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<SEC-DOCUMENT>0000930413-09-002226.txt : 20090428
<SEC-HEADER>0000930413-09-002226.hdr.sgml : 20090428
<ACCEPTANCE-DATETIME>20090428100308
ACCESSION NUMBER:		0000930413-09-002226
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20090602
FILED AS OF DATE:		20090428
DATE AS OF CHANGE:		20090428
EFFECTIVENESS DATE:		20090428

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09097
		FILM NUMBER:		09774319

	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>DEF 14A
<SEQUENCE>1
<FILENAME>c57308_def14a.htm
<TEXT>
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<p align="center"><font color="#000000"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</b></font><b><font color="#000000"><br>
WASHINGTON, D.C. 20549</font></b></p>
<p align="center"><font color="#000000"><br>
  <b>SCHEDULE 14A <br>
  <font size="2">(Rule 14a-101)</font></b></font></p>
<p align="center"><font color="#000000"><br>
  Proxy Statement Pursuant to Section 14(a) of the Securities<br>
  Exchange Act of 1934
  (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></p>
<p align="left"><font color="#000000">Filed by the Registrant [X]</font></p>
<p align="left"><font color="#000000">  Filed by a Party other than the Registrant
    [&nbsp;&nbsp;&nbsp;]</font></p>
<p align="left"><font color="#000000">  Check the appropriate box:</font></p>
<p align="left"><font color="#000000">  [&nbsp;&nbsp;&nbsp;]&nbsp;Preliminary Proxy Statement</font></p>
<p align="left"><font color="#000000">  [&nbsp;&nbsp;&nbsp;]&nbsp;Confidential, for Use of the Commission Only (as permitted
  by Rule 14a-6(e)(2))</font></p>
<p align="left"><font color="#000000">[X]&nbsp;Definitive Proxy Statement</font></p>
<p align="left"><font color="#000000">  [&nbsp;&nbsp;&nbsp;]&nbsp;Definitive Additional Materials</font></p>
<p align="left"><font color="#000000">  [&nbsp;&nbsp;&nbsp;]&nbsp;Soliciting
Material Pursuant to Rule &#167;240.14A-12</font></p>
<p align="left">&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="3" style="border-bottom: solid black 1px"><div align="center"><font color="#000000"><b>REX STORES CORPORATION</b></font></div></td>
  </tr>
  <tr>
    <td colspan="3"><div align="center"><FONT SIZE=1>(Name of Registrant as Specified In Its Charter)</FONT> </div></td>
  </tr>
  <tr>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" style="border-bottom: solid black 1px">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><div align="center"><font color="#000000"><FONT SIZE=1>(Name of Person(s) Filing Proxy Statement,
    if other than the Registrant)</FONT></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="center">

<p align="left"><font color="#000000">Payment of Filing Fee (Check the appropriate
  box):<br>
  </font></p>
<table width="100%" border="0" cellspacing="0">
  <tr>
    <td align="center" valign="top"><font color="#000000">[X]</font></td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font color="#000000">No fee required</font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top"><font color="#000000">[&nbsp;&nbsp;&nbsp;]</font></td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font color="#000000">Fee computed on table below per Exchange Act Rules
      14a-6(i)(1) and 0-11.</font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;&nbsp;&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font color="#000000">(1)&nbsp;Title of each class of securities to which
      transaction applies:</font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">
      <hr noshade size="1">    </td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font color="#000000">(2)&nbsp;Aggregate number of securities to which
      transaction applies:</font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">
      <hr noshade size="1">    </td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font color="#000000">(3) </font></td>
    <td valign="top"><font color="#000000">Per unit price or other underlying value of transaction
        computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
    which the filing fee is calculated and state how it was determined):</font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">
      <hr noshade size="1">    </td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font color="#000000">(4) Proposed maximum aggregate value of transaction:</font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">
      <hr noshade size="1">    </td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font color="#000000">(5) Total fee paid:</font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">
      <hr noshade size="1">    </td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top"><font color="#000000">[&nbsp;&nbsp;]</font></td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font color="#000000">Fee paid previously with preliminary materials.</font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="center" valign="top"><font color="#000000">[&nbsp;&nbsp;]</font></td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font color="#000000">Check box if any part of the fee is offset as provided
      by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
      fee was paid previously. Identify the previous filing by registration statement
      number, or the Form or Schedule and the date of its filing.</font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font color="#000000">(1) Amount Previously Paid:</font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">
      <hr noshade size="1">    </td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font color="#000000">(2) Form, Schedule or Registration Statement No.</font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">
      <hr noshade size="1">    </td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font color="#000000">(3) Filing Party:</font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">
      <hr noshade size="1">    </td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font color="#000000">(4) Date Filed:</font></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">
      <hr noshade size="1">    </td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
</table>
<br>
<br>
<HR noshade align="center" width="100%" size=2><PAGE>


<P align="center"><FONT style="font-family:serif; font-size:3.8mm; "><B><p align="center"><img src="rexstoresgraylogo.jpg" style="margin:0 0 0 0; border:   ;"></p></B></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:5.2mm; "><B>REX STORES CORPORATION</B></FONT><FONT style="font-family:serif; font-size:3.8mm; "><B><br>2875 Needmore Road<br>Dayton, Ohio 45414</B></FONT></P>

<br>
<hr align="center" width="20%" noshade="noshade">
<br>


<P align="center" style="margin:2.8mm 0 0; margin-top:-10pt;"><FONT style="font-family:serif; font-size:4.5mm; "><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B></FONT><FONT style="font-family:serif; font-size:3.8mm; "><B><br>
<br>To Be Held on June 2, 2009</B></FONT></P>
<P style="text-indent:7mm; margin:5.6mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Annual Meeting of Shareholders of REX Stores Corporation will be held at the Dayton Racquet Club, Kettering Tower, Dayton, Ohio on Tuesday, June 2, 2009, at 2:00 p.m., for the following
  purposes:</FONT></P>
<P style="text-indent:7mm; margin:2.8mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">1. Election of seven members to the Board of Directors to serve until the next Annual Meeting of Shareholders and until their respective successors are elected and qualified.</FONT></P>
<P style="text-indent:7mm; margin:3.5mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">2. Transaction of such other business as may properly come before the Annual Meeting or any adjournment thereof.</FONT></P>
<P style="text-indent:7mm; margin:2.8mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Only shareholders of record at the close of business on April 21, 2009 will be entitled to notice of and to vote at the Annual Meeting.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">All shareholders are cordially invited to attend the Annual Meeting in person.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:50.00%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:39.59%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P><P style="margin-bottom:-6pt;">&nbsp;</P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      By Order of the Board of Directors<br><p align="left"><img src="rexkresssig.jpg" style="margin:2.1088mm 0 0 0; border:   ;"></p><br>E</FONT><FONT style="font-family:serif; font-size:2.8mm; ">DWARD</FONT><FONT style="font-family:serif; font-size:3.8mm; "> M. K</FONT><FONT style="font-family:serif; font-size:2.8mm; ">RESS</FONT><FONT style="font-family:serif; font-size:3.8mm; "><I><br>Secretary</I></FONT></P></TD>
  </TR>
</TABLE>

<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Dayton, Ohio<br>April 28, 2009</FONT></P>
<P align="center" style="margin:7.7mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Important Notice Regarding the Availability of Proxy Materials<br>for the Shareholders Meeting to be Held on June 2, 2009</B></FONT></P>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The
      Proxy Statement, 2008 Annual Report and other soliciting materials are<br>available at www.rextv.com by clicking on &#147;Investors&#148; and then clicking on<br>the &#147;Corporate Governance 2008 Annual Report&#148; link.</B></FONT></P><br>


<table border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="544" style="border-left:1px solid #000000;border-top:1px solid #000000;border-right:1px solid #000000">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-left:1px solid #000000;border-right:1px solid #000000"><div style="margin-left:20px"><FONT style="font-family:serif; font-size:3.8mm;"><B>WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, PLEASE<br>MARK, DATE, SIGN AND PROMPTLY RETURN THE ENCLOSED PROXY<br>IN THE ENVELOPE PROVIDED.</B></FONT></div></td>
  </tr>
  <tr>
    <td  style="border-left:1px solid #000000;border-right:1px solid #000000;border-bottom:1px solid #000000">&nbsp;</td>
  </tr>
</table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:5.2mm; "><B>REX STORES CORPORATION</B></FONT><FONT style="font-family:serif; font-size:3.8mm; "><B><br>2875 Needmore Road<br>Dayton, Ohio 45414</B></FONT></P>

<P><hr align="center" width="18%" noshade="noshade">
</P>
<br>

<P align="center" style="margin:2.1mm 0 0; margin-top:-10pt;"><FONT style="font-family:serif; font-size:3.8mm; "><B>PROXY STATEMENT</B></FONT></P><br>


