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<SEC-DOCUMENT>0001104659-06-019206.txt : 20060327
<SEC-HEADER>0001104659-06-019206.hdr.sgml : 20060327
<ACCEPTANCE-DATETIME>20060324175418
ACCESSION NUMBER:		0001104659-06-019206
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060508
FILED AS OF DATE:		20060327
DATE AS OF CHANGE:		20060324
EFFECTIVENESS DATE:		20060327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAUI LAND & PINEAPPLE CO INC
		CENTRAL INDEX KEY:			0000063330
		STANDARD INDUSTRIAL CLASSIFICATION:	CANNED, FRUITS, VEG & PRESERVES, JAMS & JELLIES [2033]
		IRS NUMBER:				990107542
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06510
		FILM NUMBER:		06710283

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 187
		STREET 2:		120 KANE ST
		CITY:			KAHULUI MAUI
		STATE:			HI
		ZIP:			96733
		BUSINESS PHONE:		8088773351

	MAIL ADDRESS:	
		STREET 1:		PO BOX 187
		CITY:			KAHULUI
		STATE:			HI
		ZIP:			96733
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a06-3378_1def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font style="font-weight:bold;">UNITED STATES</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">SCHEDULE 14A</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of<br>
  the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed by the
  Registrant&nbsp;&nbsp;</font><font face="Wingdings">x</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Filed by a Party
  other than the Registrant</font>&nbsp;&nbsp;</font><font face="Wingdings">o</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the
  appropriate box:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font face="Wingdings"></font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:94.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preliminary Proxy
  Statement</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:94.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Confidential, for
  Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font face="Wingdings"></font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:94.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitive Proxy
  Statement</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:94.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitive
  Additional Materials</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:94.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting Material
  Pursuant to &#167;240.14a-12</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MAUI LAND &amp; PINEAPPLE COMPANY, INC.</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name of Registrant as Specified In Its Charter)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">N/A</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name of Person(s)&nbsp;Filing Proxy Statement, if other than the
  Registrant)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment of Filing
  Fee (Check the appropriate box):</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:94.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No fee required.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:94.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee computed on
  table below per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and 0-11.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:90.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title of each class
  of securities to which transaction applies:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate number of
  securities to which transaction applies:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Per unit price or
  other underlying value of transaction computed pursuant to Exchange Act Rule&nbsp;0-11
  (set forth the amount on which the filing fee is calculated and state how it
  was determined):</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposed maximum
  aggregate value of transaction:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total fee paid:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:94.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee paid previously
  with preliminary materials.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;</p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:94.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check box if any
  part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2)&nbsp;and
  identify the filing for which the offsetting fee was paid previously.
  Identify the previous filing by registration statement number, or the Form&nbsp;or
  Schedule and the date of its filing.</font></p>
  </td>
 </tr>
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  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:90.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amount Previously
  Paid:</font></p>
  </td>
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  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form, Schedule or
  Registration Statement No.:</font></p>
  </td>
 </tr>
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  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filing Party:</font></p>
  </td>
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  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date Filed:</font></p>
  </td>
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  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:90.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <td width="5%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:5.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:90.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Persons who are to respond to the collection of
  information contained in this form are not required to respond unless the
  form displays a currently valid OMB control number.</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="38" style="border:none;"></td>
  <td width="33" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
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</table>



</div>

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

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

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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman"><img width="305" height="92" src="g33781bci001.gif" alt="GRAPHIC"></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MAUI LAND&nbsp;&amp;
PINEAPPLE COMPANY, INC.</font></b></p>

<p style="margin:0pt 0pt 24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;31, 2006</font></p>

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



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I am pleased to invite you to our 2006 Annual Meeting
of Shareholders, which will be held on Monday, May&nbsp;8, 2006 at 8:30&nbsp;a.m.  in Salon 1 at The
Ritz Carlton, Kapalua, in Lahaina,
Hawaii.</font></p>



