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<SEC-DOCUMENT>0001169232-03-002077.txt : 20030314
<SEC-HEADER>0001169232-03-002077.hdr.sgml : 20030314
<ACCEPTANCE-DATETIME>20030313190004
ACCESSION NUMBER:		0001169232-03-002077
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20030415
FILED AS OF DATE:		20030314
EFFECTIVENESS DATE:		20030314

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GUARANTY BANCSHARES INC /TX/
		CENTRAL INDEX KEY:			0001058867
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				751656431
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24235
		FILM NUMBER:		03603030

	BUSINESS ADDRESS:	
		STREET 1:		100 WEST ARKANSAS
		CITY:			MT PLEASANT
		STATE:			TX
		ZIP:			75456
		BUSINESS PHONE:		9035729881

	MAIL ADDRESS:	
		STREET 1:		100 WEST ARKANSAS
		CITY:			MT PLEASANT
		STATE:			TX
		ZIP:			75456
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d54371_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

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     <!-- Project:        X:\JOBS\03-54371\d03-54371.eep                                   -->
     <!-- Control Number: 03-54371                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Guaranty Bancshares, Inc. (ADP)                                  -->
     <!-- Project Name:   Form: DEF 14A                                                    -->
     <!-- Firm Name:      Guaranty Bancshares, Inc.                                        -->
     <TITLE>DEF 14A</TITLE>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GUARANTY
BANCSHARES, INC.</FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100 West Arkansas<BR>Mount
Pleasant, Texas 75455</FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOTICE OF 2003 ANNUAL
MEETING OF SHAREHOLDERS<BR>TO BE HELD ON TUESDAY, APRIL 15, 2003</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders of Guaranty Bancshares,
Inc.: </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2003 Annual Meeting of Shareholders (the &#147;Meeting&#148;) of Guaranty
Bancshares, Inc. (the &#147;Company&#148;) will be held at 100 West Arkansas,
Mount Pleasant, Texas, on Tuesday, April 15, 2003, beginning at 2:00 p.m. (local
time), for the following purposes: </FONT></P>

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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           1. </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=87%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
elect four  directors of Class III to serve on the Board of Directors of the Company
 until the  Company&#146;s  2006 Annual  Meeting of  Shareholders  and until their
                     successors are duly elected and qualified; </FONT></TD>
</TR>
</TABLE>
<BR>


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<TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           2. </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=87%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
consider and act upon a proposal to ratify the  appointment of McGladrey &amp; Pullen,  LLP
as the  independent  auditors of the books and accounts of the Company for
                     the year ending December 31, 2003; and </FONT></TD>
</TR>
</TABLE>
<BR>


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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           3. </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=87%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
transact such other business as may properly come before the meeting or any adjournment
thereof. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
close of business on March 3, 2003 has been fixed as the record date for
the determination of shareholders entitled to notice of and to vote at
the Meeting or at any adjournments thereof. A list of shareholders entitled to
vote at the Meeting will be available for inspection by any shareholder at the
offices of the Company during ordinary business hours for a period of at
least ten days prior to the Meeting. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited and urged to attend the Meeting. Regardless of whether you
plan to attend the Meeting, you are urged to sign and date the enclosed proxy
and return it promptly in the enclosed envelope. If you attend the
Meeting, you may vote in person, regardless of whether you have given your
proxy. Your proxy may be revoked at any time before it is voted. </FONT></P>

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<BR>

<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif" size="2">By order of the Board
      of Directors,</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td width="50%"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><img src="signature.gif" width="200" height="45"></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td width="50%"><font face="Times New Roman, Times, serif" size="2">Arthur
      B. Scharlach, Jr.<br>
      President &amp; CEO </font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2">Mount Pleasant, Texas<br>
      March 14, 2003</font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<!-- MARKER FORMAT-SHEET="Head Major 10" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>YOUR VOTE IS
IMPORTANT.</FONT></H1>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>To
ensure your representation at the Meeting, you are urged to complete, date, and sign the
enclosed proxy and return it in the accompanying envelope at your earliest convenience,
regardless of whether you plan to attend the Meeting. No additional postage is necessary
if the proxy is mailed in the United States. The proxy is revocable at any
time before it is voted at the Meeting.</B> </FONT></P>

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

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<BR>

<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GUARANTY BANCSHARES,
INC.<BR>100 West Arkansas<BR>Mount Pleasant, Texas 75455</FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major 10" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>March 14,
2003</FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROXY STATEMENT<BR>FOR<BR>2003
ANNUAL MEETING OF SHAREHOLDERS<BR>TO
BE HELD ON TUESDAY, APRIL 15, 2003</FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major 10" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SOLICITATION,
REVOCABILITY AND VOTING OF PROXIES</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Proxy Statement is being issued in connection with the solicitation of proxies
by the Board of Directors of Guaranty Bancshares, Inc. (the
&#147;Company&#148;) for use at the 2003 Annual Meeting of Shareholders of the
Company to be held at 100 West Arkansas, Mount Pleasant, Texas, on Tuesday,
April 15, 2003, beginning at 2:00 p.m. (local time), and any adjournment thereof
(the &#147;Meeting&#148;), for the purposes set forth in this Proxy Statement
and the accompanying Notice of 2003 Annual Meeting of Shareholders
(&#147;Notice of Meeting&#148;). This Proxy Statement, the Notice of Meeting and
the enclosed form of proxy will first be sent to shareholders on or about March
14, 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Voting of
Proxies</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
represented at the Meeting by an executed and unrevoked proxy in the form
enclosed will be voted in accordance with the instructions contained therein. If
no instructions are given on an executed and returned form of proxy, the proxies
intend to vote the shares represented thereby in favor of each of the proposals
to be presented to and voted upon by the shareholders as set forth herein. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors knows of no other matters to be presented at the Meeting. If
any other matter should be presented at the Meeting upon which a vote may
be properly taken, shares represented by an executed and unrevoked proxy
received by the Board of Directors may be voted with respect thereto in
accordance with the judgment of the proxies. The proxy also confers on the
proxies the discretionary authority to vote with respect to any matter presented
at the Meeting for which the Company, in accordance with the Company&#146;s
Bylaws, did not receive advance notice. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Revocability
of Proxies</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
proxy given by a shareholder may be revoked by such shareholder at any time
before it is exercised by submitting to the Secretary of the Company a
duly executed proxy bearing a later date, delivering to the Secretary of the
Company a written notice of revocation, or attending the Meeting and voting in
person. In the event a shareholder&#146;s shares are held in street name, such
shareholder must contact his bank or broker to revoke his proxy. </FONT></P>

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


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<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Solicitation</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cost of this solicitation of proxies is being borne by the Company.
Solicitations will be made only by the use of the mail, except that, if deemed
desirable, officers and regular employees of the Company may solicit proxies by
telephone, telegraph or personal calls, without being paid additional
compensation for such services. Brokerage houses, custodians, nominees and
fiduciaries will be requested to forward the proxy soliciting material to the
beneficial owners of the common stock, par value $1.00 per share, of the Company
(the &#147;Common Stock&#148;) held of record by such persons, and the Company
will reimburse them for their reasonable expenses incurred in this connection. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Annual Report</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s Annual Report to Shareholders, including financial statements,
for the year ended December 31, 2002, accompanies but does not constitute part
of this Proxy Statement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major 10" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VOTING
SHARES AND VOTING RIGHTS</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
holders of record of Common Stock at the close of business on March 3, 2003 (the
&#147;Record Date&#148;), are entitled to notice of and to vote at the Meeting
and any adjournments or postponements thereof. At that time, there were
outstanding 2,921,928 shares of Common Stock, which is the only outstanding
class of voting securities of the Company. A majority of the outstanding shares
of Common Stock must be represented at the Meeting in person or by proxy in
order to constitute a quorum for the transaction of business. Each holder of
Common Stock shall have one vote for each share of Common Stock registered on
the Record Date, in such holder&#146;s name on the books of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
affirmative vote of the holders of a plurality of the outstanding shares of
Common Stock represented at the Meeting is required to elect the Class III
nominees to the Board of Directors. There will be no cumulative voting in the
election of directors. Abstentions and shares held of record by a broker or
nominee that are voted on in any matter are included in determining whether a
quorum exists. An abstention, a non-vote or a withholding of authority to vote,
with respect to one or more nominees for director will not have the effect of a
vote against such nominee or nominees. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
affirmative vote of the holders of a majority of the outstanding shares of
Common Stock represented at the Meeting is required to approve the appointment
of the auditors. An abstention will have the effect of a vote against the
appointment. However, a broker non-vote will be deemed shares not present to
vote on such matter and will have no effect on such matter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
broker non-vote occurs if a broker or other nominee of shares does not have
discretionary authority to vote the shares and has not received voting
instructions with respect to a particular matter. Under the applicable rules,
all of the proposals for consideration at the Meeting are considered
discretionary items upon which brokers or other nominees may vote in their
discretion on behalf of their clients if such clients have not furnished voting
instructions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major 10" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION OF
DIRECTORS</FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Election
Procedures; Term of Office</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors currently consists of eleven directors. In accordance with
the Company&#146;s Amended and Restated Bylaws, members of the Board of
Directors are divided into three classes, Class I, Class II and Class III. The
members of each class are elected for a term of office to expire at the third
succeeding annual meeting of shareholders following their election. The term of
office of the current Class III directors expires at the Meeting. The terms of
the current Class I and Class II directors expire at the annual meeting of
shareholders in 2004 and 2005, respectively. The four Class III nominees, if
elected at the Meeting, will serve until the annual meeting of shareholders in
2006. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 3 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TABLE>
<BR>