<hr align="center" width="18%" noshade="noshade">

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Mailing Date<br>April 28, 2009</B></FONT></P>
<P align="center" style="margin:7.7mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>GENERAL INFORMATION</B></FONT></P>
<P style="text-indent:7mm; margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Directors of REX Stores Corporation, a Delaware corporation (&#147;REX&#148; or the &#147;Company&#148;), for use for
  the purposes set forth herein at our Annual Meeting of Shareholders to be held on June 2, 2009 and any adjournments thereof. All properly executed proxies will be voted as directed by the shareholder on
  the proxy card. If no direction is given, proxies will be voted in accordance with the Board of Directors&#146; recommendations and, in the discretion of the proxy holders, in the transaction of such other business
  as may properly come before the Annual Meeting and any adjournments thereof. Any proxy may be revoked by a shareholder by delivering written notice of revocation to the Company or in person at the
  Annual Meeting at any time prior to the voting thereof.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">We have one class of stock outstanding, namely Common Stock, $.01 par value, of which there were 9,303,619 shares outstanding as of April 21, 2009. Only holders of Common Stock whose names
  appeared of record on the books of the Company at the close of business on April 21, 2009 are entitled to notice of and to vote at the Annual Meeting. Each shareholder is entitled to one vote per share.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A majority of the outstanding shares of Common Stock will constitute a quorum at the Annual Meeting. Abstentions and broker non-votes are counted for purposes of determining the presence or
  absence of a quorum. Directors are elected by a plurality of the votes cast by the holders of Common Stock at a meeting at which a quorum is present. Abstentions and broker non-votes will not be counted
  toward a nominee&#146;s achievement of a plurality and thus will have no effect. A broker non-vote occurs when a broker submits a proxy with respect to shares held in a fiduciary capacity (or &#147;street name&#148;)
  that indicates the broker does not have discretionary authority to vote the shares on a particular matter.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Fiscal Year</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">All references in this Proxy Statement to a particular fiscal year are to REX&#146;s fiscal year ended January 31. For example, &#147;fiscal 2008&#148; means the period February 1, 2008 to January 31, 2009.</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>ELECTION OF DIRECTORS</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Seven directors are to be elected at the Annual Meeting to hold office until the next Annual Meeting of Shareholders and until their successors are elected and qualified. Unless otherwise directed, it is
  the intention of the persons named in the accompanying proxy to vote each proxy for the election of the nominees listed below. All nominees are presently directors of REX.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">If at the time of the Annual Meeting any nominee is unable or declines to serve, the proxy holders will vote for the election of such substitute nominee as the Board of Directors may recommend. We
  have no reason to believe that any substitute nominee will be required.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Set forth below is certain information with respect to the nominees for director.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">STUART A. ROSE, 54, 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">LAWRENCE TOMCHIN, 81, retired as our President and Chief Operating Officer in 2004, a position he held since 1990, and remained a part-time employee and consultant until January 31, 2006.
  From 1984 to 1990, he was our Executive Vice President and Chief Operating Officer. Mr. Tomchin has been a director since 1984. Mr. Tomchin was Vice President and General Manager of the corporation
  which was acquired by Rex Radio and Television, Inc. in 1980 and served as Executive Vice President of Rex Radio and Television, Inc. after the acquisition.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">ROBERT DAVIDOFF, 82, has been a director since 1984. Mr. Davidoff has been a Managing Director of Carl Marks &amp; Co., Inc., an investment banking firm, since 1990, the general partner of CMNY
  Capital II, L.P., a venture capital affiliate of Carl Marks &amp; Co., since 1989, and is Chairman and Chief Investment Officer of CM Capital Corporation, the firm&#146;s leveraged buyout affiliate. Mr. Davidoff is
  also a director of Access Integrated Technologies, Inc. d/b/a Cinedigm Digital Cinema Corp.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">EDWARD M. KRESS, 59, has been our Secretary since 1984 and a director since 1985. Mr. Kress has been a partner of the law firm of Dinsmore &amp; Shohl LLP (formerly 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">CHARLES A. ELCAN, 45, has been a director since 2003. Mr. Elcan is a founder and President of China Healthcare Corporation, organized in May 2008 to build and operate a hospital in China. Mr.
  Elcan was Executive Vice President&#151;Medical Office Properties of Health Care Property Investors, Inc. (HCP), a real estate investment trust specializing in health care related real estate, from October 2003
  to April 2008, and served as the Chief Executive Officer and President of MedCap Properties, LLC, a real estate company located in Nashville, Tennessee that owned, operated and developed real estate in
  the healthcare field, from 1998 to October 2003. (HCP acquired MedCap Properties in October 2003.) From 1992 to 1997, Mr. Elcan was a founder and investor in Behavioral Healthcare Corporation (now
  Ardent Health Services LLC), a healthcare company that owns and operates psychiatric and acute care hospitals.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">DAVID S. HARRIS, 49, has been a director since 2004. Mr. Harris has served as President of Grant Capital, Inc., a private investment company, since January 2002. Mr. Harris served as a Managing
  Director of Tri-Artisan Partners, LLC, a private merchant banking firm engaged in investment banking and principal investment activities, from January 2005 to June 2006. From May 2001 to December
  2001, Mr. Harris served as a Managing Director in the investment banking division of ABN Amro Securities</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">2</FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">LLC (ABN). From 1997 to May 2001, Mr. Harris served as a Managing Director and Sector Head of the Retail, Consumer and Leisure Group of ING Barings LLC (ING). The investment banking
  operations of ING were acquired by ABN in May 2001. From 1986 to 1997 Mr. Harris served in various capacities as a member of the investment banking group of Furman Selz LLC. Furman Selz was
  acquired by ING in 1997. Mr. Harris is also a director of Steiner Leisure Limited.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">MERVYN L. ALPHONSO, 68, has been a director since 2007. Mr. Alphonso retired as Vice President for Administration and Chief Financial Officer of Central State University in March 2007, a
  position he held since 2004. Mr. Alphonso has over 30 years of experience in the banking industry. He was President, Dayton District, KeyBank National Association from 1994 to 2000 and held various
  management positions with KeyBank of New York, N.A., Crocker National Bank and Bankers Trust Company. Mr. Alphonso served as a Peace Corps volunteer from 2001 to 2003.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Board of Directors</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Our Board of Directors consists of seven directors. The Board has determined that four of the seven directors, Robert Davidoff, Charles A. Elcan, David S. Harris and Mervyn L. Alphonso, are
  independent within the meaning of Section 303A.02 of the New York Stock Exchange (&#147;NYSE&#148;) Listed Company Manual.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">To be considered independent, the Board must determine that the director has no material relationship with the Company, either directly or as a partner, shareholder or officer of an organization that
  has a relationship with the Company, including commercial, industrial, banking, consulting, legal, accounting, charitable and family relationships, among others. Our Board has established the following
  guidelines, consistent with Section 303A.02 of the NYSE listing standards, to assist it in determining independence of directors.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
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    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p><P style="margin-bottom:-6pt;">&nbsp;</P></TD>