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the meeting, we will (i)&nbsp;elect three Class&nbsp;One
directors for a three-year term; (ii)&nbsp;ratify the appointment of Deloitte&nbsp;&amp;
Touche LLP as the independent registered public accounting firm of the Company
to serve for the 2006 fiscal year; (iii)&nbsp;consider and vote upon an
amendment to the Articles of Association to authorize an additional 1,000,000
shares of the Company&#146;s common stock; (iv)&nbsp;consider and vote upon approval
of the Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc. 2006 Equity and
Incentive Award Plan and (v)&nbsp;transact such other business as may properly
come before the meeting or any continuation, postponement or adjournment of the
meeting. We know of no other matters to be brought up at the meeting.</font></p>



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is important that your shares be represented and
voted whether or not you expect to attend the meeting in person. You may vote
your shares by proxy using the internet, by telephone, or by
returning the enclosed proxy card or voting instruction form forwarded by your
bank, broker or other holder of record. Please review the instructions on the
enclosed proxy card or voting instruction form regarding each of these voting
options. If you attend the meeting, you may withdraw your proxy and vote in
person, if you wish.</font></p>



<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
look forward to seeing you there should you be able to attend.</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:227.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:227.85pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;">Sincerely,</p>
  </td>
 </tr>
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:227.8pt;">
  <p style="margin:24.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:227.85pt;">
  <p style="margin:24.0pt 0pt .0001pt;"></p>
  </td>
 </tr>
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:227.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:227.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David C. Cole</font></p>
  </td>
 </tr>
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:227.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:227.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Chairman, President&nbsp;&amp; Chief Executive
  Officer</font></i></p>
  </td>
 </tr>
</table>

</div>

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

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

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<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 10.0pt;page-break-after:avoid;text-align:center;"><a name="MauiLandPineappleCompanyInc_120Ka_011244"></a><b><font size="5" face="Times New Roman" style="font-size:16.0pt;">MAUI LAND&nbsp;&amp;
PINEAPPLE COMPANY, INC.<br>
</font>120 Kane Street, P. O. Box 187<br>
Kahului, Maui, Hawaii 96733-6687</b></p>

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

<p style="font-weight:bold;margin:0pt 0pt 9.0pt;page-break-after:avoid;text-align:center;"><a name="NoticeOfAnnualMeetingOfShareholde_011251"></a><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">NOTICE OF ANNUAL MEETING
OF SHAREHOLDERS</font></b></p>

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

<p style="margin:0pt 0pt 4.0pt 13.0pt;text-indent:-13.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TO THE SHAREHOLDERS OF<br>
MAUI LAND&nbsp;&amp; PINEAPPLE COMPANY, INC.:</font></p>



<p style="margin:0pt 0pt 5.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Notice
is hereby given that the Annual Meeting of Shareholders of Maui Land&nbsp;&amp;
Pineapple Company,&nbsp;Inc. (the &#147;Company&#148;) will be held on Monday, May&nbsp;8, 2006 at 8:30&nbsp;a.m. in Salon 1 at The
Ritz Carlton, Kapalua, One Ritz-Carlton Drive, Lahaina,
Hawaii</font>, for the following purposes:</font></p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
elect David C. Cole, Walter A. Dods,&nbsp;Jr. and Fred E. Trotter III as Class&nbsp;One
directors
to serve for a three-year term or until their successors are elected and
qualified;</p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
ratify the appointment of Deloitte&nbsp;&amp; Touche LLP as the independent
registered public accounting firm of the Company for fiscal year 2006;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
consider and vote upon an amendment to the Articles of Association to authorize
an additional 1,000,000 shares of the Company&#146;s Common Stock;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
consider and vote upon approval of the Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.
2006 Equity and Incentive Award Plan; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
transact such other business as may be properly brought before the meeting or
any postponement or adjournment thereof.</p>