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<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors  has nominated  Tyson T. Abston,  Bill G. Jones,  Weldon  Miller and
Bill  Priefert for the election as Class III directors at the Meeting.  Messrs.
     Abston, Jones, Miller and Priefert are currently serving as Class III directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Class III nominees receiving the affirmative vote of the holders of a plurality of the
shares of Common Stock represented at the Meeting will be elected. Unless the authority
to vote for the election of directors is withheld as to one or more of the nominees, all
shares of Common Stock represented by proxy will be voted <B>FOR</B> the election of all
four nominees. If the authority to vote for the election of directors is withheld as to
one but not all of the nominees, all shares of Common Stock represented by any such proxy
will be voted <B>FOR</B> the election of the nominee as to whom such authority is not
withheld. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a nominee becomes unavailable to serve as a director for any reason before the election,
the shares represented by proxy will be voted for such other person, if any, as may be
designated by the Board of Directors. The Board of Directors, however, has no reason to
believe that any nominee will be unavailable to serve as a director. All of the nominees
have consented to being named herein and to serve if elected. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
director vacancy occurring after the election may be filled only by a majority of the
remaining directors, even if less than a quorum of the Board of Directors. A director
elected to fill a vacancy will be elected for the unexpired portion of the term of his
predecessor in office. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Nominees for Election</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table sets forth
information with respect to each nominee for election as a director of the Company: </FONT></P>

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</TD>
</TR>
</TABLE>
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<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1">Name</font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1">Age</font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1">Positions
      with Company and <br>
      Guaranty Bond Bank (the &#147;Bank&#148;)</font></b></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>
      <hr size="1" noshade width="30" align="left">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>
      <hr size="1" noshade width="155" align="left">
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Tyson
      T. Abston</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">37</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap align=LEFT><font face="Times New Roman, Times, serif" size="2">Class
      III Director and Sr. Vice President</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">of
      the Company; Director and</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">President
      of the Bank</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Bill G.
      Jones</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">73</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Class
      III Director of the Company;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Chairman
      of the Board of the Company;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Vice
      Chairman of the Board of the Bank</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Weldon
      Miller</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">67</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Class
      III Director of the Company;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Director
      of the Bank</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Bill Priefert</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">54</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Class
      III Director of the Company;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Director
      of the Bank</font></td>
  </tr>
</table>
<BR>

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<TD>


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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tyson
T. Abston. </I>Mr. Abston joined the Bank as Senior Vice President in 1997 after
serving 5 years as Executive Vice President of a Northeast Texas bank. He became
President of the Texarkana location in 1997 and then in 1999 transferred to Mount
Pleasant and was elected as Executive Vice President of the Bank. Mr. Abston has served
as a director of the Bank since 1999 and a director of the Company since 2002. In 2002,
Mr. Abston was elected President of the Bank and Senior Vice President of the Company. </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 4 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TR>
</TABLE>
<BR>





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<TD>
<BR>


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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bill
G. Jones. </I>Mr. Jones joined the Bank as President and a director in 1969 and became
Chairman of the Board in 1979. He retired as an officer of the Bank in 1996 but
continued to serve as Chairman of the Board. In 2002, Mr. Jones was elected to Vice
Chairman of the Board of the Bank. Mr. Jones has been Chairman of the Board of the
Company since 1992. </FONT> </P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Weldon
Miller. </I>Mr. Miller became a director of the Company in 1980 and has served as a
director of the Bank since 1969. Mr. Miller has been the President of Everybody&#146;s
Furniture Company in Mount Pleasant, Texas for more than the past five years. </FONT> </P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bill
Priefert. </I>Mr. Priefert has served as a director of the Bank since 1983 and a
director of the Company since 2002. Mr. Priefert has been President of Priefert
Manufacturing, Inc. in Mount Pleasant, Texas for more than the past five years. </FONT> </P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE
BOARD OF DIRECTORS RECOMMENDS A VOTE <I>FOR </I>THE ELECTION OF EACH OF THE NOMINEES
FOR ELECTION TO THE BOARD OF DIRECTORS.</B> </FONT> </P>

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

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</TABLE>
<BR>





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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONTINUING
DIRECTORS AND EXECUTIVE OFFICERS</FONT></H1>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information with respect to the
Company&#146;s current Class I and Class II directors, whose terms of office do
not expire at the Meeting, and certain officers of the Company and the Bank
(other than Mr. Bill G. Jones and Mr. Tyson T Abston): </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1">Name</font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1">Positions</font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1">
      Age </font></b></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>
      <hr size="1" noshade width="30" align="left">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>
      <hr size="1" noshade align="left" width="45">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>
      <hr size="1" noshade align="left" width="20">
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;John
      Conroy</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Class
      I Director of the Company;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">85</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Director
      of the Bank</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;Jonice
      Crane</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Class
      II Director of the Company;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">76</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Director
      of the Bank</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;C.A.
      Hinton, Sr.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Class
      II Director of the Company;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">79</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Director
      of the Bank</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;Kirk
      Lee</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Executive
      Vice President of the Bank</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">41</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;Clifton
      A. Payne</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Class
      I Director and Sr. Vice President/Secretary</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">45</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">and
      Chief Financial Officer of the Company;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Director,
      Executive Vice President and Chief</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Financial
      Officer of the Bank</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;Byron
      M. Rhea</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Executive
      Vice President of the Bank</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">46</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;Arthur
      B. Scharlach, Jr.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Class
      II Director and President and Chief</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">63</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Executive
      Officer of the Company; Director,</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Chairman
      of the Board and Chief Executive</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Officer
      of the Bank</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;Gene
      Watson</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Class
      II Director of the Company; Director of</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">66</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">the
      Bank</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;D.R.
      Zachry, Jr.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Class
      I Director of the Company</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">79</font></td>
  </tr>
</table>
<BR>


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<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>John
Conroy. </I>Mr. Conroy has served as a director of the Company since it was formed in
1980 and as a director of the Bank since 1975. Mr. Conroy has been the owner of
Conroy Ford Tractor Company in Mount Pleasant, Texas for more than the past five years. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Jonice
Crane. </I>Ms. Crane joined the Bank in 1943 and had 53 years of continuous service until
her retirement as an officer of the Bank in 1996. She served as an Executive Vice
President of the Bank from 1971 to 1996 and has served as a director of the Bank since
1971 and a director of the Company since its inception in 1980. </FONT> </P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>C.A.
Hinton, Sr. </I>Mr. Hinton has served as a director of the Bank since 1960 and as a
director of the Company since its inception in 1980. Mr. Hinton has been the Chairman of
Hinton Production Company in Mount Pleasant, Texas for more than the past five years. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Kirk
Lee. </I>Mr. Lee joined the Bank in 1992 and served as the President of the Paris location
until 2002 when he was elected Executive Vice President of the Bank. </FONT> </P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Clifton
A. Payne. </I>Mr. Payne joined the Bank in 1984 after four years in private practice with a
Certified Public Accountant firm. He became a Vice President of the Bank in 1986 and
was elected an Executive Vice President in 1996 and Chief Financial Officer in 1998.
In 1995, Mr. Payne was elected to the Board of Directors of the Company and the Bank.
Mr. Payne is also Senior Vice President/Secretary and Chief Financial Officer of the
Company. </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 6 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TR>
</TABLE>
<BR>