  </TR>
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    <TD align="right"><P><FONT style="font-size:3.8mm; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      A director who is an employee, or whose immediate family member is an executive officer, of the Company is not independent until three years after the end of such employment relationship.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A director who receives, or whose immediate family member receives, more than $120,000 during any 12-month period in direct compensation from the Company, other than director or committee
      fees and pension or other forms of deferred compensation for prior service (not contingent in any way on continued service), is not independent until three years after he or she ceases to receive more
      than $120,000 during any 12-month period in such compensation. (Compensation received by an immediate family member for service as a non-executive employee need not be considered in
      determining independence under this test.)</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A director who is a partner or employee of the Company&#146;s internal or external auditor, or whose immediate family member is a partner of such a firm, or an employee of such a firm and personally
      works on the Company&#146;s audit, or a director or immediate family member who was within the last three years a partner or employee of such a firm and personally worked on the Company&#146;s audit
      within that time, is not independent.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A director who is employed, or whose immediate family member is employed, as an executive officer of another company where any of the Company&#146;s present executives at the same time serve on
      that company&#146;s compensation committee is not &#147;independent&#148; until three years after the end of such service or the employment relationship.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A director who is an employee, or whose immediate family member is an executive officer, of a company that makes payments to, or receives payments from, the Company for property or </FONT></P></TD>
  </TR>
</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">3</FONT></P>
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    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17" valign="top"><FONT style="font-family:serif; font-size:3.8mm; ">
      services in an amount which, in any single fiscal year, exceeds the greater of $1 million, or 2% of such other company&#146;s consolidated gross revenues, is not &#147;independent&#148; until three years after falling
      below such threshold.</FONT>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Messrs. Davidoff, Harris and Alphonso have no relationships with the Company other than being a director. Mr. Elcan has only an indirect, immaterial relationship with the Company. Elcan &amp;
  Associates, Inc., a firm owned by Mr. Elcan&#146;s brother, provides real estate brokerage services to REX and has acted as a finder in connection with our investments in synthetic fuel limited partnerships and
  facilities. Because Mr. Elcan has no financial interest or involvement in Elcan &amp; Associates, nor any involvement in REX&#146;s business activities with Elcan &amp; Associates, and the amount of our annual payments
  to Elcan &amp; Associates falls within our director independence guidelines, the Board has determined that the relationship is not a material relationship affecting Mr. Elcan&#146;s independence.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Our Board of Directors held six meetings during the fiscal year ended January 31, 2009. The average attendance by incumbent directors at Board and Board Committee meetings was 97%.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Directors are invited and encouraged to attend our annual meeting of shareholders. All directors attended the 2008 Annual Meeting.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The non-management directors meet at executive sessions without management following Audit Committee meetings. The presiding director for each executive session is rotated among the chairs of
  the independent Board committees.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Board Committees</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Our Board of Directors has four standing committees: the Audit Committee, the Compensation Committee, the Nominating/Corporate Governance Committee and the Executive Committee.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Audit Committee. </I>The Audit Committee assists Board oversight of the integrity of the financial statements of the Company, our compliance with legal and regulatory requirements, the independent
  accountants&#146; qualifications and independence, and the performance of the Company&#146;s internal audit function and independent accountants. The Audit Committee is directly responsible for the appointment,
  retention and oversight of the work of the independent accountants. The Audit Committee acts pursuant to a written charter. The members of the Audit Committee are Messrs. Harris (Chairman), Davidoff
  and Alphonso. All members of the Audit Committee are independent within the meaning of applicable NYSE listing standards and rules of the Securities and Exchange Commission (&#147;SEC&#148;). The Board
  has determined that Mr. Harris and Mr. Davidoff are each an audit committee financial expert as defined by applicable SEC rules and that all members of the Audit Committee are financially literate
  within the meaning of NYSE listing standards. The Audit Committee met five times during fiscal 2008.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Compensation Committee. </I>The Compensation Committee has direct responsibility to review and approve CEO compensation, makes recommendations to the Board with respect to non-CEO
  compensation and compensation plans, and administers the Company&#146;s stock option plans. The Compensation Committee acts pursuant to a written charter. The members of the Compensation Committee
  are Messrs. Davidoff (Chairman), Elcan, Harris and Alphonso. All members of the Compensation Committee are independent within the meaning of applicable NYSE listing standards. The Compensation
  Committee met once during fiscal 2008.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Nominating/Corporate Governance Committee. </I>The Nominating/Corporate Governance Committee identifies individuals qualified to become Board members consistent with criteria approved by the</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">4</FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">Board, recommends for the Board&#146;s selection a slate of director nominees for election to the Board at the annual meeting of shareholders, develops and recommends to the Board the Corporate
  Governance Guidelines applicable to the Company, and oversees the evaluation of the Board and management. The Nominating/Corporate Governance Committee acts pursuant to a written charter. The
  members of the Nominating/Corporate Governance Committee are Messrs. Davidoff, Elcan, Harris and Alphonso. All members of the Nominating/Corporate Governance Committee are independent
  within the meaning of applicable NYSE listing standards. The Nominating/Corporate Governance Committee took action by unanimous written consent once during fiscal 2008.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Board seeks director candidates who possess the background, skills and expertise to make a significant contribution to the Board, the Company and shareholders. In identifying and evaluating
  director candidates, the Nominating/Corporate Governance Committee may consider a number of attributes, including experience, skills, judgment, accountability and integrity, financial literacy, time,
  industry knowledge, networking/contacts, leadership, independence from management and other factors it deems relevant. The Nominating/Corporate Governance Committee reviews the desired
  experience, mix of skills and other qualities to assure appropriate Board composition, taking into account the current directors and specific needs of the Company and the Board. The Nominating/Corporate
  Governance Committee may solicit advice from the CEO and other members of the Board.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Nominating/Corporate Governance Committee will consider director candidates recommended by our shareholders. Shareholders must submit the name of a proposed shareholder candidate to the
  Nominating/Corporate Governance Committee at our corporate offices by the date specified under &#147;Shareholder Proposals.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Executive Committee. </I>The Executive Committee is empowered to exercise all of the powers and authority of the Board of Directors between meetings of the Board, other than the power to fill
  vacancies on the Board or on any Board committee and the power to declare dividends. The members of the Executive Committee are Messrs. Rose and Tomchin. The Executive Committee met informally
  throughout the year and took formal action by unanimous written consent three times during fiscal 2008.</FONT></P>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Code of Ethics, Corporate Governance Guidelines and Committee Charters</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">We have adopted a Code of Business Conduct and Ethics applicable to our employees, officers and directors. A copy of the Code of Business Conduct and Ethics has been filed as an exhibit to our
  Annual Report on Form 10-K for the year ended January 31, 2004 and is posted on our website  <u style="border-bottom: 0.50pt black;">www.rextv.com</u>.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">We have adopted a set of Corporate Governance Guidelines addressing director qualification standards, director responsibilities, director access to management and independent advisors, director
  compensation and other matters. A copy of the Corporate Governance Guidelines is posted on our website  <u style="border-bottom: 0.50pt black;">www.rextv.com</u>.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The charters of the Audit Committee, Compensation Committee and Nominating/Corporate Governance Committee are posted on our website  <u style="border-bottom: 0.50pt black;">www.rextv.com</u>.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Copies of the Code of Business Conduct and Ethics, Corporate Governance Guidelines and the charters of the Audit Committee, Compensation Committee and Nominating/Corporate Governance
  Committee are available in print to shareholders by contacting Douglas L. Bruggeman, Chief Financial Officer, REX Stores Corporation at (937) 276-3931.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">5</FONT></P>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Procedures for Contacting Directors</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Shareholders and interested parties may communicate with the Board, the non-management directors as a group, or a specific director by writing to REX Stores Corporation, 2875 Needmore Road,
  Dayton, Ohio 45414, Attention: Board of Directors, Non-Management Directors or [Name of Specific Director]. All communications will be forwarded as soon as practicable to the specific director, or if
  addressed to the Non-Management Directors to the Chairman of the Audit Committee, or, if addressed to the Board, to the Chairman of the Board or other director designated by the Board to receive such
  communications.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">6</FONT></P>
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<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>EXECUTIVE COMPENSATION</B></FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Compensation Discussion and Analysis</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The objectives of our executive compensation program are to motivate and retain our key employees, to tie annual cash bonuses to corporate performance and profitability, and to provide long-term
  incentives for executives to create shareholder value.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Elements of Executive Compensation</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The elements of our executive compensation program are discussed below.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><I>Base Salary.</I></B> Base salaries of our executive officers are set at a level to provide basic economic security consistent with salaries paid by other similarly-sized companies in the industry for similar
  positions. Base salary levels also reflect individual cash bonus opportunities, with salaries set lower where cash bonus opportunities are higher. The base salary of our CEO is set at a level below that of
  salaries paid to CEOs of similarly-sized companies in the industry in recognition of his annual cash bonus opportunities and prior stock option awards. Base salaries are reviewed annually and adjusted from
  time to time to reflect competitive market levels as well as individual responsibilities and corporate performance. We assess competitive market levels by considering base salaries paid by similarly-sized
  companies in our industry, such as Conn&#146;s, Inc., recognizing that our executive officers&#146; base salaries generally are below those levels. We do not engage in benchmarking in setting or adjusting base salaries.
  Executive salaries were not increased for fiscal 2009 in light of our financial performance in fiscal 2008.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><I>Annual Cash Bonus Program. </I></B>Our annual cash bonus program is designed to reward executive officers for corporate performance and to incentify those individuals to contribute to corporate
  profitability. Annual cash bonuses are based on corporate performance and profitability measures. There are no individual performance goals or objectives.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The annual cash bonus programs of our CEO, Mr. Rose, and our President and COO, Mr. Bearden, are set forth in their employment agreements. Mr. Rose&#146;s annual cash bonus is based upon both (1)
  earnings before income taxes of our retail business, or Retail EBT, and determined by a specific dollar amount for achieving specified levels of Retail EBT and (2) earnings before income taxes of our
  synthetic fuel or other alternative energy investments, or Energy Investment EBT, determined as a specific percentage of Energy Investment EBT, subject to an aggregate maximum $1 million cash bonus in
  any fiscal year. Mr. Bearden&#146;s annual cash bonus, previously based upon Retail EBT, was replaced with a one-time cash bonus to be earned upon completion of the transition of our retail stores to
  Appliance Direct, Inc.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">For fiscal 2008, the cash bonus for our Vice President, Mr. Rizvi, was based upon (1) performance of our ethanol investments and determined as a specific percentage of ethanol investment pre-tax
  income, (2) pre-tax income of our retail operations and determined as a specific percentage of retail pre-tax operating income and (3) controlling inventory shrinkage and determined by a specific dollar
  amount for each percentage point of shrinkage below a specified level. The annual cash bonuses for our other Vice Presidents were generally based upon pre-tax income of our retail operations (and
  synthetic fuel and ethanol investments for Mr. Bruggeman) and determined as a specific percentage of relevant pre-tax income. Vice Presidents were also eligible for nominal cash bonuses for monthly
  increases in our comparable store sales.</FONT></P>
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<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">We define pre-tax income from retail operations and ethanol investments for purposes of our bonus program as essentially equivalent to segment profit, the measure we use to evaluate the performance
  of our two reportable business segments, retail and alternative energy. Segment profit excludes income taxes, interest expense, discontinued operations, indirect interest income and certain other items that
  are not included in net income determined in accordance with generally accepted accounting principles. See Note 18 Segment Reporting to our consolidated financial statements in our Annual Report on
  Form 10-K for the fiscal year ended January 31, 2009.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">We chose the foregoing measures to incentivize our executive officers to grow operating profits. Specific quantitative corporate performance factors and measures for determining individual annual cash
  bonuses are described under &#147;Employment Agreements&#148; and &#147;Annual Cash Bonus Program&#148; following the Summary Compensation Table.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Annual bonus opportunities for certain executives reflect the individual&#146;s contribution to and responsibility for certain aspects of our business. Mr. Rose&#151;overall retail operations and alternative energy
  investments, Mr. Bearden&#151;retail operations and Mr. Rizvi&#151;ethanol investments and loss control.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Annual cash bonuses are determined and paid on a formula basis without discretion to increase or decrease bonus amounts.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><I>Long-Term Incentive Awards.</I></B> Long term incentive awards historically were made in the form of stock option grants under our 1995 and 1999 Omnibus Stock Incentive Plans. Stock appreciation rights,
  restricted stock and other stock-based awards are authorized, but have not been granted, under the Plans.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Statement of Financial Accounting Standards No. 123 (revised 2004), <I>Share-Based Payment</I> (FAS 123R), requires us to recognize compensation cost for all share-based payments, including stock
  options, in our financial statements. Due to the significant impact on our results of operations from the adoption of FAS 123R, we have discontinued granting stock options. We have not granted stock
  options since 2004 and we have no current plans to grant stock options or other stock-based incentive awards. Our executive officers currently hold vested and unvested stock options granted in prior years
  in amounts that we believe align our executives&#146; long-term interests with the interests of shareholders and provide incentive to create shareholder value.</FONT></P>
<P style="margin:2.8mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Option Grant Practices</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">In past years, all stock options were granted at an exercise price equal to the average of the high and low market prices on the date of grant, unless a higher price was required to qualify the option as
  an incentive stock option. Option grants were made annually at times approved by the Compensation Committee or in connection with executive officers entering into new employment agreements. All
  annual option grants were made to executive and non-executive employees on the same date. The number of options granted to each employee was determined by the Compensation Committee based upon
  the recommendation of our CEO with consideration that the options were intended to provide both long-term incentive and retirement compensation as we do not maintain a defined benefit or
  supplemental executive retirement plan. Annual option grants typically vest in 20% installments for five years while options granted in connection with new employment agreements typically vest in one-
  third installments for three years. All outstanding options have a ten year term from the date of grant. The annual grant dates approved by the Compensation Committee varied from year to year. We have
  no program, plan or practice to time option grants to our executives or other employees in connection with</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">8</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">the release of material non-public information and we have not timed nor plan to time the release of material non-public information to affect the value of executive compensation.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Role of Executive Officers in Determining Executive Compensation</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Compensation Committee of our Board of Directors determines the compensation paid to our CEO. Our CEO determines base salary levels and annual cash bonus opportunities for executive
  officers other than himself. All cash bonus payments to executive officers are approved by the Compensation Committee.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Change in Control Payments</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Mr. Bearden&#146;s employment agreement provided for an additional, one-time cash bonus of $1 million if our retail business was sold during his employment or within one year of termination of
  employment without cause (the &#147;Change of Ownership Award&#148;). This bonus was negotiated as part of Mr. Bearden&#146;s compensation package when he was hired as our Chief Operating Officer with primary
  responsibility for retail operations. The payment reflects that Mr. Bearden would be significantly involved in any sale of our retail operations and is intended to provide him with a severance benefit should a
  sale occur during or shortly after his employment.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">In
    January 2009 we entered into an agreement with Appliance Direct, Inc. pursuant
    to which we agreed to sell certain appliance inventory, furniture fixtures
    and equipment, leased 37 owned store locations to Appliance Direct, and entered
    into leases or subleases for two leased store locations. As a result of this
    transaction, we are winding down our retail operations and plan to exit the
  consumer electronics and appliance retailing business in fiscal 2009.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Following our agreement with Appliance Direct, Mr. Bearden&#146;s employment agreement was amended to provide for a one-time cash bonus of $1 million to be earned upon completion of the transition
  of operational control of retail stores to Appliance Direct. This transition bonus replaced the Change of Ownership Award.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Messrs. Bruggeman, Magby, Fuchs and Rizvi are eligible for a one-time cash bonus of $200,000, $200,000, $50,000 and $50,000, respectively, to be earned upon completion of the retail store transition to
  Appliance Direct. This bonus opportunity reflects that these individuals will be involved, to varying degrees, in the transaction.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The automatic acceleration of all unvested options granted under our stock options plans upon a change in control is intended to enable option holders to realize the full value of their stock options
  upon the occurrence of an event outside of their control.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Internal Revenue Code Section 162(m)</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Section 162(m) of the Internal Revenue Code disallows a federal income tax deduction to a public company for compensation paid in excess of $1 million in any taxable year to the company&#146;s chief
  executive officer or any of its other four highest paid executive officers. This limitation does not apply to &#147;performance-based&#148; compensation, as defined under federal tax laws, under a plan approved by
  shareholders.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">9</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">The annual bonus payable to Messrs. Rose, Bruggeman and Rizvi, including the retail transition bonus, is subject to an aggregate $1 million annual maximum. Depending upon an executive&#146;s salary,
  bonus, other compensation, and exercise of previously granted stock options under plans not approved by shareholders, the individual&#146;s annual compensation could exceed the $1 million limitation.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Compensation Committee considers anticipated tax treatment when reviewing executive compensation, but does not limit executive compensation to amounts deductible under Section 162(m) in
  order to maintain flexibility to structure compensation programs.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Compensation Committee Report</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Compensation Committee of the Board of Directors of REX Stores Corporation has reviewed and discussed the Compensation Discussion and Analysis with management. Based on that review
  and discussion, the Compensation Committee recommended that the Compensation Discussion and Analysis be included in the proxy statement for our 2009 annual meeting of shareholders.</FONT></P>
<P style="margin:6.3mm 0 0 80.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">R</FONT><FONT style="font-family:serif; font-size:2.8mm; ">OBERT</FONT><FONT style="font-family:serif; font-size:3.8mm; ">
 D</FONT><FONT style="font-family:serif; font-size:2.8mm; ">AVIDOFF</FONT><FONT style="font-family:serif; font-size:3.8mm; ">, <I>Chairman</I><br>C</FONT><FONT style="font-family:serif; font-size:2.8mm; ">HARLES</FONT><FONT style="font-family:serif; font-size:3.8mm; "> A. E</FONT><FONT style="font-family:serif; font-size:2.8mm; ">LCAN</FONT><FONT style="font-family:serif; font-size:3.8mm; "><br>D</FONT><FONT style="font-family:serif; font-size:2.8mm; ">AVID</FONT><FONT style="font-family:serif; font-size:3.8mm; "> S. H</FONT><FONT style="font-family:serif; font-size:2.8mm; ">ARRIS</FONT><FONT style="font-family:serif; font-size:3.8mm; "><br>
M</FONT><font style="font-family:serif; font-size:2.8mm; ">ERVYN</FONT><FONT style="font-family:serif; font-size:3.8mm; "> L. A</FONT><FONT style="font-family:serif; font-size:2.8mm; ">LPHONSO</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Compensation Committee Interlocks and Insider Participation</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Charles A. Elcan, a member of the Compensation Committee, has an indirect relationship with the Company. Elcan &amp; Associates, Inc., a firm owned by Mr. Elcan&#146;s brother, provides real estate
  brokerage services to REX and has acted as a finder in connection with our investments in synthetic fuel limited partnerships and facilities. These transactions are described under &#147;Certain Relationships
  and Related Transactions.&#148;</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">10</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Summary Compensation Table</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following table sets forth the compensation of our Chief Executive Officer, Chief Financial Officer and our other most highly compensated executive officers.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:36.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.39%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:7.68%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:9.98%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:11.06%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:16.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.77%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>

