement and Restriction Agreement dated</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>
<FONT face="serif">Asheboro, NC 27203</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">September 5, 2000, by and among Randolph Fringe</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap>&nbsp;

  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=25% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Land, Ltd., Kelly &amp; Cohen Appliances, Inc. and JG</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=7% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=25% nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD width=2% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=63% nowrap style="border-bottom:1px solid #000000;">
<FONT face="serif">Randolph LLC (recorded) (referenced also in Special</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=6% rowspan="2" align=center nowrap>
<B><FONT face="serif">Store<BR>No.</FONT></B>&nbsp;
  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD width=22% rowspan="2" align=center nowrap>
    <div align="left"><B><FONT face="serif">Property Address</FONT></B>&nbsp;
    </div></TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD width=63% rowspan="2" align=center nowrap><div align="left"><B><FONT face="serif">Right of First Refusal Agreements</FONT></B>&nbsp;
  </div></TD>
</TR>
<TR valign="bottom">
  <TD width=7%>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=6% nowrap>&nbsp;

  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=22% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">Warranty Deed, by Randolph Fringe Land, Ltd., as</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=6% nowrap>&nbsp;

  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=22% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">grantor, to Kelly &amp; Cohen Appliances, Inc., as</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=6% nowrap>&nbsp;

  </TD>
  <TD width=7%>&nbsp;
  </TD>
  <TD align=left width=22% nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=63% nowrap>
<FONT face="serif">grantee, dated September 5, 2000)</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Schedule 6.1(e)</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Schedule of Litigation</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<FONT face="serif">NONE</FONT><B><FONT face="serif"> </FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<P align="center">
<B><U><FONT face="serif">Schedule 6.1(h)</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Schedule of Leasing Commissions</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<FONT face="serif">NONE</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_96"></A>

<P align="center">
<B><U><FONT face="serif">Schedule 6.1(j)</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Schedule of Required Consents</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<FONT face="serif">NONE </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_97"></A>

<P align="center">
<B><U><FONT face="serif">Schedule 15.17</FONT></U></B><B><FONT face="serif"> </FONT></B><BR>
<BR>
<B><U><FONT face="serif">Purchase Price Allocations</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="10%" align=left nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">Store</font></b>&nbsp; <b><font size=2 face="sans-serif">No.</font></b></TD>
  <TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="18%" align=left nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">Address</font></b>&nbsp; </TD>
  <TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="12%" align=left nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">City</font></b>&nbsp;</TD>
  <TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="7%" align=left nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">State</font></b>&nbsp; </TD>
  <TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="7%" align=left nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">ZIP</font></b>&nbsp; </TD>
  <TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="11%" align=left nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">County</font></b>&nbsp;</TD>
  <TD width="9%" align=left nowrap style="border-bottom:1px solid #000000;"><center>
    <b><font size=2 face="sans-serif">SF</font></b>&nbsp;    </center></TD>
  <TD width="5%" style="border-bottom:1px solid #000000;"><center>
  </center></TD>
  <TD width="2%" align=right nowrap style="border-bottom:1px solid #000000;"><center>
  </center></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><center>
    <b><font size=2 face="sans-serif">Allocated<br>
      Purchase<br>
      Price</font></b>
  </center></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">1821 Beltline Road</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD width=6% align=left nowrap>&nbsp;

  </TD>
  <TD width=3% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">103</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">SW</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Decatur</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">AL</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">35601</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Morgan</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,000</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,320,000</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=16>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">145</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1817 S. Ave. West</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Missoula</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MT</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">59801</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Missoula</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,840</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,598,400</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Warner</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">155</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2827 Watson Blvd.</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Robins</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">GA</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">31093</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Houston</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,900</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,428,000</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">1145 East Main</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">160</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Street</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Carbondale</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">IL</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">62901</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Jackson</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,211</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,345,320</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">2550 E. Morris</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">207</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Blvd.</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Morristown</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">TN</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">37813</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hamblen</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,650</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">918,000</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">2200 Orchard</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Benton</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">214</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Crossing</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Harbor</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MI</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">49022</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Berrien</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,985</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,477,579</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">3035 Northridge</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