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<TD>
<BR>


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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Byron
M. Rhea. </I>Mr. Rhea joined the Bank in 1980 and serves as Executive Vice President and
Senior Credit Officer. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Arthur
B. Scharlach, Jr. </I>Mr. Scharlach is President, Chief Executive Officer and a director
of the Company and Chairman of the Board and Chief Executive Officer of the Bank. He
joined the Bank in 1970 as a Vice President and Loan Officer and was elected to the
Bank&#146;s Board of Directors in 1971. He was elected a Senior Vice President of the Bank
in 1974, President in 1979, Chief Operating Officer in 1983 and Chief Executive
Officer in 1989. In 2002 he was elected to Chairman and CEO of the Bank. He has served
as a director of the Company since its inception and as President since 1992 and in 2002
was elected Chief Executive Officer. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Gene
Watson. </I>Mr. Watson has served as a director of the Bank since 1999 and a director of
the Company since 2002. He had been the Chairman and a director since 1981 of First
American Financial Corporation which was acquired by the Company in September 1999. Mr.
Watson retired from Watson Company Realtors in Sulphur Springs, Texas in 1999. </FONT> </P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>D.R.
Zachry, Jr. </I>Mr. Zachry served as a director of the Bank from 1957 to 2001 and as a
director of the Company since its inception in 1980. He has been retired for more than
the past five years. </FONT> </P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
 officer of the Company is elected by the Board of  Directors  of the Company and holds
 office  until his  successor  is duly  elected and  qualified or until his or her
  earlier death, resignation or removal. </FONT></P>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Operation of the Board
of Directors</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of the Company held 13 meetings  during 2002.  None of the directors
 attended less than 75% of the aggregate of the (i) total number of meetings of the Board
and (ii) total number of meetings held by committees on which each such director served,
except for Mr. Zachry who did not attend any of such meetings. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Audit Committee</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
primary purpose of the Audit Committee is to provide independent and objective  oversight
with respect to the Company&#146;s  financial reports and other financial  information
provided to shareholders.  The committee also provides  oversight on the Company&#146;s
 internal controls and the Company&#146;s audit,  accounting and financial  reporting
 processes.  The Audit Committee  reports to the Board of Directors  concerning such
matters.  The Audit Committee  reviews the general scope of the audit  conducted by the
Company&#146;s  independent  auditors and matters relating to the Company&#146;s internal control
systems. In performing its function,  the Audit Committee meets separately with
 representatives of the Company&#146;s  independent auditors and with  representatives  of
senior  management.  During 2002, the Audit  Committee held 10 meetings.  The Audit
Committee is comprised of Messrs.  Miller  (Chairman) and Watson and Ms. Crane, each of
whom is an independent director of the Company as defined in Rule 4200(a)(14) of the
National Association of Securities Dealers&#146; listing standards. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation  Committee is responsible for making  recommendations  to the Board of
Directors with respect to the compensation of the Company&#146;s  executive  officers and is
responsible for the  establishment of policies dealing with various  compensation  and
employee  benefit matters.  The Compensation  Committee also administers the Company&#146;s
stock option plan and makes  recommendations  to the Board of Directors as to option
grants to Company and Bank employees under such plan.  During 2002, the Compensation
 Committee held six meetings. The Compensation Committee is comprised of Messrs. Hinton
(Chairman), Miller and Ms. Crane, each of whom is an outside director. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 7 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TR>
</TABLE>
<BR>





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<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Compensation Committee
Interlocks and Insider Participation</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation  Committee consists of Jonice Crane, C.A. Hinton,  Sr., and Weldon Miller,
 each of whom is an outside director of the Company.  During 2002, no member of the
Compensation Committee was an officer or employee of the Company or the Bank. </FONT></P>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Directors Compensation</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
of the Company  receive  fees for  attending  Company  Board  meetings.  Directors  who
are also  employees of the Company or the Bank are paid $250 for each meeting attended,
 and outside  directors are paid $500 for each meeting  attended.  The Board of Directors
of the Bank also meets  monthly.  Directors of the Bank who are also  employees of the
Company or the Bank are paid $450 for each meeting of the Bank&#146;s Board of Directors
 attended,  and outside  directors  are paid $600 for each meeting  attended.  An
Executive  Committee meets weekly and consists of all current  members of the Board of
Directors of the Company.  Directors who are also  employees of the Company or the Bank
are paid $275 for each Executive Committee meeting attended and outside directors are
paid $350 for each Executive Committee meeting attended. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXECUTIVE COMPENSATION
AND OTHER MATTERS</FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Summary Compensation
Table</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table provides certain summary information  concerning  compensation paid or
accrued by the Company to or on behalf of the Company&#146;s Chairman of the Board and each of
the other five most highly  compensated  Executive Officers of the Company and the Bank
(&#147;named executive  officers&#148;)  (determined as of the end of the last fiscal year) for
each of the three fiscal years ended December 31, 2002: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">Name and
      Principal Position</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">Year</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Salary</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Bonus</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">Securities<br>
      Underlying<br>
      Options <br>
      </font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      All Other <br>
      Compensation<br>
      </font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>
      <hr size="1" noshade>
    </td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=left>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=left>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=left>
      <hr size="1" noshade>
    </td>
    <td nowrap align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Bill
      G. Jones</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2002</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 53,400</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 17,422</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 40,638</font></td>
    <td nowrap align=LEFT><font face="Times New Roman, Times, serif" size="2">(1)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Chairman
      of the Board</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2001</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">51,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">13,640</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">40,190</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">50,400</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">14,482</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">39,219</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Arthur
      B. Scharlach, Jr.</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2002</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">256,625</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">68,034</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">131,280</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">(2)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;President
      and Chief Executive Officer</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2001</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">243,130</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">56,254</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">123,574</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">228,750</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">63,032</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">20,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">98,688</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Clifton
      A. Payne</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2002</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">120,450</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">45,515</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">16,840</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">(3)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Senior
      Vice President and Chief Financial Officer</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2001</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">114,200</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">37,376</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">15,724</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">112,700</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">41,512</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">10,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">13,458</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Kirk
      Lee</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2002</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">104,292</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">32,760</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">13,384</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">(4)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Executive
      Vice President of the Bank</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2001</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">97,111</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">25,988</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">12,368</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">88,250</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">24,961</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">7,500</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">9,441</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Tyson
      T. Abston</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2002</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">123,565</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">41,361</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">16,194</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">(5)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Senior
      Vice President</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2001</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">100,174</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">32,910</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">13,638</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">88,200</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">32,070</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">10,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">10,751</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Byron
      M. Rhea</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2002</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">129,313</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">37,631</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">16,603</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">(6)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Executive
      Vice President of the Bank</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2001</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">115,733</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">31,180</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">15,656</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">108,250</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">35,390</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">10,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">11,515</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 8 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 9; page: 9" -->

<BR>

<!-- MARKER FORMAT-SHEET="Footnote Rule" FSL="Project" -->
<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=87%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consists
of  contributions  by the Company to the 401(k) Plan of $5,312,  $4,864,  and $3,893 in
2002,  2001 and 2000,  respectively,  and the payment of $35,326,  $35,326 and
           $35,326 in 2002, 2001 and 2000, respectively, in connection with a
supplemental retirement plan.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=87%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consists
of contributions by the Company to the 401(k) Plan of $15,000,  $12,750 and $10,200 in
2002, 2001 and 2000,  respectively,  and the accrual of $116,280,  $110,824 and
           $99,809 in 2002, 2001 and 2000, respectively, in connection with a salary
continuation plan.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=87%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consists
of  contributions  by the Company to the 401(k) Plan of $12,094,  $11,156 and $9,022 in
2002,  2001 and 2000,  respectively,  and the accrual of $4,746,  $4,568,  and
           $4,436 in 2002, 2001 and 2000, respectively, in connection with an incentive
retirement plan.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=87%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consists
of contributions by the Company to the 401(k) Plan of $9,604,  $8,928 and $6,793 in 2002,
2001 and 2000,  respectively,  and the accrual of $3,780,  $3,440 and $2,648
           in 2002, 2001 and 2000, respectively, in connection with an incentive
retirement plan.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=87%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consists
of  contributions  by the Company to the 401(k)  Plan of $11,655,  $9,821 and $7,223 in
2002,  2001,  and 2000,  respectively,  and the accrual of $4,539,  $3,817 and
           $3,528, in 2002, 2001 and 2000, respectively, in connection with an incentive
retirement plan.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=87%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consists
of contributions by the Company to the 401(k) Plan of $11,803, $11,038 and $7,185 in
2002, 2001 and 2000,  respectively,  and the accrual of $4,800, $4,618 and $4,330
           in 2002, 2001 and 2000, respectively, in connection with an incentive
retirement plan.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Stock Option Plan</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s Board of Directors and shareholders  approved the Guaranty  Bancshares,  Inc.
1998 Stock Incentive Plan in 1998 (the &#147;1998 Plan&#148;),  which authorizes the issuance of up
to 1,000,000 shares of Common Stock under both  &#147;non-qualified&#148;  and &#147;incentive&#148;  stock
options to employees and  &#147;non-qualified&#148;  stock options to directors who are not
employees. Generally,  under the 1998  Plan it is  intended  that the  options  will
 vest 20% at the end of the first  year  following  the date of grant and an  additional
 20% at the end of each subsequent  year and becoming  fully vested at the end of year
five.  Options under the 1998 Plan  generally  must be exercised  within ten years
 following the date of grant or no later than three months after  optionee&#146;s  termination
 with the Company,  if earlier.  The 1998 Plan also provides for the granting of
 restricted  stock awards,  stock  appreciation  rights, phantom  stock awards and
 performance  awards on  substantially  similar  terms.  The l998 Plan  provides  that in
the event of a change in control of the Company,  all options  granted immediately vest
and become exercisable.  In addition, the 1998 Plan permits the Compensation  Committee,
 which administers the 1998 Plan, discretion in the event of a change in control to
modify in certain  respects the term of awards under the 1998 Plan,  including  (i)
 providing  for the payment of cash in lieu of such award,  (ii)  limiting the time
during which an option may be exercised  (iii) making  adjustments to options to reflect
the change in control and (iv) providing that options shall be exercisable for another
form of  consideration  in lieu of the Common Stock  pursuant to the terms of the
 transaction  resulting in a change in control.  For the year ended  December 31, 2002,
 20,000 options were granted under the 1998 Plan, 5% of which were granted to the named
 executive  officers.  Options to purchase an additional  893,500 shares are available
for issuance  under the 1998 Plan.  Certain other named officers have previously received
stock options as indicated on page 10. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 9 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TR>
</TABLE>
<BR>