  <TR valign="bottom">
    <TD align="center" style="border-bottom:solid 0.2mm Black; ">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.1mm; "><B>Name and Principal Position</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Year</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Salary ($)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Bonus (1)($)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Option<br>Awards (2)($)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      All Other<br>Compensation (3)($)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Total ($)</B></FONT></P></TD>
  </TR>


  <TR valign="top" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Stuart A. Rose</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2008</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      154,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      26,507</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      9,750</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      190,757</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Chairman of the Board and</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2007</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      154,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1,000,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      11,818</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1,166,318</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Chief Executive Officer</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2006</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      154,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      368,482</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      9,100</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      532,082</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">David L. Bearden</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2008</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3,100</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      203,100</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">President and Chief Operating</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2007</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      118,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3,100</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      321,100</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Officer</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2006</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      54,920</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3,100</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      258,020</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Douglas L. Bruggeman</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2008</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      227,600</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      39,760</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      111,417</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      378,977</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Vice President&#151;Finance, Chief</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2007</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      226,700</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      104,499</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      133,770</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      465,169</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Financial Officer and Treasurer</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2006</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      229,100</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      24,539</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      150,983</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      404,822</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Zafar A. Rizvi</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2008</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      150,570</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      45,451</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      111,417</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      307,638</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Vice President</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2007</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      150,070</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      630,646</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      133,770</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      914,686</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2006</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      152,470</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      74,346</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      150,983</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      377,999</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">David Fuchs</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2008</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      179,850</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10,328</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      111,417</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      301,795</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Vice President&#151;Management</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2007</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      179,350</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      60,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      133,770</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      373,320</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Information Systems</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2006</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      181,750</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      24,539</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      150,983</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      357,472</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Keith B. Magby</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2008</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      165,200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      15,492</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      111,417</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      292,309</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Vice President&#151;Operations</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2007</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      164,700</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      90,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      133,770</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      388,670</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2006</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      167,100</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      36,808</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      150,983</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      355,091</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>


<P style="text-indent:7mm; margin:4mm 0 0.7mm;"><FONT style="font-family:serif; font-size:3.8mm;"><hr noshade="noshade" color="k" align="left" style="width:4.00pc; height:0.50pt;"></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Amounts in this column reflect cash bonuses earned under our annual cash bonus program. See &#147;Annual Cash Bonus Program.&#148;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Amounts in this column reflect the dollar amount recognized for financial statement reporting purposes for the fiscal year with respect to option awards granted in prior fiscal years in accordance with
      the modified prospective application method under Statement of Financial Accounting Standards No. 123 (revised 2004), <I>Share-Based Payment</I> (FAS123R), without regard to estimates of forfeitures
      related to service-based vesting conditions. During fiscal 2008, 2,400 employee options with a weighted average exercise price of $12.64 were cancelled or expired. For information regarding our
      valuation of option awards, see Note 1 Summary of Significant Accounting Policies to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended January 31,
      2009.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Amounts in this column reflect a $200 matching contribution on behalf of each named executive officer other than Mr. Rose and Mr. Bearden under our 401(k) profit sharing plan. The amounts in this
      column for Mr. Rose and Mr. Bearden reflect the value of use of a company automobile.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>



<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Employment Agreements</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><I>Stuart A. Rose</I></B>, our Chairman and Chief Executive Officer, has an employment agreement with Rex Radio and Television, Inc. that provides for an annual salary of $154,500 and annual cash bonuses
  based upon (i) the earnings before income taxes of our retail business, or Retail EBT, starting at $5,000 for each $1 million of Retail EBT up to $5 million and increasing incrementally to $15,000 for each $1
  million of Retail EBT over $20 million and (ii) the earnings before income taxes of our synthetic fuel or other alternative energy investments, or Energy Investment EBT, equal to 3% of the Energy</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">11</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">Investment EBT for the fiscal year, but in no event will Mr. Rose receive a total cash bonus exceeding $1 million in any fiscal year. Mr. Rose is also eligible to participate in all employee benefit plans.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Mr. Rose&#146;s employment agreement is for a term of two years and one month commencing January 1, 2006 and continuing through January 31, 2008 and is automatically renewed for additional one-year
  terms unless earlier terminated by resignation, death, total disability or termination for cause, or unless terminated by either party upon 180 days notice. Termination for &#147;cause&#148; means Mr. Rose&#146;s repeated
  failure or refusal to perform his duties under the agreement, violation of any material provision of the agreement, or clear and intentional violation of law involving a felony which has a materially adverse
  effect on us. If Mr. Rose&#146;s employment is terminated by us without cause, he is entitled to the balance of his annual salary plus all rights to the bonuses based on Retail EBT and Energy Investment EBT for
  the remainder of the employment period. If Mr. Rose&#146;s employment is terminated for any other reason, he is entitled to a pro rata portion of his annual salary and cash bonuses based upon the date of
  termination.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><I>David L. Bearden</I></B>, our President and Chief Operating Officer, has an employment agreement with Rex Radio and Television, Inc. that provides for an annual salary of $200,000. Effective February
  2009, the agreement was amended to provide for a one-time cash bonus of $1 million to be earned upon completion of the transition of operational control of our retail stores to Appliance Direct, Inc. as
  determined by our Chief Executive Officer in his sole discretion. This transition bonus replaced any annual cash bonus for fiscal 2008 and beyond and the Change of Ownership Award previously provided
  for in Mr. Bearden&#146;s employment agreement. Mr. Bearden is eligible to participate in all employee benefit plans and is furnished a company owned automobile for use during his employment.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Mr. Bearden&#146;s employment agreement is for a term of two years and three months through January 31, 2008 and is automatically renewed for additional one-year terms unless earlier terminated by
  resignation, death, total disability or termination for cause, or unless terminated by either party upon 90 days notice prior to the expiration of the employment term or any renewal term. Termination for
  &#147;cause&#148; means Mr. Bearden&#146;s repeated failure or refusal to perform his duties under the agreement, violation of any material provision of the agreement, clear and intentional violation of law involving a
  felony which has a materially adverse effect on us, or negative Retail EBT for three consecutive fiscal quarters.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Annual Cash Bonus Program</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The annual cash bonus programs for Mr. Rose and Mr. Bearden are set forth in their employment agreements described above.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">For fiscal 2008, the annual cash bonus program for Zafar A. Rizvi, our Vice President, was based upon (1) performance of our ethanol investments determined at 2% of ethanol pre-tax income, (2)&nbsp;0.5%
  of retail pre-tax operating income, (3) controlling inventory shrinkage determined at $2,000 for each 0.1% of shrinkage below 0.7% of net sales and (4) one-time cash bonus of $50,000 upon transition of our
  retail operations, subject to an aggregate maximum $1 million cash bonus for the year. The annual cash bonus program for Douglas L. Bruggeman, our Vice President&#151;Finance and Chief Financial Officer,
  was based upon (1)&nbsp;performance of our ethanol investments determined at 1% of ethanol pre-tax income, (2) 0.75% of all pre-tax income other than from ethanol investments and (3)&nbsp;one-time cash bonus of
  $200,000 upon transition of our retail operations, subject to an aggregate maximum $1 million cash bonus for the year. The annual cash bonus programs for David Fuchs, our Vice President&#151;Management
  Information Systems and Keith B. Magby, our Vice President&#151;</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">12</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">Operations, were based
    upon pre-tax income of retail operations determined at $5,000 ($7,500 for
    Mr.&nbsp;Magby) per $1 million of retail pre-tax operating income, with Mr.
    Fuchs and Mr.&nbsp;Magby eligible for a
  one-time cash bonus of $50,000 and $200,000, respectively, upon transition
    of our retail operations. All Vice Presidents also received cash bonuses
    of $100 for each 1% increase in monthly comparable store sales.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">We define retail pre-tax operating income for purposes of our bonus program as essentially equivalent to segment profit, the measure we use to evaluate our retail segment&#151;income from continuing retail
  operations before interest income and expense and income taxes, and excluding corporate expenses, stock option expense, salaries and bonuses of senior management, losses generated during store closing
  sales, and gains or losses on sale of real estate (except for Mr. Bruggeman).</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Outstanding Equity Awards at Fiscal 2008 Year-End</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following table sets forth information concerning unexercised options for each named executive officer outstanding as of the end of fiscal 2008.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:53.94%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:9.54%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:10.91%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:6.91%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.17%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>