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

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

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

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">223</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">East</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ashtabula</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">OH</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">44004</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ashtabula</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,960</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,435,200</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=16>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">264</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2313 N. Monroe</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Monroe</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">MI</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">48162</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Monroe</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">16,488</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,731,240</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=16>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">316</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1603 E. Dixie Drive</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Asheboro</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">NC</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">27203</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Randolph</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,000</FONT>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,440,000</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=16>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">TOTALS</FONT></B>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">106,034</FONT></B>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">&#36;</FONT></B>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">12,693,739.00</FONT></B>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-18
<SEQUENCE>8
<FILENAME>c47932_ex-18.htm
<TEXT>

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<P align="right">Exhibit 18 </P>
<P align="left"><FONT face="serif">April 16, 2007 </FONT></P>
<P align="left">
<FONT face="serif">REX Stores Corporation <br>
2875 Needmore Road <br>
Dayton, Ohio 45414 </FONT></P>
<P align="left">
<FONT face="serif">Dear Sirs/Madams: </FONT></P>
<P align="left">
<FONT face="serif">We have audited the consolidated financial statements of REX Stores Corporation as of January 31, 2007 and 2006, and for each of the three years in the period ended January 31, 2007, included in your Annual Report on Form 10-K to
the Securities and Exchange Commission and have issued our report thereon dated April 16, 2007, which expresses an unqualified opinion and includes an explanatory paragraph concerning the adoption of Statement of Financial Accounting Standards No.
123R, </FONT><I><FONT face="serif">Share-Based Payments</FONT></I><FONT face="serif">. Note 2 to such consolidated financial statements contains a description of your adoption during the year ended January 31, 2007 of the change in the method of
accounting from the lower of cost or market using the last-in, first-out method to the lower of cost or market using the first-in, first-out method for certain inventory. In our judgment, such change is to an alternative accounting principle that is
preferable under the circumstances. </FONT></P>
<P align="left">
<FONT face="serif">Yours truly, </FONT></P>
<P align="left">
<FONT face="serif">Deloitte &amp; Touche LLP</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif">Cincinnati, Ohio</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.(A)
<SEQUENCE>9
<FILENAME>c47932_ex-21a.htm
<TEXT>