<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholders of record of
Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc. (AMEX: MLP) Common Stock at
the close of business on March&nbsp;13, 2006 are entitled to notice of and to
vote at the Annual Meeting or any postponements or adjournments thereof.</font></p>

<p style="margin:0pt 0pt 8.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your
attention is directed to the Proxy Statement enclosed.</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.1pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;">BY ORDER OF THE BOARD OF
  DIRECTORS,</p>
  </td>
 </tr>
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.05pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.1pt;">
  <p style="margin:6.0pt 0pt .0001pt;"></p>
  </td>
 </tr>
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.1pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADELE H. SUMIDA</font></p>
  </td>
 </tr>
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.1pt;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Secretary</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated: March&nbsp;31, 2006</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.1pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 6.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE
MEETING. PLEASE VOTE AS PROMPTLY AS POSSIBLE BY USING THE INTERNET, BY
TELEPHONE OR BY SIGNING, DATING AND RETURNING THE ENCLOSED PROXY CARD IN THE
ENVELOPE PROVIDED. FOR SPECIFIC INSTRUCTIONS ON VOTING, PLEASE REFER TO THE
INSTRUCTIONS ON THE PROXY CARD OR THE INFORMATION FORWARDED BY YOUR BANK,
BROKER OR OTHER HOLDER OF RECORD. EVEN IF YOU HAVE VOTED YOUR PROXY, YOU MAY&nbsp;STILL
VOTE IN PERSON IF YOU ATTEND THE MEETING. PLEASE NOTE, HOWEVER, THAT IF YOUR
SHARES ARE HELD OF RECORD BY A BANK, BROKER OR OTHER NOMINEE AND YOU WISH TO
VOTE IN PERSON AT THE MEETING, YOU MUST OBTAIN A PROXY ISSUED IN YOUR NAME FROM
SUCH BANK, BROKER OR OTHER NOMINEE.</font></p>



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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><a name="MauiLandPineappleCompanyInc_120Ka_012418"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MAUI
LAND&nbsp;&amp; PINEAPPLE COMPANY, INC.<br>
120 Kane Street, P. O. Box 187<br>
Kahului, Maui, Hawaii 96733-6687</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="ProxyStatement_012434"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROXY STATEMENT</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="General_012435"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">General</font></b></p>



<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">This proxy is solicited on
behalf of the Board of Directors (the &#147;Board of Directors&#148; or the &#147;Board&#148;) of
Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc., a Hawaii corporation (the &#147;Company&#148;),
for the 2006 Annual Meeting of Shareholders (the &#147;Annual Meeting&#148;) to be held
on May&nbsp;8, 2006, at 8:30&nbsp;a.m. in Salon 1 at The
Ritz Carlton, Kapalua, in
Lahaina,
Hawaii</font>, or any continuation, postponement or adjournment thereof, for
the purposes discussed in this Proxy Statement. Proxies are solicited to give
all shareholders of record an opportunity to vote on matters properly presented
at the Annual Meeting. This Proxy Statement and accompanying proxy card are
first being mailed on or about March&nbsp;31, 2006 to all shareholders entitled
to vote at the Annual Meeting.</font></p>



<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="WhoCanVote_012441"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Who Can Vote</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of record of shares of the Company&#146;s common stock,
no par value (&#147;Common Stock&#148;), at the close of business on March&nbsp;13, 2006
will be entitled to vote at the Annual Meeting. The securities entitled to vote
at the Annual Meeting consist of shares of Common Stock of the Company, with
each share entitling its owner to one vote per share. Shareholders do not have
cumulative voting.</font></p>