  <TR valign="bottom">
    <TD rowspan="2" align="center" style="border-bottom:solid 0.2mm Black; ">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.1mm; "><B>Name</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="27" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Option Awards</B></FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Number of<br>Securities<br>Underlying<br>Unexercised<br>Options (#)<br>Exercisable</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Number of<br>Securities<br>Underlying<br>Unexercised<br>Options (#)<br>Unexercisable</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Option<br>Exercise<br>Price ($)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Option<br>Expiration<br>Date</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Stuart A. Rose</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      22,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.14</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3/29/10</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1,125,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      8.01</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4/17/11</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">David L. Bearden</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Douglas L. Bruggeman</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      22,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.14</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3/29/10</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      56,250</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      8.01</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4/17/11</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      35,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      14.745</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4/30/12</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      35,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      13.01</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      9/30/13</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      28,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      7,000</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       (1)</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      12.45</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      6/7/14</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Zafar A. Rizvi</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      22,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.14</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3/29/10</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      56,250</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      8.01</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4/17/11</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      35,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      14.745</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4/30/12</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      35,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      13.01</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      9/30/13</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      28,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      7,000</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       (1)</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      12.45</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      6/7/14</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">David Fuchs</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      22,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.14</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3/29/10</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      56,150</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      8.01</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4/17/11</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      35,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      14.745</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4/30/12</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      35,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      13.01</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      9/30/13</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      28,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      7,000</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       (1)</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      12.45</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      6/7/14</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Keith B. Magby</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      35,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      14.745</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4/30/12</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      35,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      13.01</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      9/30/13</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      28,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      7,000</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       (1)</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      12.45</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      6/7/14</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>



<P style="text-indent:7mm; margin:4mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm;"><hr noshade="noshade" color="k" align="left" style="width:4.00pc; height:0.50pt;"></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Options vest in five cumulative installments of 20% on each anniversary of the date of grant. The grant date was June 7, 2004.</FONT>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>



<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">13</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Option Exercises and Vested Stock for Fiscal 2008</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following table sets forth information concerning exercise of stock options during fiscal 2008 for each named executive officer.</FONT></P>
<table cellspacing="0" style="margin-left:5.26%;margin-right:5.26%;width:89.48%;" >
<TR valign="bottom">
    <TD style="width:60.10%;"><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:12.06%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:12.06%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>

  <TR valign="bottom">
    <TD rowspan="2" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Name</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="13" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Option Awards</B></FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Number of<br>Shares<br>Acquired<br>on Exercise (#)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Value<br>Realized<br>on Exercise ($)</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Stuart A. Rose</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      22,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      55,238</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">David L. Bearden</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Douglas L. Bruggeman</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      18,100</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      53,124</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Zafar A. Rizvi</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      22,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      66,038</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">David Fuchs</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Keith B. Magby</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>



<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Potential Payments Upon Termination or Change in Control</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Pursuant to Mr. Rose&#146;s employment agreement, if he is terminated without cause, as defined in his agreement, we must pay him the balance of his annual salary plus bonuses based on Retail EBT and
  Energy Investment EBT for the remainder of the employment period. We agreed to pay Mr. Rose the balance of his salary and bonus because a termination without cause would not be reflective of his
  individual performance. Under these circumstances, we believe he should receive his full contractual compensation. Salary payments for the first six months are paid in a lump sum in the seventh month
  following termination and no less frequently than monthly thereafter, and bonus payments are paid in annual installments corresponding to the performance period. Pursuant to Mr.&nbsp;Bearden&#146;s
  employment agreement, he will be entitled to a one-time cash bonus of $1 million
  upon completion of the retail store transition to Appliance Direct, Inc. as
  determined by our Chief Executive Officer in his sole discretion. Our CEO will
  make that determination on or before June 30, 2009. As a condition to payment
  of the bonus, Mr.&nbsp;Bearden must execute an employee severance agreement and release of claims.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Assuming the employment of Mr.&nbsp;Rose and Mr. Bearden were terminated without cause on January 31, 2009, and assuming for Mr. Rose equivalent bonus amounts for fiscal 2008 and 2009, and for
  Mr.&nbsp;Bearden completion of the retail store transition, Mr.&nbsp;Rose and Mr.&nbsp;Bearden would be entitled to the following aggregate cash payments:</FONT></P>
<table cellspacing="0" style="margin-left:5.26%;margin-right:5.26%;width:89.48%;" >
<TR valign="bottom">
    <TD style="width:74.30%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:12.54%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Aggregate Cash<br>Payments Upon<br>Termination<br>Without Cause</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Stuart A. Rose</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       181,007</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">David L. Bearden</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1,000,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">If Mr. Rose&#146;s employment is terminated for any reason other than without cause, we must pay him a pro rata portion of his annual salary and cash bonuses based upon the date of termination. If Mr.
  Bearden&#146;s employment is terminated for any reason, we must pay him the pro rata portion of his annual salary to the date of termination. Mr. Rose and Mr. Bearden are subject to non-competition
  provisions for periods of two years and one year, respectively, following termination of employment for any reason, as well as confidentiality provisions, in their employment agreements.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">14</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Messrs. Bruggeman, Magby, Fuchs and Rizvi are also entitled to a one-time cash bonus of $200,000, $200,000, $50,000 and $50,000, respectively, upon completion of the retail store transition to
  Appliance Direct, Inc.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">All unvested options granted under our stock option plans automatically vest upon a change in control. Assuming a change in control occurred on January 31, 2009, the following named executive
  officers would hold accelerated vested options with the following values:</FONT></P>
<table cellspacing="0" style="margin-left:5.26%;margin-right:5.26%;width:89.48%;" >
<TR valign="bottom">
    <TD style="width:77.58%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:9.27%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center" style="border-bottom:solid 0.2mm Black; ">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.1mm; "><B>Name</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Value of<br>Accelerated<br>Option<br>Awards (1)</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Douglas L. Bruggeman</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
        <font style="word-spacing: 2.50pc;">&nbsp;</font>0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Zafar A. Rizvi</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">David Fuchs</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Keith B. Magby</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>


<P style="text-indent:7mm; margin:4mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="left" style="width:4.00pc; height:0.50pt;"></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Based on the spread between the exercise price of the accelerated option and the closing price of our common stock on January 31, 2009.</FONT>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>



<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Director Compensation for Fiscal 2008</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following table sets forth information concerning the compensation of our non-employee directors for fiscal 2008.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:64.22%;"><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:9.82%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:11.06%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:7.01%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>

  <TR valign="bottom">
    <TD align="center" style="border-bottom:solid 0.2mm Black; ">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.1mm; "><B>Name</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Fees Earned<br>or Paid in<br>Cash ($)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Option<br>Awards (1)($)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Total ($)</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Lawrence Tomchin</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      45,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      45,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Robert Davidoff</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      45,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      20,148</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      65,148</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Edward M. Kress</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      20,148</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      20,148</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Charles A. Elcan</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      45,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      20,148</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      65,148</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">David S. Harris</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      50,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      15,303</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      65,303</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Mervyn L. Alphonso</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      45,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      45,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>



<P style="text-indent:7mm; margin:4mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="left" style="width:4.00pc; height:0.50pt;"></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Amounts in this column reflect the dollar amount recognized for financial statement reporting purposes for the fiscal year with respect to option awards granted in prior fiscal years in accordance with
      the modified prospective application method under FAS 123R, without regard to estimates of forfeitures related to service-based vesting conditions. During fiscal 2008, 0 director options with a
      weighted average exercise price of $0.00 were cancelled or expired. For information regarding our valuation of option awards, see Note 1 Summary of Significant Accounting Policies to our consolidated
      financial statements in our Annual Report on Form 10-K for the fiscal year ended January 31, 2009.</FONT>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The aggregate number of option awards outstanding for each director at January 31, 2009 were Mr.&nbsp;Tomchin&#151;360,000; Mr. Davidoff&#151;52,813; Mr. Kress&#151;52,813; Mr. Elcan&#151;16,515; Mr.&nbsp;Harris&#151;8,210; and Mr.
      Alphonso&#151;0.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>