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<TD>
<BR>


<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Option Grants in Last
Fiscal Year</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information concerning option grants to each of the
named executive officers for the year ended December 31, 2002: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Option Grants for Year
Ended December 31, 2002</FONT></H1>

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</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td nowrap rowspan="3"><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1">Name</font></b></td>
    <td nowrap rowspan="3"><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="5" nowrap><b><font face="Times New Roman, Times, serif" size="1">Individual
      Grants</font></b></td>
    <td nowrap rowspan="3"><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap rowspan="3"><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1">Expiration<br>
      Date <br>
      </font></b></td>
    <td nowrap rowspan="3"><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="3" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      Potential Realizable Value at <br>
      Assumed Annual Rates of Stock Price<br>
      Appreciation for Option Term (2) </font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td colspan="5" nowrap>
      <hr size="1" noshade align="left">
    </td>
    <td colspan="3" nowrap>
      <hr size="1" noshade align="left">
    </td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"> Number
      <br>
      of Shares <br>
      Underlying<br>
      Options (1)<br>
      </font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"> % of Total<br>
      Options <br>
      Granted to <br>
      Employees <br>
      in 2002 <br>
      </font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">Exercise<br>
      Price <br>
      </font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"> 5% <br>
      Appreciation<br>
      $ Gain <br>
      </font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"> 10% <br>
      Appreciation<br>
      $ Gain </font></b></td>
  </tr>
  <tr valign=Bottom>
    <td colspan="13" align=LEFT>
      <hr size="1" noshade align="left">
    </td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Kirk
      Lee</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">1,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">5.0%</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">12.50</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">2/19/10</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">5,968</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">14,294</font></td>
  </tr>
</table>
<BR>

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<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Options
to purchase 20,000 shares of common stock were granted to the Company&#146;s employees
during 2002.  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
potential realizable value portion of the foregoing table illustrates values that might
be realized upon exercise of the options immediately prior to the expiration of their
term assuming the specified compounded rates of appreciation of the Company&#146;s Common
Stock over the term of the options. These numbers do not take into account provisions of
certain options providing for termination of the options following termination of
employment, non-transferability or differences in vesting periods. Regardless of the
theoretical value of an option, its ultimate value will depend on the market value of the
Common Stock at a future date, and that value will depend on a variety of factors,
including the overall condition of the stock market and the Company&#146;s results of
operations and financial condition. Accordingly, the ultimate value realized may be
materially different from the amounts presented in the foregoing table.  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD>


<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aggregated Options
Exercised for the Year Ended December 31, 2002 and<BR>
Year End Option Values as of December 31,
2002</FONT></H1>


<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information concerning the number and value
of unexercised options held by each of the named executive officers at December
31, 2002: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>



<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td rowspan="3" nowrap><b><font face="Times New Roman, Times, serif" size="1">Name</font></b></td>
    <td rowspan="3" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td rowspan="3" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      Number of <br>
      Shares <br>
      Acquired on<br>
      Exercise <br>
      </font></b></td>
    <td rowspan="3" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td rowspan="3" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      Dollar <br>
      Value <br>
      Realized<br>
      </font></b></td>
    <td rowspan="3" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="3" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      Number of Securities <br>
      Underlying Unexercised<br>
      Options at Year end <br>
      </font></b></td>
    <td rowspan="3" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="5" nowrap><b><font face="Times New Roman, Times, serif" size="1">Value
      of Unexercised In-The-Money<br>
      Options at Year end (1) </font></b></td>
  </tr>
  <tr valign=Bottom>
    <td colspan="3" nowrap>
      <hr size="1" noshade>
    </td>
    <td colspan="5" nowrap>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=center nowrap><b><font face="Times New Roman, Times, serif" size="1">Exercisable</font></b></td>
    <td align=center nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td align=center nowrap><b><font face="Times New Roman, Times, serif" size="1">Unexercisable</font></b></td>
    <td colspan="2" align=center nowrap><b><font face="Times New Roman, Times, serif" size="1">Exercisable</font></b></td>
    <td align=center nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" align=center nowrap><b><font face="Times New Roman, Times, serif" size="1">Unexercisable</font></b></td>
  </tr>
  <tr valign=Bottom>
    <td colspan="15" align=LEFT>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Arthur
      B. Scharlach, Jr.</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">12,000</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">8,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 193,080</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 128,720</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Clifton
      A. Payne</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">6,000</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">4,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">96,540</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">64,360</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Byron
      M. Rhea</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">6,000</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">4,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">96,540</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">64,360</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Tyston
      T. Abston</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">6,000</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">4,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">96,540</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">64,360</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Kirk
      Lee</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">4,700</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=center><font face="Times New Roman, Times, serif" size="2">3,800</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">75,623</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">61,142</font></td>
  </tr>
</table>
<BR>

<!-- MARKER FORMAT-SHEET="Footnote Rule" FSL="Project" -->
<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
value of the unexercised options is based on the difference between the exercise price
and the closing price of the Company common stock on December 31, 2002 of $16.09.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 10 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 11; page: 11" -->

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>


<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Bonus Plan</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has established an incentive compensation program (the &#147;Bonus
Plan&#148;) for its officers, including executive officers, and employees of the
Company and the Bank The Bonus Plan provides for a bonus pool in an amount based
on a graduated percentage of the Bank&#146;s return on equity. For the year
ended December 31, 2002, the bonus pool is funded with 10% of after-tax income
based upon the Bank achieving a return on equity of 10.6%. The bonus pool
increases to a maximum of 14.5% of after-tax income if the Bank achieves a
return on equity of 16.0% or greater. The Bank&#146;s actual return on equity
for the year ended December 31, 2002 was 13.84% and the bonus pool was funded
with 13.6% of after-tax income. The percent of after-tax income used to fund the
bonus pool and the minimum return on equity requirements are determined annually
by the Board of Directors based on the Company&#146;s and the Bank&#146;s budget
for that year. Allocation of the bonus pool is in the discretion of the Board of
Director&#146;s and is generally based upon management&#146;s recommendations
regarding an employee&#146;s merit. The bonus pool was $874,000, $679,000, and
$444,000 for the year ended December 31, 2002, 2001 and 2000, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Benefit Plans</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Employee</I>
<I>Stock Ownership Plan. </I>Effective January 1, 1992, the Board of Directors
of the Company voted to restate the existing 401(k) profit sharing (defined
contribution) plan as an Employee Stock Ownership Plan (with 401(k) provisions)
("401(k) Plan&#148;). The 401(k) Plan covers substantially all employees of
the Company and five persons, three of whom are members of the Board of
Directors, serve as trustees. The 401(k) Plan calls for an employer matching
contribution on behalf of each 401(k) Plan participant of up to 4.0% of such
participant&#146;s qualified compensation. At December 3l, 2002, the book value
of 401(k) Plan assets was approximately $6.5 million, with an approximate market
value of $10.1 million. Contributions to the 401(k) Plan charged to expenses are
as follows: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>



<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td>&nbsp;</td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8"><b><font face="Times New Roman, Times, serif" size="1">Years
      Ended December 31,</font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td>&nbsp;</td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign=Bottom align="center">
    <td>&nbsp;</td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2"><b><font face="Times New Roman, Times, serif" size="1">2002</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2"><b><font face="Times New Roman, Times, serif" size="1">2001</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2"><b><font face="Times New Roman, Times, serif" size="1">2000</font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2">
      <hr size="1" noshade>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2">
      <hr size="1" noshade>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">401(k)
      plan expense</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 462,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 390,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 280,000</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2" align=left>
      <hr size="2" noshade>
    </td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2" align=left>
      <hr size="2" noshade>
    </td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2" align=left>
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<BR>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>


<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Supplemental
Retirement Plan. </I>In l992, the Company established a non-qualified,
non-contributory retirement plan for the Company&#146;s Chairman Bill G. Jones
who retired from the Bank in 1996. The plan generally provides benefits equal to
amounts payable under the Bank&#146;s retirement plan and certain social
security benefits to aggregate a predetermined percentage of Mr. Jones&#146;
average salary over the five year period immediately prior to his retirement.
Accordingly, this plan amount is not based on the salary and bonus of Mr. Jones
as listed in the Summary Compensation Table on page 8. The recorded accrued
liability with respect to this plan accrues an annual interest rate of 9%. The
Company pays to Mr. Jones $35,326 each year with respect to this plan without
withholding any social security tax from such amount. Plan expenses are as
follows: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td>&nbsp;</td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8"><b><font face="Times New Roman, Times, serif" size="1">Years
      Ended December 31,</font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td>&nbsp;</td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign=Bottom align="center">
    <td>&nbsp;</td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2"><b><font face="Times New Roman, Times, serif" size="1">2002</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2"><b><font face="Times New Roman, Times, serif" size="1">2001</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2"><b><font face="Times New Roman, Times, serif" size="1">2000</font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2">
      <hr size="1" noshade>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2">
      <hr size="1" noshade>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Supplemental
      retirement plan expense</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 11,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 13,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 15,000</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2" align=left>
      <hr size="2" noshade>
    </td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2" align=left>
      <hr size="2" noshade>
    </td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2" align=left>
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>