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<br>
<br>
<br>
<P align="right">
<FONT face="serif">EXHIBIT 21(a) </FONT></P>
<P align="center">
<FONT face="serif">SUBSIDIARIES OF REX STORES CORPORATION </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
    <div align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Name</U></FONT>&nbsp;
    </div></TD>
  <TD align=center nowrap>
    <center>
      <FONT face="serif">State of</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=center nowrap>
    <center>
      <U><FONT face="serif">Incorporation</FONT></U>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Rex Radio and Television, Inc.</FONT><SUP><FONT face="serif">(1)</FONT></SUP>&nbsp;
  </TD>
  <TD align=left nowrap> <center>
    <FONT face="serif">Ohio</FONT>&nbsp;
  </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Stereo Town, Inc.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <center>
    <FONT face="serif">Georgia</FONT>&nbsp;
  </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Kelly &amp; Cohen Appliances, Inc.</FONT><SUP><FONT face="serif">(1)</FONT></SUP>&nbsp;
  </TD>
  <TD align=left nowrap> <center>
    <FONT face="serif">Ohio</FONT>&nbsp;
  </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Rex Kansas, Inc.</FONT><SUP><FONT face="serif">(2)</FONT></SUP>&nbsp;
  </TD>
  <TD align=center nowrap>
    <center>
      <FONT face="serif">Kansas</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">AVA Acquisition Corp.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <center>
    <FONT face="serif">Delaware</FONT>&nbsp;
  </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Rex Louisiana, Inc.</FONT><SUP><FONT face="serif">(3) </FONT></SUP><FONT size=1 face="serif">(4)</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <center>
    <FONT face="serif">Ohio</FONT>&nbsp;
  </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Rex Alabama, Inc.</FONT><SUP><FONT face="serif">(2)</FONT></SUP>&nbsp;
  </TD>
  <TD align=left nowrap> <center>
    <FONT face="serif">Ohio</FONT>&nbsp;
  </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">REX Investment, LLC</FONT><SUP><FONT face="serif">(5)</FONT></SUP>&nbsp;
  </TD>
  <TD align=left nowrap> <center>
    <FONT face="serif">Ohio</FONT>&nbsp;
  </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">rexstores.com, Inc.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <center>
    <FONT face="serif">Ohio</FONT>&nbsp;
  </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Rex Acquisition, LLC</FONT><SUP><FONT face="serif">(3)</FONT></SUP>&nbsp;
  </TD>
  <TD align=left nowrap> <center>
    <FONT face="serif">Ohio</FONT>&nbsp;
  </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Farmers Energy Incorporated</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
    <center>
      <FONT face="serif">Delaware</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Farmers Energy Big River Holding, LLC</FONT><SUP><FONT face="serif">(6)</FONT></SUP>&nbsp;
  </TD>
  <TD align=center nowrap>
    <center>
      <FONT face="serif">Ohio</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Farmers Energy Big River, LLC</FONT><SUP><FONT face="serif">(7)</FONT></SUP>&nbsp;
  </TD>
  <TD align=center nowrap>
    <center>
      <FONT face="serif">Ohio</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Farmers Energy Levelland Holding, LLC</FONT><SUP><FONT face="serif">(6)</FONT></SUP>&nbsp;
  </TD>
  <TD align=center nowrap>
    <center>
      <FONT face="serif">Ohio</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Farmers Energy Levelland, LLC</FONT><SUP><FONT face="serif">(7)</FONT></SUP>&nbsp;
  </TD>
  <TD align=center nowrap>
    <center>
      <FONT face="serif">Ohio</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Farmers Energy Millennium Holding, LLC</FONT><SUP><FONT face="serif">(6)</FONT></SUP>&nbsp;
  </TD>
  <TD align=center nowrap>
    <center>
      <FONT face="serif">Ohio</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Farmers Energy Millennium, LLC</FONT><SUP><FONT face="serif">(7)</FONT></SUP>&nbsp;
  </TD>
  <TD align=center nowrap>
    <center>
      <FONT face="serif">Ohio</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Farmers Energy One Earth Holding, LLC</FONT><SUP><FONT face="serif">(6)</FONT></SUP>&nbsp;
  </TD>
  <TD align=center nowrap>
    <center>
      <FONT face="serif">Ohio</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT face="serif">Farmers Energy One Earth, LLC</FONT><SUP><FONT face="serif">(7)</FONT></SUP>&nbsp;
  </TD>
  <TD align=center nowrap>
    <center>
      <FONT face="serif">Ohio</FONT>&nbsp;
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>

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<PAGE>



<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <TR valign="bottom">
    <TD align=left nowrap> <FONT face="serif">Farmers Energy Patriot Holding, LLC</FONT><SUP><FONT face="serif">(6)</FONT></SUP>&nbsp; </TD>
    <TD align=left nowrap>
      <center>
        <FONT face="serif">Ohio</FONT>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT face="serif">Farmers Energy Patriot, LLC</FONT><SUP><FONT face="serif">(7)</FONT></SUP>&nbsp; </TD>
    <TD align=left nowrap>
      <center>
        <FONT face="serif">Ohio</FONT>&nbsp;
    </center></TD>
  </TR>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>