<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">15</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Director Compensation Arrangements</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Directors who are not officers or employees of REX are paid an annual retainer of $20,000 per year (plus reasonable travel expenses) and a $5,000 per year retainer if they serve on one or more Board
  committees. The Chairman of the Audit Committee is paid an additional $5,000 per year retainer.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Non-employee directors are eligible to receive grants of stock options under our 1999 Omnibus Stock Incentive Plan. Under the Plan, on the date of each annual meeting of shareholders, each non-
  employee director is awarded a nonqualified stock option to purchase a number of shares of our common stock such that the exercise price of the option multiplied by the number of shares subject to the
  option is as near as possible to $100,000, but in no event more than 10,000 shares. The exercise price of each nonqualified option is the fair market value of the common stock on the date of grant. The
  options are exercisable in five equal annual installments commencing on the first anniversary of the date of grant and expire ten years from the date of grant.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Directors who are not officers or employees are paid an additional $20,000 per year for each year such director waives his right to the grant of stock options pursuant to the 1999 Omnibus Stock
  Incentive Plan. The non-employee directors waived their right to the grant of stock options under the Plan for fiscal 2008.</FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Equity Compensation Plan Information</B></FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:36.98%;"><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:16.67%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:16.67%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:21.78%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>

  <TR valign="bottom">
    <TD align="center" style="border-bottom:solid 0.2mm Black; ">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.1mm; "><B>Plan Category</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Number of Securities<br>to be Issued Upon<br>Exercise of<br>Outstanding Options,<br>Warrants and Rights<br>(a)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Weighted-Average<br>Exercise Price of<br>Outstanding Options,<br>Warrants and Rights<br>(b)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Number of Securities<br>Remaining Available for<br>Future Issuance Under<br>Equity Compensation Plans<br>(Excluding Securities<br>Reflected in Column(a))<br>(c)</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Equity compensation plans approved by security holders(1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      108,011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Equity compensation plans not approved by security holders(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,715,001</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       9.63</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,094,832</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Total</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,715,001</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       9.63</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,202,843</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
</TABLE>



<P style="text-indent:7mm; margin:4mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="left" style="width:4.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Includes the REX Stores Corporation 1995 Omnibus Stock Incentive Plan.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Includes the REX Stores Corporation 1999 Omnibus Stock Incentive Plan and the 2001 Nonqualified Executive Stock Options.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Under the 1999 Omnibus Plan, awards in the form of nonqualified stock options, stock appreciation rights, restricted stock, other stock-based awards and cash incentive awards may be granted to
      officers and key employees. The 1999 Omnibus Plan also allows for yearly grants of nonqualified stock options to non-employee directors. The exercise price of each option must be at least 100% of the
      fair market value of the Common Stock on the date of grant. A maximum of 4,500,000 shares are authorized for issuance under the 1999 Omnibus Plan, of which 2,094,832 shares remained available for
      issuance at January 31, 2009.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The 2001 Nonqualified Executive Stock Options are individual compensation arrangements. On April 17, 2001, nonqualified stock options for 1,462,500 shares were granted to Messrs. Rose and
      Tomchin at an exercise price of $8.01 per share, which represented the market price on the date of grant, in connection with their entering into new three year employment agreements. These options
      are fully exercisable and outstanding.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>



<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">16</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL<br>OWNERS AND MANAGEMENT</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following table sets forth, as of April 21, 2009 (the record date for the Annual Meeting), certain information with respect to the beneficial ownership of REX Common Stock by each director and
  nominee for director, each named executive officer, all directors and executive officers as a group and those persons or groups known by us to own more than 5% of our Common Stock.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">For purposes of this table, a person is considered to &#147;beneficially own&#148; any shares if the person, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has
  (or has the right to acquire within 60 days after April 21, 2009) sole or shared power (i) to vote or to direct the voting of the shares or (ii) to dispose or to direct the disposition of the shares. Unless
  otherwise indicated, voting power and investment power are exercised solely by the named person or shared with members of his household.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:77.80%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.77%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.17%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>

  <TR valign="bottom">
    <TD rowspan="2" align="center" style="border-bottom:solid 0.2mm Black; ">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.1mm; "><B>Name and Address</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="13" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Common Stock<br>Beneficially Owned</B></FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Number</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Percent(1)</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Stuart A. Rose(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,652,715</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      25.4</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       %</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="margin:0 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">2875 Needmore Road </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="margin:0 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Dayton, Ohio 45414 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Lawrence Tomchin(3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      547,426</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      5.7</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       % </FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">2875 Needmore Road </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Dayton, Ohio 45414 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Robert Davidoff(4)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      304,489</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3.3</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       % </FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">900 Third Avenue, 33rd Floor </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">New York, New York 10022 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Edward M. Kress(5)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      138,868</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1.5</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       % </FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">1100 Courthouse Plaza S.W. </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Dayton, Ohio 45402 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Charles A. Elcan(6)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      16,515</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      * </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">3100 West End Avenue, Suite 500 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Nashville, Tennessee 37203 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">David S. Harris(7)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      8,210</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      * </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">24 Avon Road </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Bronxville, New York 10708 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Mervyn L. Alphonso</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      *</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">5 Royal Birkdale Drive</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Springboro, Ohio 45066</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">David L. Bearden</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151; </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">2875 Needmore Road </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Dayton, Ohio 45414 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Douglas L. Bruggeman(8)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      201,850</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2.0</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       % </FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">2875 Needmore Road </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Dayton, Ohio 45414 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">David Fuchs(9)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      164,600</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1.7</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       % </FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">2875 Needmore Road </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Dayton, Ohio 45414 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">17</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>

<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:77.80%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.77%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.17%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="bottom">
    <TD rowspan="2" align="center" style="border-bottom:solid 0.2mm Black; ">
    <P style="margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.1mm; "><B>Name and Address</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="13" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Common Stock<br>Beneficially Owned</B></FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Number</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Percent(1)</B></FONT></P></TD>
  </TR>

  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Keith B. Magby(10)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      105,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1.1</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       % </FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">2875 Needmore Road </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Dayton, Ohio 45414 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Zafar A. Rizvi(11)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      206,250</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2.2</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       % </FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">2875 Needmore Road </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Dayton, Ohio 45414 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">All directors and executive officers as a group (12 persons)(12)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4,347,423</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      37.5</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       % </FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">FMR LLC(13)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1,375,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      14.8</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       % </FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">82 Devonshire Street </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Boston, Massachusetts 02109 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Dimensional Fund Advisors LP(14)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      968,132</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.4</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       % </FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">1299 Ocean Avenue, 11th Floor </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Santa Monica, California 90401 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Royce &amp; Associates, LLC(15)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      970,300</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10.4</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       % </FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">1414 Avenue of the Americas </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">New York, New York 10019 </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Nery Capital Partners, L.P.(16)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      620,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      6.7</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
       %</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">263 Stratford Road</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Asheville, North Carolina 28804</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
</TABLE>

<P style="text-indent:7mm; margin:4mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="left" style="width:4.00pc; height:0.50pt;"></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      *</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      One percent or less.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Percentages are calculated on the basis of the number of shares outstanding on April 21, 2009 plus the number of shares issuable upon the exercise of options held by the person or group which are
      exercisable within 60 days after April 21, 2009.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Includes (i) 686,854 shares held by the Stuart Rose Family Foundation, an Ohio nonprofit corporation of which Mr. Rose is the sole member, chief executive officer and one of three members of the
      board of trustees, the other two being members of his immediate family and (ii)&nbsp;1,147,500 shares issuable upon the exercise of options.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Includes 10,125 shares held by Mr. Tomchin&#146;s wife and 360,000 shares issuable upon the exercise of options.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(4)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Includes 52,813 shares issuable upon the exercise of options.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(5)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Includes 4,775 shares held by Mr. Kress as trustee of two trusts for the benefit of his children and 52,813 shares issuable upon the exercise of options.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(6)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Includes 16,515 shares issuable upon the exercise of options.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(7)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Includes 8,210 shares issuable upon the exercise of options.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(8)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Includes 183,750 shares issuable upon the exercise of options.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(9)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Includes 164,600 shares issuable upon the exercise of options.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(10)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Includes 105,000 shares issuable upon the exercise of options.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(11)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Includes 183,750 shares issuable upon the exercise of options.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>
</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">18</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">