<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Executive
Incentive Retirement Plan. </I>In 1998, the Company established a non-qualified,
non-contributory incentive retirement plan for certain executive officers of the
Company and the Bank. The plan provides retirement benefits in amounts based on
a selected percentage of salary, which varies depending upon each officer&#146;s
responsibility and longevity with the Company or the Bank. Accordingly, an
executive officer&#146;s bonus as listed in the Summary Compensation Table on
page 8 is not used in calculating this benefit. The percentage of salary which
is contributed to the retirement plan by the Company is determined by the
performance of the Company, however, no contribution to this plan is made in any
given year in which the Company&#146;s earnings fail to meet the minimum
targeted performance goal for that year. The executive officer is not required
to pay social security tax until a payment is received by the executive officer
under the plan. The plan is non-funded. Plan expenses are as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 11 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<BR>



<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td>&nbsp;</td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8"><b><font face="Times New Roman, Times, serif" size="1">Years
      Ended December 31,</font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td>&nbsp;</td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign=Bottom align="center">
    <td>&nbsp;</td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2"><b><font face="Times New Roman, Times, serif" size="1">2002</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2"><b><font face="Times New Roman, Times, serif" size="1">2001</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2"><b><font face="Times New Roman, Times, serif" size="1">2000</font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2">
      <hr size="1" noshade>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2">
      <hr size="1" noshade>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Executive
      incentive retirement plan expense</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 50,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 35,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 29,000</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2" align=left>
      <hr size="2" noshade>
    </td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2" align=left>
      <hr size="2" noshade>
    </td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2" align=left>
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<BR>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>


<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Salary
Continuation Plan. </I>In August 1998, the Company established a non-qualified,
non-contributory salary continuation plan for the Company&#146;s President Arthur B.
Scharlach, Jr. The plan is designed to provide benefits over a ten-year period equal
to 75% of Mr. Scharlach&#146;s projected compensation at retirement as adjusted for
amounts payable under the Company&#146;s retirement plan and certain social security
benefits. Mr. Scharlach pays social security tax on this benefit on an annual basis
The plan is non-funded. Plan expenses are as follows: </FONT> </P>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>



<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td>&nbsp;</td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8"><b><font face="Times New Roman, Times, serif" size="1">Years
      Ended December 31,</font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td>&nbsp;</td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign=Bottom align="center">
    <td>&nbsp;</td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2"><b><font face="Times New Roman, Times, serif" size="1">2002</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2"><b><font face="Times New Roman, Times, serif" size="1">2001</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2"><b><font face="Times New Roman, Times, serif" size="1">2000</font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2">
      <hr size="1" noshade>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2">
      <hr size="1" noshade>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Salary
      continuation plan expense</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 116,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 111,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 100,000</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2" align=left>
      <hr size="2" noshade>
    </td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2" align=left>
      <hr size="2" noshade>
    </td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2" align=left>
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>


<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOARD COMPENSATION
COMMITTEE REPORT ON EXECUTIVE COMPENSATION</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a report from the Compensation  Committee of the Company  describing the
policies pursuant to which  compensation is paid to executive officers of the Company and
the Bank during 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 Compensation  Committee  of the Board of Directors  is  responsible  for  developing
 and making  recommendations  to the Board with  respect to the  Company&#146;s  executive
compensation  policies.  C. A. Hinton,  Sr.  (Chairman),  Weldon Miller,  and Jonice
Crane serve on the Compensation  Committee.  The Compensation  Committee prepares a
report which sets forth the  components  of the  Company&#146;s  executive  officer
 compensation  program and describes the basis on which the 2002  compensation
 determinations  are made by the  Compensation Committee with respect to the executive
officers of the Company and the Bank. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Compensation Philosophy
and Base Salary</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company  believes that  compensation  of its executive  officers  should enhance and
reinforce the goals of the Company for profitable  growth and  continuation of a sound
overall  condition by providing key employees  with  additional  financial  rewards for
the  attainment of such growth and stable  financial and operating  conditions.  The
 Compensation Committee  believes that these goals are best supported by rewarding
 individuals for  outstanding  contributions  to the Company&#146;s  success and by
 compensating  its executive  officers competitively with the compensation of similarly
situated executive officers. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
base salary levels for each officer are determined by comparisons to salary levels for
executive  officers of selected banks and bank holding  companies of similar size in the
Company&#146;s market. In addition, the Compensation Committee takes into account individual
experience,  individual performance,  individual potential,  cost of living
considerations and specific issues  particular to the Company.  Base levels  approximate
the median level of such comparative  rates and are considered by the  Compensation
 Committee to be competitive and reasonable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 Compensation  Committee  monitors the base salary  levels and the various  incentives of
the named  executive  officers of the Company and the Bank to ensure that overall
compensation  is  consistent  with the  Company&#146;s  objectives  and remains  competitive
 within the area of the Company&#146;s  operations.  In setting the goals and measuring an
 executive&#146;s performance  against those goals,  the Company  considers the performance of
its competitors and general  economic and market  conditions.  None of the factors
 included in the Company&#146;s strategic and business goals are assigned a specific weight.
 Instead,  the Compensation  Committee  recognizes that the relative importance of these
factors may change in order to adapt the Company&#146;s operations to specific business
challenges and to reflect changing economic and marketplace conditions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 12 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>


<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Bonus Plan</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the base salary, the Bonus Plan allows certain officers,  including the named
executive officers of the Company and the Bank, to receive incentive  compensation which
is based on individual  as well as Company  performance.  The aggregate  amount of bonus
 awarded to all eligible  participants  is based on the funding of the bonus pool.  For
the year ended  December 31, 2002,  the maximum  funding  occurred if the Bank&#146;s return
on equity was 16.0% or greater.  For 2002,  the bonus pool was funded with 13.6% of
after-tax  income. The bonus pool is allocated  among all employees,  including the named
executive  officers,  of the Company and the Bank based on a number of factors  including
level of  responsibility, individual performance and Company and Bank performance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Contributory Profit
Sharing Plan</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition,  each of the named  executive  officers are  participants  in the Company&#146;s
 401(k) Plan  established  pursuant to Internal  Revenue Code Section 401(k)  covering
substantially all employees.  The Company partially matches employee contributions to
this plan up to 4% of the employee&#146;s base salary. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Incentive Stock Options</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
options have been the Company&#146;s  primary form of long-term  incentive  compensation.
 Each of the named  executive  officers and other senior officers of the Company and the
Bank are eligible to  participate in the Company&#146;s  1998 Plan.  During the year ended
 December 31, 2002,  there were 20,000  non-qualified  stock options  granted,  5% of
which were granted to the named executive officers. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>2002 Compensation of the
Chief Executive Officer and President</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
reviewing the 2002 compensation of the Company&#146;s Chairman of the Board, Bill G. Jones,
and the Company&#146;s  President and Chief Executive Officer,  Arthur B. Scharlach,  Jr., the
Compensation  Committee undertook the same evaluation set forth above with respect to its
other executive  officers.  In addition,  the Compensation  Committee reviewed each of
their compensation history, executive compensation survey data and comparative
performance information. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Base
Salary. </I>For comparative compensation purposes for the year 2002, the Compensation
Committee identified a peer group of banks. The base salary for each officer was
determined on the basis of the peer group banks (determined on the basis of their
published 2001 market data), the experience and personal performance of the officer
and internal comparable considerations. The weight given to each of these factors
differs from individual to individual, as the Compensation Committee deems appropriate.
The compensation levels for these officers for the year 2002 is within the same range
as other executive officers holding comparable positions at peer group banks, based on
the published 2001 market data for those banks. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the stock price  performance  graph,  which appears later in this proxy
 statement,  the Company has selected the Southwest Bank Index,  the SNL Southwest Bank
Index and the S&amp;P 500 Total Return Index.  However,  in selecting  companies to survey
for such  comparison  purposes,  the  Compensation  Committee  considers  many factors
not directly associated with stock price performance,  such as geographic location,
 growth rate, annual revenue,  profitability,  and market capitalization.  For this
reason, the number of companies surveyed for compensation data was substantially less
than the number of companies included in the stock price performance graph. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Annual
Incentive Compensation. </I>Annual bonuses are earned by each officer primarily on the
basis of the Company&#146;s achievement of certain corporate financial performance targets
established each year. For the year ended December 31, 2002, bonuses are earned on the
basis of the following factors: (i) Company net earnings targets established for each
six month period; and (ii) the Company&#146;s achievement of certain established goals
and objectives for the year. The actual bonus paid for the three years ended December 31
to each of the officers is listed in the Summary Compensation Table on page 8 as
indicated in the bonus column. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Actual
Compensation. </I>Upon recommendation by the Compensation Committee, the Board of
Directors of the Company set Mr. Jones&#146; salary for 2002 at $53,400 and the Board of
Directors of both the Company and the Bank set Mr. Scharlach&#146;s salary for 2002 at
$256,625. In addition to his base salary, Mr. Jones and Mr. Scharlach each
participates in the Company&#146;s Bonus Plan and the amount of bonus received is based
primarily on the Bank&#146;s return on equity. From the Bonus Plan 2002, Mr. Jones earned
a bonus of $17,422 resulting in approximately 33% of his 2002 compensation being
dependent on the success of the Company, and Mr. Scharlach earned a bonus of $68,034
resulting in approximately 27% of his 2002 compensation being dependent on the
success of the Company. The amount contributed by the Company to the 401(k) Plan in
fiscal year 2002 for the benefit of Mr. Jones was $5,312 and for the benefit of Mr.
Scharlach was $15,000. Mr. Jones also received a payment of $35,326 in 2002 pursuant
to a supplemental retirement plan. During 2002, the Company accrued approximately
$116,280 for the benefit of Mr. Scharlach pursuant to a salary continuation plan. The
Compensation Committee believes that each of Mr. Jones&#146; and Mr. Scharlach&#146;s total
compensation is reasonable and competitive based on comparative performance information
and the overall performance of the Company. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 13 - </FONT></P>
<HR SIZE=5 NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>