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your shares may be voted at the Annual Meeting only if
you are present in person or represented by a valid proxy. You may vote by
proxy on the internet, by telephone or by completing
and mailing the enclosed proxy card. For your convenience, a self-addressed
envelope is enclosed; it requires no postage if mailed in the United States. Voting
by proxy on the internet or by telephone may not
be available to all shareholders. For specific instructions on voting, please
refer to the instructions on the proxy card or the information forwarded by
your bank, broker or other holder of record. The internet
and telephone voting facilities will close at 11:59&nbsp;p.m. Eastern Time on May&nbsp;7,
2006. Shareholders who vote through the internet should be aware that they
may incur costs to access the internet, such as usage charges
from telephone companies or internet service providers and
that these costs must be borne by the shareholder. Shareholders who vote by internet
or telephone need not return a proxy card by mail. If you are the beneficial
owner of shares held in &#147;street name&#148; by a broker, bank or other nominee then
your broker, bank or other nominee, as the record owner of the shares, must
vote those shares in accordance with your instructions. Please refer to the
instruction card they provide for voting your shares.</font></p>



<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A list of shareholders
entitled to vote at the Annual Meeting will be available for examination by any
shareholder for any purpose germane to the Annual Meeting during ordinary
business hours at the executive offices of the Company at 120 Kane Street, P.O.&nbsp;Box
187, Kahului, Maui, Hawaii 96733-6687 for the ten days prior to the
Annual Meeting, and also at the Annual Meeting.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="SharesOutstandingAndQuorum_012454"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares Outstanding and Quorum</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The number of outstanding
shares of Common Stock at the close of business on March&nbsp;13, 2006 was
7,378,550. If a majority of the Company&#146;s outstanding shares of Common Stock
are represented at the meeting, either in person or by proxy, a quorum will
exist for conducting business.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ProxyCard_012456"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxy Card</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares of the Company&#146;s Common Stock represented by
properly executed proxies received by the Company at or prior to the Annual
Meeting and not subsequently revoked will be voted as directed in those proxies.
If a proxy is signed and no directions are given, shares represented thereby
will be voted (i)&nbsp;in favor of electing the Board&#146;s three nominees for
director, (ii)&nbsp;in favor of the ratification of Deloitte&nbsp;&amp; Touche
LLP as the Company&#146;s independent registered public accounting firm, (iii)&nbsp;in
favor of the amendment to the Articles of Association of the Company to
authorize an additional 1,000,000 shares of the Company&#146;s Common Stock and (iv)&nbsp;in
favor of the approval of the Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.
2006 Equity and Incentive Award Plan (the &#147;2006 Plan&#148;). The proxy confers
discretionary authority on the persons it names as to all other matters that
may come before the Annual Meeting and at any continuation, postponement or
adjournment thereof. The Board of Directors knows of no other items of business
that will be presented for consideration at the Annual Meeting other than those
described in this Proxy Statement. In addition, no shareholder proposals or
nomination was received on a timely basis, so no such matters may be brought to
a vote at the Annual Meeting.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you are the beneficial
owner of shares held in &#147;street name&#148; by a broker, bank or other nominee then
your broker, bank or other nominee, as the record owner of the shares, must vote
those shares in accordance with your instructions. If you do not give
instructions to your broker, bank or other nominee, then your broker, bank or
other nominee can vote your shares with respect to &#147;discretionary&#148; items, but
not with respect to &#147;non-discretionary&#148; items. On non-discretionary items, for
which you do not give instructions, the shares will be treated as &#147;broker
non-votes.&#148; A discretionary item is a proposal that is considered routine under
the rules&nbsp;of the American Stock Exchange. Shares held in street name may
be voted by your broker, bank or other nominee on discretionary items in the
absence of voting instructions given by you. Except for the proposal to approve
the 2006 Plan, the proposals to be presented at the Annual Meeting are considered
to be discretionary and therefore may be voted upon by your bank or other
nominee if you do not give instructions for the shares held by your broker,
bank or other nominee. Under the rules&nbsp;of the American Stock Exchange, the
proposal to approve the 2006 Plan is a non-discretionary matter and thus broker
non-votes may result on this proposal.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="RevocationOfProxy_012503"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revocation of Proxy</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you are a