  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(12)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Includes 2,274,951 shares issuable upon the exercise of options.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(13)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Based on a Schedule 13G filing dated February 13, 2008. Fidelity Management &amp; Research Company, a wholly-owned subsidiary of FMR LLC and a registered investment adviser, is the beneficial
      owner of 1,375,000 shares of Common Stock as a result of acting as investment adviser to various registered investment companies. One investment company, Fidelity Low Priced Stock Fund, owns
      1,375,000 shares. Edward C. Johnson 3d (Chairman of FMR LLC), FMR LLC, through its control of Fidelity Management &amp; Research Company, and the funds each has sole power to dispose of the
      1,375,000 shares owned by the funds, while the sole power to vote or direct the voting of the shares owned directly by the Fidelity funds resides with the funds&#146; boards of trustees.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(14)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Based on a Schedule 13G filing dated February 9, 2009. Dimensional Fund Advisors LP, a registered investment adviser, furnishes investment advice to four registered investment companies and serves
      as investment manager to certain other commingled group trusts and separate accounts. In its role as investment adviser or manager, Dimensional Fund Advisors LP has sole power to vote and dispose
      of 968,132 shares owned by these funds. Dimensional Fund Advisors LP disclaims beneficial ownership of all such shares.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(15)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Based on a Schedule 13G filing dated March 6, 2009. Royce &amp; Associates, LLC, a registered investment adviser, has sole power to vote or direct the voting and sole power to dispose or direct the
      disposition of 970,300 shares.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:25pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(16)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Based on a Schedule 13G filing dated February 9, 2009. Nery Capital Partners, L.P. (the &#147;Fund&#148;) has power to vote and dispose of 620,000 shares. Nery Capital Management, L.L.C., general partner of
      the Fund, Nery Asset Management, L.L.C., investment advisor to the Fund, and Michael A. Nery have shared power to vote and dispose of the 620,000 shares held by the Fund.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Section 16(a) of the Securities Exchange Act of 1934 requires our directors and executive officers to file reports of ownership and changes of ownership of REX Common Stock with the Securities and
  Exchange Commission. We believe that during fiscal 2008 all filing requirements applicable to our directors and executive officers were met.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Rex Radio and Television, Inc. leases 10,000 square feet for a store in a strip shopping center in Beavercreek, Ohio, from Stuart Rose/Beavercreek, Inc. under a net lease dated December 12, 1994. The
  shareholders of Stuart Rose/Beavercreek, Inc. are Stuart A. Rose and Lawrence Tomchin. Mr.&nbsp;Rose, our CEO, and Mr. Tomchin are members of our Board of Directors. The lease was renewed for a five
  year term effective January 31, 2005 pursuant to the terms of the lease. Base rent is $92,500 per year for the renewal term. Rex Radio and Television, Inc. also paid Stuart Rose/Beavercreek, Inc. $37,867
  under the lease in fiscal 2008 for its pro rata portion of common area maintenance, real estate taxes and utilities.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">During fiscal 2008, REX paid the law firm of Dinsmore &amp; Shohl LLP (formerly Chernesky, Heyman &amp; Kress P.L.L.), of which Edward M. Kress is a partner, a total of $384,792 for legal services. Mr.
  Kress is a member of our Board of Directors.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">19</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Elcan &amp; Associates, Inc., a firm owned by Dan Elcan, provides real estate brokerage services to REX and has acted as a finder in connection with our investments in synthetic fuel limited partnerships
  and facilities. Dan Elcan is the brother of Charles Elcan, a member of our Board of Directors. During fiscal 2008, REX paid or accrued to Elcan &amp; Associates $36,874 in leasing commissions and $25,896 in
  commissions on the sale of our interest in Somerset SynFuel, L.P.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">We believe the lease with Stuart Rose/Beavercreek, Inc., fees paid to Dinsmore &amp; Shohl LLP (formerly Chernesky, Heyman &amp; Kress P.L.L.) for legal services, and amounts paid to Elcan &amp; Associates, Inc.
  in leasing commissions were comparable to terms that we could have obtained from unaffiliated third parties. The commission paid to Elcan &amp; Associates, Inc. on the sale of our interest in Somerset SynFuel,
  L.P. was set at a rate we believed fair to both parties given the absence of comparable transactions.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Dan Elcan acquired minority interests in Rex Investment, LLC and Rex Investment I, LLC as compensation for finder services in connection with our investments in Colona SynFuel Limited
  Partnership, L.L.L.P. and Somerset SynFuel, L.P. in fiscal 1998, and our purchase of the Gillette synthetic fuel plant in fiscal 2002. We have sold our entire interests in the Colona and Somerset partnerships
  and the Gillette facility and generally received payments from the sales through 2007, subject to production levels. For the Gillette facility, payments for production after September 2006 are expected after
  the related tax credits are allowed under IRS audit or the statute of limitations for an IRS audit has expired. REX and Dan Elcan receive the benefit of these payments on a pro rata basis from their
  ownership of equity interests in Rex Investment and Rex Investment I. Dan Elcan acquired his equity interests in these entities before Charles Elcan became a director of REX in 2003. During calendar
  year 2008, Dan Elcan was allocated $7,886 in accrued distributions from Rex Investment, LLC.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Review and Approval of Transactions with Related Persons</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">We review all financial transactions, arrangements or relationships between REX and our directors, executive officers, their immediate family members and our significant shareholders to determine the
  materiality of the related person&#146;s interest, whether it creates a conflict of interest, and whether it is on terms comparable to arm&#146;s length dealings with an unrelated party or otherwise fair to us. We have
  developed internal controls and processes for identifying related party transactions, including annual director and officer questionnaires. All related party transactions are reviewed by our legal counsel for
  disclosure in our proxy statement. Related party transactions are reviewed and approved by our CEO, unless our legal counsel determines that the amount involved, persons involved, significance or other
  aspects of the transaction require review and approval by the disinterested members of our Board of Directors.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Deloitte &amp; Touche LLP served as REX&#146;s independent registered public accounting firm for the fiscal year ended January 31, 2009, and has served in that capacity since 2002. It is anticipated that
  representatives of Deloitte &amp; Touche LLP will be present at the Annual Meeting to respond to appropriate questions from shareholders and to make a statement if they desire to do so.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Board of Directors annually appoints the independent registered public accounting firm for the Company after receiving the recommendations of the Audit Committee, typically following the
  Annual Meeting. No recommendation of the Audit Committee has been made concerning the</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">20</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">appointment of the independent registered public accounting firm for the fiscal year ending January 31, 2010.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Audit and Non-Audit Fees</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following table sets forth the aggregate fees billed REX for the fiscal years ended January 31, 2009 and 2008 by Deloitte &amp; Touche LLP:</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:78.29%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>

  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Fiscal<br>2008</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Fiscal<br>2007</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Audit Fees(1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       615,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       654,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Audit-Related Fees(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      13,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      12,700</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Tax Fees(3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      159,813</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      138,300</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">All Other Fees(4)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3,852</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3,210</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Total</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       791,665</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       808,210</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
</TABLE>


<P style="text-indent:7mm; margin:4mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="left" style="width:4.00pc; height:0.50pt;"></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Audit Fees consist of fees billed for professional services rendered for the audit of our annual financial statements and review of the interim financial statements included in our quarterly reports and
      services that are normally provided by Deloitte &amp; Touche LLP in connection with statutory and regulatory filings or engagements. This category included fees related to the audit of our internal control
      over financial reporting required by Section 404 of the Sarbanes-Oxley Act.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Audit-Related Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under
      &#147;Audit Fees.&#148; This category included fees related to the audit of the financial statements of an employee benefit plan.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Tax Fees consist of fees billed for professional services rendered for tax compliance, tax advice and tax planning.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(4)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">All Other Fees consist of fees paid for a web based accounting research tool.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>



<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Policy on Audit Committee Pre-Approval of Audit and Non-Audit Services</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Audit Committee&#146;s policy is to pre-approve all audit and non-audit services provided by our independent registered public accounting firm. The Audit Committee will generally pre-approve a list
  of specific services and categories of services, including audit, audit-related, tax and other services, for the upcoming or current fiscal year, subject to a specified dollar limit. Any material service not
  included in the approved list of services, and all services in excess of the pre-approved dollar limit, must be separately pre-approved by the Audit Committee. Our independent registered public accounting
  firm and management are required to periodically report to the Audit Committee all services performed and fees charged to date by the firm pursuant to the pre-approval policy. None of the fees billed by
  our independent registered public accounting firm for Audit-Related, Tax and Other Services described above were approved by the Audit Committee after the services were rendered pursuant to the de
  minimus exception under SEC rules.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">21</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Audit Committee Report</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Audit Committee assists Board oversight of the integrity of the financial statements of the Company. The Audit Committee is comprised of nonemployee directors who meet the independence and
  financial experience requirements of applicable NYSE listing standards and SEC rules. The Audit Committee operates under a written charter.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Management has the primary responsibility for the financial statements and the reporting process, including the Company&#146;s systems of internal controls. In fulfilling its oversight responsibilities, the
  Committee reviewed the audited financial statements in the Annual Report on Form 10-K with management, including a discussion of the quality and the acceptability of the Company&#146;s financial reporting
  and controls.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Committee reviewed with the Company&#146;s independent registered public accounting firm, Deloitte &amp; Touche LLP, who are responsible for expressing an opinion on the conformity of those audited
  financial statements with generally accepted accounting principles, their judgments as to the quality and the acceptability of the Company&#146;s financial reporting and such other matters as are required to be
  discussed with the Committee under Statement on Auditing Standards No. 61, as amended (AICPA, <I>Professional Standards</I>, Vol. 1. AU Section 380). In addition, the Committee has discussed with the
  independent registered public accounting firm the firm&#146;s independence from management and the Company, including the matters in the independent registered public accounting firm&#146;s written disclosures
  required by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountant&#146;s communications with the audit committee concerning independence.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Committee also discussed with the Company&#146;s independent registered public accounting firm the overall scope and plans for their respective audits. The Committee meets periodically with the
  independent registered public accounting firm, with and without management present, to discuss the results of their examinations, their evaluations of the Company&#146;s internal controls, and the overall
  quality of the Company&#146;s financial reporting.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">In reliance on the reviews and discussions referred to above, the Committee recommended to the Board of Directors that the audited financial statements be included in the Company&#146;s Annual Report
  on Form 10-K for the fiscal year ended January 31, 2009 for filing with the Securities and Exchange Commission.</FONT></P>
<P style="margin:6.3mm 0 0 80.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">AUDIT COMMITTEE<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>D</FONT><FONT style="font-family:serif; font-size:2.8mm; ">AVID</FONT><FONT style="font-family:serif; font-size:3.8mm; "> S. H</FONT><FONT style="font-family:serif; font-size:2.8mm; ">ARRIS</FONT><FONT style="font-family:serif; font-size:3.8mm; ">, <I>Chairman</I><br>R</FONT><FONT style="font-family:serif; font-size:2.8mm; ">OBERT</FONT><FONT style="font-family:serif; font-size:3.8mm; ">
 D</FONT><FONT style="font-family:serif; font-size:2.8mm; ">AVIDOFF</FONT><FONT style="font-family:serif; font-size:3.8mm; "><br>M</FONT><FONT style="font-family:serif; font-size:2.8mm; ">ERVYN</FONT><FONT style="font-family:serif; font-size:3.8mm; "> L. A</FONT><FONT style="font-family:serif; font-size:2.8mm; ">LPHONSO</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">22</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>OTHER BUSINESS</B></FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Solicitation of Proxies</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Company will bear the entire expense of this proxy solicitation. Arrangements will be made with brokers and other custodians, nominees and fiduciaries to send proxy solicitation materials to their
  principals and the Company will, upon request, reimburse them for their reasonable expenses in so doing. Officers and other regular employees of the Company may solicit proxies by mail, in person or by
  telephone.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Other Matters</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Board of Directors does not know of any matters to be presented at the Annual Meeting other than those mentioned above. However, if other matters should properly come before the Annual
  Meeting or any adjournments thereof, the proxy holders will vote the proxies thereon in their discretion.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Shareholder Proposals</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Proposals by shareholders intended to be presented at REX&#146;s 2010 Annual Meeting of Shareholders must, in accordance with applicable regulations of the Securities and Exchange Commission, be
  received by the Secretary of the Company at 2875 Needmore Road, Dayton, Ohio 45414 on or before December 29, 2009 in order to be considered for inclusion in our proxy materials for that meeting.
  Shareholder proposals intended to be submitted at the 2010 Annual Meeting outside the processes of Rule 14a-8 will be considered untimely under Rule 14a-4(c)(1) if not received by us at our corporate
  offices on or before March 14, 2010. If we do not receive timely notice of such proposal, the proxy holders will vote on the proposal, if presented at the meeting, in their discretion.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Shareholder recommendations for director candidates must be received by the Nominating/Corporate Governance Committee at our corporate offices on or before December 29, 2009 to be considered
  for nomination in connection with the 2010 Annual Meeting. Names submitted after this deadline will not be considered.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:50.00%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:39.59%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>