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<BR>


<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif" size="2">The Compensation Committee</font></td>
  </tr>
  <tr>
    <td width="33%"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td width="33%"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2">C. A. Hinton, Sr.,
      Chairman<br>
      Weldon Miller <br>
      Jonice Crane </font></td>
  </tr>
</table>
<BR>

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<TD>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTERESTS OF
MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS</FONT></H1>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
of the directors, executive officers and principal shareholders of the Company
(i.e., those who own 10% or more of the Common Stock) and their associates,
which include corporations, partnerships and other organizations in which they
are officers or partners or in which they and their immediate families have at
least a 5% interest, are customers of the Bank. During 2002, the Bank made loans
in the ordinary course of business to many of the directors, executive officers
and principal shareholders of the Company and their associates, all of which
were on substantially the same terms, including interest rates and collateral,
as those prevailing at the time for comparable transactions with persons
unaffiliated with the Company and did not involve more than the normal risk of
collectability or present other unfavorable features. Loans to directors,
executive officers and principal shareholders of the Company are subject to
limitations contained in the Federal Reserve Act the principal effect of which
is to require that extensions of credit by the Bank to executive officers,
directors and principal shareholders satisfy the foregoing standards. As of
December 31, 2002, all of such loans aggregated $6.1 million which was
approximately 14.4% of the Company&#146;s Tier I capital at such date. The
Company expects the Bank to continue to enter into such transactions, or
transactions on a similar basis, with the directors, executive officers and
principal shareholders of the Company and the Bank and their associates in the
future. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 14 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TD>
<BR>


<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BENEFICIAL OWNERSHIP
OF COMMON STOCK BY<BR>MANAGEMENT OF
THE COMPANY AND PRINCIPAL SHAREHOLDERS</FONT></H1>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information regarding the beneficial
ownership of the Company Common Stock as of March 3, 2003, by (i) directors,
executive officers of the Company and certain officers of the Bank listed in the
Summary Compensation Table on page 8 herein, (ii) each person who is known by
the Company to own beneficially 5% or more of the Common Stock and (iii) all
directors and executive officers as a group. Unless otherwise indicated, based
on information furnished by such shareholders, management of the Company
believes that each person has sole voting and dispositive power over the shares
indicated as owned by such person and the address of each shareholder is the
same as the address of the Company. </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>



<table cellpadding=0 cellspacing=0 border=0 width=500>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">Name</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Number
      of Shares</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Percentage
      Beneficially<br>
      Owned (1) </font></b></td>
  </tr>
  <tr valign=top>
    <td align=LEFT>
      <hr size="1" noshade>
    </td>
    <td align=RIGHT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=RIGHT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">John
      A. Conroy</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">127,350</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4.26</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Jonice
      Crane</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">97,692</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">(2)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3.27</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Guaranty
      Bancshares, Inc. Employee</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Stock
      Ownership Plan (with 401 (k)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;provisions)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">458,561</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">15.35</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">C. A. Hinton,
      Sr.</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">179,676</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">(3)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">6.13</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Kirk Lee</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">31,351</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">(4)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1.05</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Bill G.
      Jones</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">352,358</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">(5)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.80</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Tyson T.
      Abston</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">21,139</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">(6)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">*</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Weldon
      Miller</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">224,872</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">(7)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">7.53</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Clifton
      A. Payne</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">40,632</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">(8)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1.36</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Bill Priefert</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">46,613</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">(9)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1.56</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Byron M.
      Rhea</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">36,990</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">(10)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1.24</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Arthur
      B. Scharlach, Jr.</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">166,138</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">(11)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">5.56</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Gene Watson</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">49,280</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1.65</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">D. R. Zachry,
      Jr.</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">70,029</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">(12)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2.34</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Directors
      and Executive Officers as a Group</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,444,120</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">48.35</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
</table>
<BR>

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<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicates
ownership which does not exceed 1.0%. </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
percentage  beneficially  owned was calculated based on 2,921,928 shares of Common Stock
issued and outstanding as of March 3, 2003. The percentage assumes the exercise by
           the shareholder or group named in each row of all options for the purchase of
Common Stock held by such shareholder or group and exercisable within 60 days. </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
3,500 shares held of record by the Jonice Crane IRA and 1,715 shares held of record by
Ms. Crane&#146;s husband. </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
2,884 shares held of record by the Charles A. Hinton IRA. </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
 2,792 shares held of record by the Kirk Lee IRA,  21,979  shares held of record by the
Company&#146;s  401(k) Plan,  over which Mr. Lee has  investment  control and 4,700
           shares which may be acquired pursuant to the exercise of fully vested stock
options. </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
 22,827 shares held of record by the Bill G. Jones IRA Rollover,  161 shares held of
record by Mr. Jones&#146; wife&#146;s IRA and 17,164 shares held of record by the Company&#146;s
           401(k) Plan, over which Mr. Jones has investment control. </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
6,000 shares held of record by the Tyson Abston IRA, 8,254 shares held of record by the
Company&#146;s 401(k) Plan, over which Mr. Abston has investment  control and 6,000
           shares which may be acquired pursuant to the exercise of fully vested stock
options. </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
8,463 shares held of record by Everybody&#146;s Furniture Company, of which Mr. Miller is the
President,  38,657 shares held of record by the Everybody&#146;s Furniture Company
           Profit Sharing Plan &amp; Trust of which Mr. Miller is the trustee, 865 shares
held of record by the Weldon Miller IRA and 865 shares of held of record by Mr. Miller&#146;s
wife&#146;s IRA. </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
 28,845  shares held of record by the  Company&#146;s  401(k) Plan,  over which Mr.  Payne has
 investment  control and 6,000 shares which may be acquired  pursuant to the
           exercise of fully vested stock options. </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
36,666 shares held of record by Priefert Retirement Trust of which Mr. Priefert is the
trustee. </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(10) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
 30,934  shares held of record by the  Company&#146;s  401(k) Plan,  over which Mr. Rhea has
 investment  control and 6,000  shares  which may be acquired  pursuant to the
           exercise of fully vested stock options. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(11) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
 10,338  shares held of record by the Arthur B.  Scharlach,  Jr.  IRA,  34,041  shares
held of record by Mr.  Scharlach&#146;s  wife,  69,606  shares held of record by the
           Company&#146;s 401(k) Plan, over which Mr. Scharlach has investment control and
12,000 shares which may be acquired pursuant to the exercise of fully vested stock
options. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
2,884 shares held of record by the D. R. Zachry IRA. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 15 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TR VALIGN=TOP>
<TD>
<BR>



<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PERFORMANCE GRAPH</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following  Performance Graph compares the cumulative total shareholder return on the
Company&#146;s Common Stock for the period from May 21, 1998, when the Common Stock was first
listed on the Nasdaq National  Market,  to December 31, 2002, with the cumulative total
return of the S&amp;P 500 Total Return Index (&#147;S&amp;P 500&#148;), the SNL Southwest Bank Index
(&#147;SNL&#148;) and the Southwest Bank Index (&#147;SWBI&#148;) for the same period.  Dividend
 reinvestment  has been assumed.  The Performance  Graph assumes $100 invested on May 2l,
1998 in the Company&#146;s Common Stock, the S&amp;P 500,  the SNL and the SWBI.  The Company has
 selected the SNL Index to replace the SWBI Index going  forward.  Management  believes
 that the SNL Index  includes  banks and bank holding companies which are more similar in
asset size to, and therefore,  more  representative  of, the Company.  The historical
stock price performance for the Company&#146;s stock shown on the graph below is not
necessarily indicative of future stock performance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Composite of
Cumulative Total Return<BR>
Guaranty Bancshares,
Inc., the S&amp;P 500 Total Return Index,<BR>
the SNL Southwest Bank
Index and the Southwest Bank Index</FONT></H1>