<table width="175" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div style="border-bottom:1px solid #000000">
        <p><font size="1">&nbsp;</font></p>
    </div></td>
  </tr>
  <tr>
    <td><p><font size="1">&nbsp;</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD nowrap valign=top>
<SUP><FONT face="serif">(1)</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD>
<P align="justify"><FONT face="serif">Wholly-owned subsidiary of AVA Acquisition Corp.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<SUP><FONT face="serif">(2)</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD>
<P align="justify"><FONT face="serif">Wholly-owned subsidiary of Rex Radio and Television, Inc.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<SUP><FONT face="serif">(3)</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD>
<P align="justify"><FONT face="serif">Non-operating subsidiary.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<SUP><FONT face="serif">(4)</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD>
<P align="justify"><FONT face="serif">Wholly-owned subsidiary of Kelly &amp; Cohen Appliances, Inc.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<SUP><FONT face="serif">(5)</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD>
<P align="justify"><FONT face="serif">AVA Acquisition Corp. is the managing member and owns a 98.032% Class A interest, a 95.46% Class B interest and a 100% Class C interest.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<SUP><FONT face="serif">(6)</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD>
<P align="justify"><FONT face="serif">First-tier wholly-owned subsidiary of Farmers Energy Incorporated.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<SUP><FONT face="serif">(7)</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD>
<P align="justify"><FONT face="serif">Second-tier wholly-owned subsidiary of Farmers Energy Incorporated.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>10
<FILENAME>c47932_ex-23.htm
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<P align="right">Exhibit 23 </P>
<P align="left"><B><FONT size=2 face="serif">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">We consent to the incorporation by reference in Registration Statement Nos. 33-3836, 033-81706, 033-62645, 333-69081, 333-69089, 333-35118, and 333-69690 on Forms S-8 of our reports dated April 16, 2007 relating to the
consolidated financial statements and consolidated financial statement schedules of REX Stores Corporation</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">(which expresses an unqualified opinion on the Company&#146;s
consolidated financial statements and includes an explanatory paragraph referring to the Company&#146;s change effective February 1, 2006 in its accounting for stock based compensation),</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">and management's report on the effectiveness of internal control over financial reporting, appearing in this Annual Report on Form 10-K of REX Stores Corporation for the year ended January 31, 2007.</FONT><FONT size=2 face="sans-serif">
</FONT></P>
<P align="left">
  <FONT size=2 face="serif">Deloitte &amp; Touche LLP</FONT></P>
<P align="left">
<FONT size=2 face="serif">April 16, 2007</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>11
<FILENAME>c47932_ex-31.htm
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<P align="right">
<B><FONT face="serif">Exhibit 31 </FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATIONS </FONT></B></P>
<P align="left">
<FONT face="serif">I, Stuart A. Rose, certify that: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">1.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reviewed this annual report on Form 10-K of REX Stores Corporation; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">2.</FONT><FONT face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">3.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">4.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </FONT></P>
<div style="margin-left:40px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">(a)</font><font face="sans-serif"> </font><font face="serif">Designed
      such disclosure controls and procedures, or caused such disclosure controls
      and procedures to be designed under our supervision, to ensure that material
      information relating to the registrant, including its consolidated subsidiaries,
      is made known to us by others within those entities, particularly during
      the period in which this report is being prepared; </font></p>
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">(b)</font><font face="sans-serif"> </font><font face="serif">Designed
      such internal control over financial reporting, or caused such internal
      control over financial reporting to be designed under our supervision,
      to provide reasonable assurance regarding the reliability of financial
      reporting and the preparation of financial statements for external purposes
      in accordance with generally accepted accounting principles; </font></p>
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">(c)</font><font face="sans-serif"> </font><font face="serif">Evaluated
      the effectiveness of the registrant&#146;s disclosure controls and procedures
      and presented in this report our conclusions about the effectiveness of
      the disclosure controls and procedures, as of the end of the period covered
      by this report based on such evaluation; and </font></p>
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">(d)</font><font face="sans-serif"> </font><font face="serif">Disclosed
      in this report any change in the registrant&#146;s internal control over
      financial reporting that occurred during the registrant&#146;s most recent
      fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case
      of an annual report) that has materially affected, or is reasonably likely
      to materially affect, the registrant&#146;s internal control over financial
      reporting; and </font></p>
  <p align="left"></div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant&#146;s auditors and the audit
committee of the registrant&#146;s board of directors (or persons performing
the equivalent functions): </FONT></P>
<div style="margin-left:40px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">(a)</font><font face="sans-serif"> </font><font face="serif">All
        significant deficiencies and material weaknesses in the design or operation
        of internal control over financial reporting which are reasonably likely
        to adversely affect the registrant&#146;s ability to record, process,
        summarize and report financial information; and </font></p>
    <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">(b)</font><font face="sans-serif"> </font><font face="serif">Any
        fraud, whether or not material, that involves management or other employees
        who have a significant role in the registrant&#146;s internal control
        over financial reporting. </font></p>
</div>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="80%">&nbsp;</td>
    <td width="20%" nowrap><FONT face="serif">Date: April 16, 2007 </FONT><BR>
      <BR>
      <FONT face="serif"><u>/s/ STUART A. ROSE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </FONT><BR>
      <FONT face="serif">Stuart A. Rose </FONT><BR>
      <FONT face="serif">Chairman of the Board and </FONT><BR>
      <FONT face="serif">Chief Executive Officer </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
  </tr>
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<PAGE>