shareholder of record and vote by proxy, you may revoke your proxy at any time
before it is voted by:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Signing
and returning another proxy card bearing a later date;</p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>submitting
another proxy on the internet or by telephone (your
latest telephone or internet voting instructions are
followed); or</p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>giving
written notice of revocation to the Company&#146;s Secretary prior to or at the Annual
Meeting or voting at the annual meeting.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your attendance at the Annual Meeting will not have
the effect of revoking your proxy unless you give written notice of revocation
to the Corporate Secretary of the company before the polls are closed. Any written
notice revoking a proxy should be sent to the Company&#146;s Secretary at the
Company&#146;s principal executive office at 120 Kane Street, P.O.&nbsp;Box 187,
Kahului, Maui, Hawaii 96733-6687, and must be received before the polls
are closed.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If your shares are held in
the name of a broker, bank or other nominee, you may change your vote by
submitting new voting instructions to your bank, broker or other record holder.
Please note that if your shares are held of record by a broker, bank or other
nominee, and you decide to attend and vote at the Annual Meeting, your vote in
person at the Annual Meeting will not be effective unless you present a legal
proxy, issued in your name from your broker, bank or other record holder.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="CountingOfVotes_012509"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Counting of Votes</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares represented by proxies that reflect abstentions
as to a particular proposal and broker &#147;non-votes&#148; will be counted as present
and entitled to vote for purposes of determining a quorum.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Directors are elected by a plurality of votes cast, so
the three nominees who receive the most votes will be elected. Abstentions will
not be taken into account in determining the election of directors and broker
non-votes will not result because the election of directors is a discretionary
matter.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ratification of the independent registered public
accounting firm and the proposal to approve the 2006 Plan, will require an
affirmative vote of a majority of shares present or represented by proxy at the
Annual Meeting and entitled to vote on the matter. Abstentions will have the
same effect as votes against the ratification and the proposal. Because the
ratification of the independent registered public accounting firm is a
discretionary matter, broker non-votes will not result for this item. As a
non-discretionary matter, broker non-votes will result for the proposal to
approve the 2006 Plan, but they will have no effect on the outcome of the
voting for this proposal. The implementation of this proposal is also
conditioned upon shareholder approval of the amendment to the Company&#146;s
Articles of Association to increase the amount of authorized shares of Common
Stock by 1,000,000 shares.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Hawaii
Business Corporation Act, approval of the amendment to the Company&#146;s Articles
of Association to increase the amount of authorized shares of Common Stock
requires the affirmative vote of the holders of two-thirds of the shares
entitled to vote thereon. Therefore, at least 4,919,034 shares, or two-thirds
of the outstanding shares of the Company&#146;s Common Stock as of March&nbsp;13,
2006, must be voted in favor of this proposal for the amendment contemplated
thereby to be approved. Abstentions will have the same effect as votes against
this proposal. Because this proposal is a discretionary matter, broker
non-votes will not result for this proposal.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="SolicitationOfProxies_012512"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Solicitation of Proxies</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will bear the entire cost of solicitation
of proxies, including preparation, assembly and mailing of this Proxy
Statement, the proxy and any additional information furnished to shareholders.
Copies of solicitation materials will be furnished to banks, brokerage houses,
fiduciaries and custodians holding shares of Common Stock in their names that
are beneficially owned by others to forward to those beneficial owners. The
Company may reimburse persons representing beneficial owners for their costs of
forwarding the solicitation materials to the beneficial owners. Original
solicitation of proxies by mail may be supplemented by telephone, facsimile,
electronic mail or personal solicitation by directors, officers or employees of
the Company. No additional compensation will be paid to directors, officers or
employees for such services. In addition, the Company has retained Mellon
Investor Services LLC to assist in the solicitation of proxies for a fee of
approximately $5,500.00, plus reasonable out-of-pocket expenses.</font></p>