<IMG SRC="graph.gif">

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 16 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TD>
<BR>


<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 16(a)
BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
16(a) of the Securities  Exchange Act of 1934, as amended,  (the &#147;Exchange Act&#148;) requires
the Company&#146;s  directors and executive officers and persons who own more than 10% of the
 outstanding  Common Stock to file  initial  reports of ownership  and reports of changes
in  ownership  of Common  Stock and other equity  securities  of the Company with the
Securities and Exchange  Commission  (the  &#147;Commission&#148;).  Officers,  directors and
greater than 10%  shareholders  are required to provide the Company with copies of all
forms they file pursuant to Section 16(a) of the Exchange Act. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Company&#146;s  knowledge,  based solely on review of the copies of such reports furnished
to the Company and  representations  from certain reporting persons that they have
complied  with the  applicable  filing  requirements,  the Company  believes that during
the year ended  December 31, 2002,  all Section 16(a)  reporting  requirements
 applicable to the Company&#146;s  officers,  directors and greater than 10% shareholders were
complied with except that Ty Abston, Bill Priefert and Gene Watson were late in filing an
initial report on Form 3, and Ty Abston,  Kirk Lee, Clifton Payne,  Byron Rhea and Arthur
B. Scharlach,  Jr. were each late in filing a Form 4 covering one  transaction.  The
required reports have been filed with the Commission. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REPORT OF THE AUDIT
COMMITTEE</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following Report of the Audit Committee should not be deemed &#147;soliciting  materials,&#148;
filed with the Securities and Exchange  Commission,  subject to Regulation 14A or 14C of
the Securities and Exchange  Commission or subject to the liabilities of section 18 of
the Securities Exchange Act of 1934, as amended.  Accordingly,  this report should not be
deemed filed or incorporated by reference into any other Company filing under the
Securities Act of 1933 or the Exchange Act,  except to the extent the Company
 specifically  incorporates it by reference in such filing. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the members of the Audit  Committee are  independent  (as  independence  is defined in
Rule  4200(a)(14)  of the National  Association  of Securities  Dealers&#146;  listing
standards). During fiscal 2002, the Audit Committee met 10 times. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
discharging its responsibility  for oversight of the audit process,  the Audit Committee
 obtained from the independent  auditors,  McGladrey &amp; Pullen, LLP a formal written
statement describing any relationships  between the auditors and the Company that might
bear on the auditors&#146;  independence  consistent with the Independent  Standards Board
Standard No. 1, &#147;Independence  Discussions with Audit  Committees,&#148;  discussed with the
auditors any relationships  (including the tax return preparation  services provided to
the Company) that might impact the auditors&#146; objectivity and independence and satisfied
itself as to the auditors&#146; independence. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee discussed and reviewed with the independent  auditors the communications
 required by generally accepted auditing  standards,  including those described in
Statement on Auditing  Standards No. 61, as amended,  &#147;Communication  with Audit
 Committees&#148;  and  discussed and reviewed the results of the  independent  auditors&#146;
 examination  of the financial statements for the year ended December 31, 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit  Committee  reviewed the audited  financial  statements of the Company as of and
for the fiscal year ended December 31, 2002,  with  management  and the  independent
auditors.  Management has the  responsibility  for  preparation of the Company&#146;s
 financial  statements and the  independent  auditors have the  responsibility  for
 examination of those statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the above-mentioned  review and discussions with management and the independent
 auditors,  the Audit Committee  recommended to the Board that the Company&#146;s audited
financial statements be included in its Annual Report on Form 10-K for the fiscal year
ended December 31, 2002, for filing with the Securities Exchange Commission. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>

<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif" size="2">The Audit Committee</font></td>
  </tr>
  <tr>
    <td width="33%"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td width="33%"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2">Weldon Miller, Chairman<br>
      Jonice Crane <br>
      Gene Watson </font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 17 - </FONT></P>
<HR SIZE=5 NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>





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<TR VALIGN=TOP>
<TD>
<BR>


<!-- MARKER FORMAT-SHEET="Head Major 10" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSAL TO
RATIFY APPOINTMENT OF INDEPENDENT AUDITORS</FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>General</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has appointed McGladrey &amp; Pullen, LLP as the independent
auditors of the books and accounts of the Company for the year ending December
31, 2003. McGladrey &amp; Pullen, LLP has served as the Company&#146;s
independent audit firm for the past 2 years. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Meeting, the shareholders will be asked to consider and act upon a proposal
to ratify the appointment of McGladrey &amp; Pullen, LLP. The ratification of
such appointment will require the affirmative vote of the holders of a majority
of the outstanding shares of Common Stock entitled to vote and present in person
or represented by proxy at the Meeting. Representatives of McGladrey &amp;
Pullen, LLP will not be present at the Meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Principal
Accounting Firm Fees</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit
fees. </I>The aggregate fees paid to McGladrey &amp; Pullen, LLP for professional services
rendered for the audit of the Company&#146;s annual financial statements for the year ending
December 31, 2002, and for the reviews of the financial statements included in the
Company&#146;s quarterly reports on Form 10-Q for the year 2002, were $44,860. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial
Information System Design and Implementation Fees</I>. The Company did not
engage McGladrey &amp; Pullen, LLP for any professional services related to
financial information system design and implementation during the year ending
December 31, 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>All
Other Fees</I>. The aggregate fees paid to McGladrey &amp; Pullen, LLP for
services rendered to the Company, other than the services described above under
&#147;Audit Fees&#148; for the year ending December 31, 2002 were $12,500. These
fees relate to the preparation of the Company&#146;s federal and state income
tax returns. The Audit Committee has considered and determined that the tax
return preparation services provided by McGladrey &amp; Pullen, LLP is
compatible with maintaining their independence as the independent auditors of
the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE
BOARD OF DIRECTORS RECOMMENDS A VOTE <I>FOR </I>THE PROPOSAL TO RATIFY SUCH
APPOINTMENT.</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Major 10" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DATE FOR
SUBMISSION OF SHAREHOLDER PROPOSALS</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order for shareholder proposals submitted pursuant to Rule 14a-8 of the Exchange
Act to be presented at the Company&#146;s 2004 Annual Meeting of Shareholders
and to be included in the Company&#146;s proxy statement and form of proxy
relating to such meeting, such proposals must comply with Rule 14a-8 and be
submitted to the Secretary of the Company at the Company&#146;s principal
executive offices not later than November l5, 2003. Shareholder proposals should
be submitted to the Secretary of the Company at 100 West Arkansas, Mount
Pleasant, Texas 75455. A shareholder choosing not to use the procedures
established in Commission Rule 14a-8 to submit a proposal for action at the
Company&#146;s 2004 Annual Meeting of Shareholders must deliver the proposal to
the Secretary of the Company not later than the close of business on February
15, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Company&#146;s Amended and Restated Bylaws provide that only such
business which is properly brought before a shareholder meeting will be
conducted. For business to be properly brought before a meeting or nominations
of persons for election to the Board of Directors to be properly made at a
meeting by a shareholder, notice must be received by the Secretary of the
Company at the Company&#146;s principal executive offices no later than the
close of business on the 60th day prior to the meeting. Such notice
must also provide certain information set forth in the Amended and Restated
Bylaws. A copy of the Amended and Restated Bylaws may be obtained upon written
request to the Secretary of the Company. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 18 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TR VALIGN=TOP>
<TD>
<BR>


<!-- MARKER FORMAT-SHEET="Head Major 10" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER MATTERS</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors does not intend to bring any other matter before the Meeting.
Additionally, no shareholder of the Company has complied with the advance notice
provisions contained in the Company&#146;s Bylaws, which preclude the bringing
of matters before a meeting of shareholders unless such provisions are complied
with. Accordingly, no other matter is expected to be brought before the Meeting.
However, if any other matter does properly come before the Meeting, the proxies
will be voted in accordance with the discretion of the person or persons voting
the proxies. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend the Meeting. Regardless of whether you plan to
attend the Meeting, you are urged to complete, date, sign and return the
enclosed proxy in the accompanying envelope at your earliest convenience. </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>


<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif" size="2">By order of the Board
      of Directors,</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td width="50%"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><img src="signature.gif" width="200" height="45"></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td width="50%"><font face="Times New Roman, Times, serif" size="2">Arthur
      B. Scharlach, Jr.<br>
      <br>
      President &amp; CEO </font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 19 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<BR>


<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10" -->
<TABLE WIDTH="600" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;  </FONT></TD>
<TD WIDTH="40%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>GUARANTY BANCSHARES, INC.
     <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 WEST ARKANSAS
     <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOUNT PLEASANT, TEXAS 75455</I></B>  </FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"> </TD>
<TD WIDTH="45%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>VOTE BY MAIL -</B><BR>
Mark, sign and date your proxy card and return it in
the postage-paid envelope we&#146;ve provided or return
to Guaranty Bancshares, Inc., c/o ADP, 51 Mercedes Way, Edgewood, NY 11717.   </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Reg Cover Table 3 Col 8 Bold" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=BOTTOM>
<TD ALIGN=LEFT WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:  </FONT></TD>
<TD ALIGN=CENTER WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>GRNTY1  </FONT></TD>
<TD ALIGN=RIGHT WIDTH=47%><FONT FACE="Times New Roman, Times, Serif" SIZE=1> KEEP THIS PORTION FOR YOUR RECORDS   </FONT></TD>
</TR>
<tr>
<td colspan=3><hr size=4> </TD>
</tr>
<tr>
<td>&nbsp; </TD>
<td>&nbsp; </TD>
<td align=right><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DETACH
AND RETURN THIS PORTION ONLY    </FONT></TD></tr>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>