<P align="left">
<FONT face="serif">I, Douglas L. Bruggeman, certify that: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">1.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this annual report on Form 10-K of REX Stores Corporation; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">2.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">3.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">4.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </FONT></P>
<div style="margin-left:40px">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">(a)</font><font face="sans-serif"> </font><font face="serif">Designed
      such disclosure controls and procedures, or caused such disclosure controls
      and procedures to be designed under our supervision, to ensure that material
      information relating to the registrant, including its consolidated subsidiaries,
      is made known to us by others within those entities, particularly during
      the period in which this report is being prepared; </font></p>
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">(b)</font><font face="sans-serif"> </font><font face="serif">Designed
      such internal control over financial reporting, or caused such internal
      control over financial reporting to be designed under our supervision,
      to provide reasonable assurance regarding the reliability of financial
      reporting and the preparation of financial statements for external purposes
      in accordance with generally accepted accounting principles; </font></p>
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">(c)</font><font face="sans-serif"> </font><font face="serif">Evaluated
      the effectiveness of the registrant&#146;s disclosure controls and procedures
      and presented in this report our conclusions about the effectiveness of
      the disclosure controls and procedures, as of the end of the period covered
      by this report based on such evaluation; and </font></p>
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">(d)</font><font face="sans-serif"> </font><font face="serif">Disclosed
      in this report any change in the registrant&#146;s internal control over
      financial reporting that occurred during the registrant&#146;s most recent
      fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case
      of an annual report) that has materially affected, or is reasonably likely
      to materially affect, the registrant&#146;s internal control over financial
      reporting; and </font></p>
</div>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5.</FONT><FONT face="sans-serif"> </FONT><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P>
<div style="margin-left:40px">
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">(a)</font><font face="sans-serif"> </font><font face="serif">All
      significant deficiencies and material weaknesses in the design or operation
      of internal control over financial reporting which are reasonably likely
      to adversely affect the registrant&#146;s ability to record, process, summarize
      and report financial information; and </font></p>
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">(b)</font><font face="sans-serif"> </font><font face="serif">Any
      fraud, whether or not material, that involves management or other employees
      who have a significant role in the registrant&#146;s internal control over
      financial reporting. </font></p>
</div>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="74%">&nbsp;</td>
    <td width="26%" nowrap><FONT face="serif">Date: April 16, 2007 </FONT><BR>
      <BR>
      <FONT face="serif"><u>/s/DOUGLAS L. BRUGGEMAN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </FONT><BR>
      <FONT face="serif">Douglas L. Bruggeman </FONT><BR>
      <FONT face="serif">Vice President, Finance, Treasurer and </FONT><BR>
      <FONT face="serif">Chief Financial Officer </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
  </tr>
</table>
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<TYPE>EX-32
<SEQUENCE>12
<FILENAME>c47932_ex-32.htm
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<P align="right">
<B><FONT face="serif">Exhibit 32 </FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION <br>
1350, AS ADOPTED PURSUANT TO SECTION 906 OF <br>
</FONT></B><B><FONT face="serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned officers of REX Stores Corporation (the &#147;Company&#148;) hereby certify, to their knowledge, that the Company&#146;s Annual Report on Form 10-K for the period ended January 31, 2007, which this certificate
accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained therein fairly presents, in all material respects, the financial condition and results of
operations of the Company. </FONT></P>
<P align="left">
<FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written
statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. </FONT></P>
<P align="left">&nbsp;</P>
<P align="left"><FONT face="serif"><u>/s/STUART A. ROSE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </FONT><BR>
  <FONT face="serif">Stuart A. Rose </FONT><BR>
  <BR>
  <FONT face="serif"><u>/s/DOUGLAS L. BRUGGEMAN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </FONT><BR>
  <FONT face="serif">Douglas L. Bruggeman </FONT><BR>
  <BR>
  <FONT face="serif">Dated: April 16, 2007 </FONT></P>

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