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<div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="Item1_012513"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM
1<br>
ELECTION OF DIRECTORS</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="GeneralInformationelectionOfDirec_012525"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">General
Information&#151;Election of Directors</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Articles of Association provides for a Board of
Directors of not less than nine nor more than twelve directors and authorizes
the Board to periodically to set the number of directors within that range by a
majority vote. The number of authorized directors is currently set by the Board
at nine. Our Articles of Association and the Bylaws of the Company also divides
our Board of Directors into three classes of directors consisting currently of
three members in each class, with each class holding office for three years in
staggered terms. Three Class&nbsp;One directors are to be elected at the 2006
Annual Meeting for a three-year term ending in 2009. The second class consists
of the three Class&nbsp;Two directors whose term of office expires in 2007. The
third class consists of the three Class&nbsp;Three directors whose term of
office expires in&nbsp;2008.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vacancies on the Board may be filled only by persons
elected by a majority of the directors remaining in office, even though less
than a quorum. A director elected by the Board to fill a vacancy will serve for
the remainder of the full term of the class of directors in which the vacancy
occurred and until such director&#146;s successor is elected and qualified, or until
such director&#146;s earlier death, resignation or removal. On March&nbsp;13, 2006
and based upon the recommendation of the Nominating and Governance Committee,
the Board of Directors unanimously appointed Mr.&nbsp;Warren H. Haruki to the
Board as a Class&nbsp;Three director with his term in office expiring in 2008
to fill the position that was left vacant by the resignation of Richard H.
Cameron in May&nbsp;2005.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon the recommendation of the Nominating and
Governance Committee, our Board has nominated the following individuals for
election to Class&nbsp;One positions with their term in office expiring in
2009: Messrs.&nbsp;David C. Cole, Walter A. Dods,&nbsp;Jr., and Fred E. Trotter
III, each of whom currently serve as Class&nbsp;One directors.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set forth below is biographical information for each
nominee and for each person whose term of office as a director will continue
after the Annual Meeting. There are no family relationships among any directors
of the Company.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE &#147;FOR&#148;
EACH OF THE THREE PERSONS NOMINATED BY THE BOARD FOR CLASS&nbsp;ONE DIRECTOR.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ClassoneDirectornomineesForElecti_013057"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;One
Director&#151;Nominees for election at the Annual Meeting of Shareholders in 2006:</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr>
  <td width="167" valign="top" style="padding:0pt .7pt 0pt 0pt;width:125.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;">David C. Cole (53)</p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="433" valign="top" style="padding:0pt .7pt 0pt 0pt;width:325.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Cole has served as President and Chief
  Executive Officer of Maui&nbsp;Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.
  since October&nbsp;2003 and Chairman of the Board since March&nbsp;2004. He
  has served as Manager of Sunnyside Farms, LLC, an organic foods, retailing
  and property development company in Washington, Virginia since 1997. Since
  1997 Mr.&nbsp;Cole has been President of Aquaterra,&nbsp;Inc., an investment
  management firm that serves as managing general partner for Pan Pacific
  Ventures LP, Catalyst II LLC, and Aquaterra Partners, LLC, partnerships with
  interests in software, real estate, agriculture, retailing, and consumer
  products. Mr.&nbsp;Cole has served in a variety of executive positions,
  including Chairman, President and CEO of Ashton-Tate Corporation, a software
  company, Chairman of Twin Farms Collection, LLC, a luxury resort, and
  Chairman, President and CEO of NaviSoft,&nbsp;Inc., an online publishing
  software company that was acquired by America Online,&nbsp;Inc. (&#147;AOL&#148;) in
  1994. From 1994 to 1997, he served as an </font></p>
  </td>
 </tr>
</table>