<!-- MARKER FORMAT-SHEET="Head Major 10" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THIS PROXY CARD IS
VALID ONLY WHEN SIGNED AND DATED. </font></H1>


<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>GUARANTY BANCSHARES, INC. </font></H2>

<!-- MARKER FORMAT-SHEET="Para Flush 10" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>This proxy is solicited on behalf of the Board
of Directors of the Company and will be voted FOR
the following proposals, unless otherwise indicated: </B>   </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" -->
</TD>
</TR>
</TABLE>
<BR>


<table cellpadding="0" cellspacing="0" width="600" border="0">
  <tr valign="BOTTOM">
    <th colspan="4" align=LEFT><font face="Times New Roman, Times, Serif" size="2">&nbsp;
      </font></th>
    <th colspan="1"><font face="Times New Roman, Times, Serif" size="1">For <br>
      All </font></th>
    <th colspan="1"><font face="Times New Roman, Times, Serif" size="1">Withhold
      <br>
      All </font></th>
    <th colspan="1"><font face="Times New Roman, Times, Serif" size="1">For All
      <br>
      Except </font></th>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width=3%><font face="Times New Roman, Times, Serif" size=2>1. </font></td>
    <td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width="62%" align="LEFT"><font face="Times New Roman, Times, Serif" size="2">ELECTION
      OF DIRECTORS<br>
      To serve as directors of Class III until the 2006 Annual Meeting of Shareholders
      and until their successors are duly elected and qualified </font></td>
    <td width="2%" align="LEFT"><font face="Times New Roman, Times, Serif" size="2">&nbsp;
      </font></td>
    <td align="CENTER"><font face="Times New Roman, Times, Serif" size="2">|_|
      </font></td>
    <td align="CENTER"><font face="Times New Roman, Times, Serif" size="2">|_|
      </font></td>
    <td align="CENTER"><font face="Times New Roman, Times, Serif" size="2">|_|
      </font></td>
  </tr>
  <tr>
    <td><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>&nbsp; </font></td>
  </tr>
  <tr valign="TOP">
    <td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width="62%" align="LEFT"><font face="Times New Roman, Times, Serif" size="2"><b>Nominees:</b><br>
      01) Tyson T. Abston, 02) Bill G. Jones, 03) Weldon Miller,<br>
      04) Bill Priefert<br>
      </font></td>
    <td width="2%" align="LEFT"><font face="Times New Roman, Times, Serif" size="2">&nbsp;
      </font></td>
    <td align="CENTER"><font face="Times New Roman, Times, Serif" size="2">&nbsp;
      </font></td>
    <td align="CENTER"><font face="Times New Roman, Times, Serif" size="2">&nbsp;
      </font></td>
    <td align="CENTER"><font face="Times New Roman, Times, Serif" size="2">&nbsp;
      </font></td>
  </tr>
</table>

<BR>

<!-- MARKER FORMAT-SHEET="Page Width Start" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Para Flush 10" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To withhold authority to vote, mark &#147;For All
Except&#148; <BR>and write the nominee&#146;s number on the line below.<BR><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;  </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" -->
</TD>
</TR>
</TABLE>
<BR>


<table cellpadding="0" cellspacing="0" width="600" border="0">
  <tr valign="BOTTOM">
    <th colspan="4" align=LEFT><font face="Times New Roman, Times, Serif" size="2"><b>Vote
      On Proposals</b> </font></th>
    <th colspan="1"><font face="Times New Roman, Times, Serif" size="1">For </font></th>
    <th colspan="1"><font face="Times New Roman, Times, Serif" size="1">Against
      </font></th>
    <th colspan="1"><font face="Times New Roman, Times, Serif" size="1">Abstain
      </font></th>
  </tr>
  <tr valign=BOTTOM>
    <td align="RIGHT" width="3%">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width=3%><font face="Times New Roman, Times, Serif" size=2>2. </font></td>
    <td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width="62%" align="LEFT"><font face="Times New Roman, Times, Serif" size="2">RATIFICATION
      OF THE APPOINTMENT OF McGladrey &amp; Pullen, LLP as the independent auditors
      of the books and accounts of the Company for the year ending December 31,
      2003</font></td>
    <td width="2%" align="LEFT"><font face="Times New Roman, Times, Serif" size="2">&nbsp;
      </font></td>
    <td width="10%" align="CENTER"><font face="Times New Roman, Times, Serif" size="2">&nbsp;|_|
      </font></td>
    <td width="10%" align="CENTER"><font face="Times New Roman, Times, Serif" size="2">&nbsp;|_|
      </font></td>
    <td width="10%" align="CENTER"><font face="Times New Roman, Times, Serif" size="2">&nbsp;|_|
      </font></td>
  </tr>
  <tr valign=BOTTOM>
    <td align=RIGHT>&nbsp; </td>
  </tr>
  <tr valign="TOP">
    <td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width="62%" align="LEFT"><font face="Times New Roman, Times, Serif" size="2">NOTE:
      To transact such other business as may properly come before the Meeting
      or any adjournment thereof. </font></td>
    <td width="2%" align="LEFT"><font face="Times New Roman, Times, Serif" size="2">&nbsp;
      </font></td>
  </tr>
</table>
<BR>


<!-- MARKER FORMAT-SHEET="Page Width Start" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>


<!-- MARKER FORMAT-SHEET="Head Major 10" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>YOUR VOTE IS IMPORTANT. </font></H1>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>To
ensure your representation at the Meeting, you are urged to complete, date, and sign the
enclosed proxy and return it in the accompanying envelope at your earliest convenience,
regardless of whether you plan to attend the Meeting. No additional postage is necessary
if the proxy is mailed in the United States. The proxy is revocable at any time before it
is voted at the Meeting.</B>    </font> </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>

<table border="0" cellspacing="0" cellpadding="0" width="400">
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Please
      sign your name exactly as it is shown. If shares are held jointly, all joint
      owners should sign. If shares are held by a corporation, please sign the
      full corporate name by any authorized corporate officer. If shares are held
      by a partnership, please sign the full partnership name by an authorized
      person. If you are signing as attorney, executor, administrator, trustee
      or guardian, please set forth your full title as such.</b> </font></td>
  </tr>
</table>
<BR>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
     Signature [PLEASE SIGN WITHIN BOX]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date  </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
      Signature (Joint Owners) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date  </FONT></P>




<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2> </FONT></P>
<HR SIZE=5 NOSHADE>






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</TD>
</TR>
</TABLE>
<BR>






<!-- *************************************************************************** -->
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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><HR SIZE=5 NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major 10" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GUARANTY
BANCSHARES, INC.</FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annual Meeting of
Shareholders to be Held on Tuesday, April 15, 2003<BR>                                                              This
Proxy is Solicited on Behalf of the Board of Directors.</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The
2003 Annual Meeting of Shareholders of Guaranty Bancshares, Inc. (the
&#147;Company&#148;) will be held at 100 West Arkansas, Mount Pleasant, Texas,
on Tuesday, April 15, 2003, beginning at 2:00 p.m. (local time). The undersigned
hereby acknowledges receipt of the related Notice of Annual Meeting of
Shareholders and Proxy Statement dated March 14, 2003 accompanying this proxy. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The
undersigned hereby appoints Bill G. Jones and Arthur B. Scharlach, Jr. and each
of them, proxies for the undersigned, with full power of substitution, to vote
as proxy all shares of Common Stock, par value $1.00 per share, of the Company
owned of record by the undersigned and otherwise to act on behalf of the
undersigned at the Annual Meeting of Shareholders and any adjournment thereof in
accordance with the directions set forth herein and with discretionary authority
with respect to such matters, as may properly come before such meeting or any
adjournment thereof, including any matter presented by a shareholder at such
meeting for which advance notice was not received by the Company in accordance
with its Bylaws. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This
proxy is solicited by the Board of Directors and will be voted in accordance
with the undersigned&#146;s directions set forth herein. If no direction is
made, this proxy will be voted <B>FOR</B> the election of all nominees for
director named herein to serve on the Board of Directors until the 2006 Annual
Meeting of Shareholders, as designated on the proxy, and until their successors
are duly elected and qualified, and <B>FOR</B> the ratification of the
appointment of McGladrey &amp; Pullen, LLP as the independent auditors of the
books and accounts of the Company for the year ending December 31, 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IMPORTANT - This Proxy
must be signed and dated on the reverse side.<BR>(Continued and to be voted on reverse side.)</FONT></H1>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2> </FONT></P>
<HR SIZE=5 NOSHADE>

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</TR>
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