  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      By Order of the Board of Directors<br><p align="left"><img src="rexkresssig.jpg" style="margin:4.2175mm 0 0 0;"></p><br>E</FONT><FONT style="font-family:serif; font-size:2.8mm; ">DWARD</FONT><FONT style="font-family:serif; font-size:3.8mm; "> M. K</FONT><FONT style="font-family:serif; font-size:2.8mm; ">RESS</FONT><FONT style="font-family:serif; font-size:3.8mm; "><I><br>Secretary</I></FONT></P></TD>
  </TR>
</TABLE>



<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">April 28, 2009<br>Dayton, Ohio</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">23</FONT></P>
<p><hr color=#000000 noshade></p>

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

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="85%" align="right"><IMG src="c57308_proxyx1x1.jpg" alt="box1" border=0> </td>
    <td width="15%" align="right"><IMG src="c57308_proxyx1x2.jpg" alt="box2" border=0></td>
  </tr>
</table>
<P align="left"><FONT face="sans-serif"><b>PROXY</b></FONT></P>
<P align="center"> <FONT size=4 face="sans-serif"><b>REX STORES CORPORATION</b></FONT></P>
<P align="center">
<B><FONT face="sans-serif">Proxy for Annual Meeting of Shareholders</FONT></B><BR>
<B><FONT face="sans-serif">June 2, 2009</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">The undersigned hereby appoints Stuart A. Rose and Lawrence Tomchin and each of them proxies for the undersigned, with full power of substitution, to vote all the shares of Common Stock of REX
STORES CORPORATION, a Delaware corporation (the &#147;Company&#148;), which the undersigned is entitled to vote at the Annual Meeting of Shareholders of the Company to be held on Tuesday, June 2, 2009, at 2:00 p.m. and any adjournments
thereof.</FONT></P>
<P align="center">
<B><I><FONT face="sans-serif">(Continued, and to be signed, on the other side)</FONT></I></B></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">

  <tr>
    <td width="52%"><IMG src="c57308_proxyx1x3.jpg" alt="box3" border=0></td>
    <td width="48%" align="right"><IMG src="c57308_proxyx1x4.jpg" alt="box4" border=0></td>
  </tr>
</table>
<BR>
<BR>

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



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="center">
<B><FONT face="sans-serif">ANNUAL MEETING OF SHAREHOLDERS OF</FONT></B></P>
<P align="center">
<B><FONT size=6 face="sans-serif">REX STORES CORPORATION</FONT></B></P>
<P align="center">
<B><FONT face="sans-serif">June 2, 2009</FONT></B></P>
<P align="center">
<B><U><FONT size=2 face="sans-serif">NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL</FONT></U></B><FONT size=2 face="sans-serif">: <br>
The Notice of Meeting, proxy statement and proxy card </FONT><br>
<FONT size=2 face="sans-serif">are available at www.rextv.com</FONT></P>
<P align="center">
<FONT size=5 face="sans-serif">Please sign, date and mail</FONT><BR>
<FONT size=5 face="sans-serif">your proxy card in the</FONT><BR>
<FONT size=5 face="sans-serif">envelope provided as soon</FONT><br>
<FONT size=5 face="sans-serif">as possible.</FONT></P>
<P align="left">&nbsp;</P>
<div align="center">
  <table width="38%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="16%"><div align="right"><FONT size=1 face="sans-serif"><img src="c57308_proxyx4x1.jpg" alt="arrow" width="12" height="30"></FONT></div></td>
      <td width="78%" nowrap><div align="center"><FONT size=1 face="sans-serif">Please detach along perforated line and
      mail in the envelope provided.</FONT></div></td>
      <td width="6%"><FONT size=1 face="sans-serif"><img src="c57308_proxyx4x1.jpg" alt="arrow" width="12" height="30"></FONT></td>
    </tr>
  </table>
</div>
<P align="left">&nbsp;</P>
<IMG src="c57308_proxyx2x1.jpg" border=0>
<BR>
<P align="center" STYLE="border-bottom:1px solid #000000;border-top:1px solid #000000;">
<br>
<B><FONT size=1 face="sans-serif">THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION OF DIRECTORS.</FONT></B><br>
<B><FONT size=1 face="sans-serif">PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE <FONT FACE=WINGDINGS>x</FONT> </FONT></B></P>
<P align="left">&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="3"><FONT size=1 face="sans-serif">1. ELECTION OF DIRECTORS</FONT></td>
    <td width="1%">&nbsp;</td>
    <td width="25%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%" valign="top"><FONT size=1 face="sans-serif">2.</FONT></td>
    <td width="44%" valign="top"><FONT size=1 face="sans-serif">IN THEIR DISCRETION the proxies
        are authorized to vote upon such other business as may properly come
    before the Meeting.</FONT> </td>
  </tr>
  <tr>
    <td width="6%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td colspan="2"><B><FONT size=1 face="sans-serif">NOMINEES:</FONT></B></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="5" face=WINGDINGS>o</font> </td>
    <td colspan="2"><B><FONT size=1 face="sans-serif">FOR ALL NOMINEES</FONT></B></td>
    <td colspan="2" rowspan="5" valign="top"><FONT size=1 face="Wingdings 2">&#53; </FONT><FONT size=1 face="sans-serif">Stuart A. Rose<br>
    </FONT><FONT size=1 face="Wingdings 2">&#53; </FONT><FONT size=1 face="sans-serif"> Lawrence
        Tomchin</FONT><br>
    <FONT size=1 face="Wingdings 2">&#53; </FONT><FONT size=1 face="sans-serif">Robert
    Davidoff</FONT><br>
    <FONT size=1 face="Wingdings 2">&#53; </FONT><FONT size=1 face="sans-serif">Edward
    M. Kress</FONT><br>
    <FONT size=1 face="Wingdings 2">&#53; </FONT><FONT size=1 face="sans-serif">Charles
    A. Elcan</FONT><br>
    <FONT size=1 face="Wingdings 2">&#53; </FONT><FONT size=1 face="sans-serif">David
    S. Harris<br>
    </FONT><FONT size=1 face="Wingdings 2">&#53; </FONT><FONT size=1 face="sans-serif">Mervyn
    L. Alphonso</FONT></td>
    <td>&nbsp;</td>
    <td colspan="2"><B><FONT size=1 face="sans-serif">This proxy is solicited
          on behalf of the Board of Directors and will be voted as directed herein.
    If no direction is given, this proxy shall be voted FOR Proposal 1.</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="5" face=WINGDINGS>o</font></td>
    <td colspan="2" nowrap><B><FONT size=1 face="sans-serif">WITHHOLD AUTHORITY </FONT></B><BR>
      <B><FONT size=1 face="sans-serif">FOR ALL NOMINEES </FONT></B></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="5" face=WINGDINGS>o</font></td>
    <td colspan="2"><B><FONT size=1 face="sans-serif">FOR ALL EXCEPT </FONT></B><BR>
      <FONT size=1 face="sans-serif">(See instructions below)</FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="6" STYLE="border-bottom:1px solid #000000;"><B><U><FONT size=1 face="sans-serif">INSTRUCTIONS:</FONT></U></B><FONT size=1 face="sans-serif">To
        withhold authority to vote for any individual nominee(s), mark </FONT><B><FONT size=1 face="sans-serif">&#147;FOR
        ALL EXCEPT&#148; </FONT></B><FONT size=1 face="sans-serif">        and fill in
    the circle next to each nominee you wish to withhold, as shown here:</FONT><FONT size=1 face="sans-serif"><B>&nbsp;<FONT size=3 face="Webdings">&#110;</FONT></B></FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="6">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="6">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="6">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="6" STYLE="border-bottom:1px solid #000000;">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"><FONT size=1 face="sans-serif">To change the address on your
        account, please check the box at right and indicate your new address
        in the address space above. Please note that changes to the registered
    name(s) on the account may not be submitted via this method.</FONT></td>
    <td><div align="center"><font size="5" face=WINGDINGS>o</font></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="6" STYLE="border-top:1px solid #000000;">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="12%"><FONT size=1 face="sans-serif">Signature of Shareholder</FONT></td>
    <td width="16%" STYLE="border:1px solid #000000">&nbsp;</td>
    <td width="6%" align="right"><FONT size=1 face="sans-serif">Date:&nbsp;&nbsp;</FONT></td>
    <td width="9%" STYLE="border:1px solid #000000">&nbsp;</td>
    <td width="13%" align="right" nowrap><FONT size=1 face="sans-serif">Signature of Shareholder&nbsp;&nbsp;</FONT></td>
    <td width="16%" STYLE="border:1px solid #000000">&nbsp;</td>
    <td width="5%" align="right" nowrap><FONT size=1 face="sans-serif">Date:&nbsp;&nbsp;</FONT></td>
    <td width="9%" STYLE="border:1px solid #000000">&nbsp;</td>
    <td width="10%">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="2%">&nbsp;</td>
    <td width="4%" valign="top"><B><FONT size=1 face="sans-serif">Note: </FONT></B></td>
    <td width="94%" valign="top"><FONT size=1 face="sans-serif">Please sign exactly as your name or names
        appear on this Proxy. When shares are held jointly, each holder should
        sign. When signing as executor, administrator, attorney, trustee or guardian,
        please give full title as such. If the signer is a corporation, please
        sign full corporate name by duly authorized officer, giving full title
        as such. If signer is a partnership, please sign in partnership name
    by authorized person.</FONT></td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%"><IMG src="c57308_proxyx1x3.jpg" alt="box3" border=0></td>
    <td width="50%"><div align="right"><IMG src="c57308_proxyx1x3.jpg" alt="box3" border=0></div></td>
  </tr>
</table>
<P align="left">&nbsp;</P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