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

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



<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="167" valign="top" style="padding:0pt .7pt 0pt 0pt;width:125.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"></p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="433" valign="top" style="padding:0pt .7pt 0pt 0pt;width:325.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">officer of AOL,
  initially as President of AOL&#146;s Internet Services Company and later as
  President of AOL&#146;s New Enterprises Group. Mr.&nbsp;Cole is the Chairman of
  the Board of Trustees for the Nature Conservancy of Hawaii, and on the boards
  of the privately held companies Hawaii Superferry,&nbsp;Inc. and Grove Farm
  Company,&nbsp;Inc. He also serves on the boards of various community and
  non-profit organizations. Pursuant to the terms of his employment agreement
  with the Company, Mr.&nbsp;Cole was appointed to the Board to fill the
  vacancy that was created by the increase in Board size at a special meeting
  of shareholders held in December&nbsp;2003 and appointed Chairman of the
  Board in March&nbsp;2004.</font></p>
  </td>
 </tr>
 <tr>
  <td width="167" valign="top" style="padding:0pt .7pt 0pt 0pt;width:125.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Walter A.
  Dods,&nbsp;Jr. (64)</font></p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="433" valign="top" style="padding:0pt .7pt 0pt 0pt;width:325.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Dods has served
  as Chairman of BancWest Corporation, a bank holding company in Honolulu,
  Hawaii since January&nbsp;2005. He is also the Chairman of First Hawaiian
  Bank since 1989. Mr.&nbsp;Dods was Chairman and Chief Executive Officer of
  BancWest Corporation from 1998 through December&nbsp;2004; Chairman and CEO
  of First Hawaiian Bank from 1989 to 1998; and President from 1984 to 1989.
  Mr.&nbsp;Dods serves on the boards of Alexander&nbsp;&amp;
  Baldwin,&nbsp;Inc., a diversified company with most of its operations
  centered in Hawaii, and subsidiary Matson Navigation Company,&nbsp;Inc., an
  ocean transportation and related shore side services company. He also serves
  on the boards of Pacific Guardian Life
  Insurance Company and First Insurance Company of Hawaii, Ltd. and the
  privately held companies, Servco Pacific,&nbsp;Inc. and Grace Pacific
  Corporation. Mr.&nbsp;Dods is the Hawaii Chairman of the Japan-Hawaii
  Economic Council and also serves on the boards of various community and
  non-profit organizations. Mr.&nbsp;Dods has been a director of the Company
  since October&nbsp;2004.</font></p>
  </td>
 </tr>
 <tr>
  <td width="167" valign="top" style="padding:0pt .7pt 0pt 0pt;width:125.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fred E. Trotter
  III (75)</font></p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="433" valign="top" style="padding:0pt .7pt 0pt 0pt;width:325.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Mr.&nbsp;Trotter
  has served as </font>President of F. E. Trotter Inc., a business consulting
  firm in Honolulu, Hawaii since 1991. He was a Trustee of The Estate of James
  Campbell, a private trust, in Honolulu, Hawaii, from 1970 to 1991.
  Mr.&nbsp;Trotter is a director of the privately held company Waterhouse Inc.
  He is a member of the Executive Committee of JAIC-Shinrai Venture Capital,
  Investment, Ltd., a Japanese limited partnership. Mr.&nbsp;Trotter serves on
  the board of the Aloha Council Boy
  Scouts of America and various other community organizations. Mr.&nbsp;Trotter
  has extensive experience in agribusiness and property management in Hawaii.
  Mr.&nbsp;Trotter has been a director of the Company since 1992.</font></p>
  </td>
 </tr>
 <tr>
  <td width="608" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:456.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Class&nbsp;Two Directors&#151;Term
  expires in 2007:</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="167" valign="top" style="padding:0pt .7pt 0pt 0pt;width:125.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas M.
  Gottlieb (53)</font></p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="433" valign="top" style="padding:0pt .7pt 0pt 0pt;width:325.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Gottlieb has
  served as a founding partner in Geolo Investment Group, a privately held
  company that provides value-added capital to high-growth consumer focused
  businesses in travel and leisure, hospitality and live entertainment since
  January&nbsp;2005. He is also a co-managing Member and co-founder of Palm
  Cove Capital, a financial services and investment company in Honolulu,
  Hawaii, since December&nbsp;2001. Mr.&nbsp;Gottlieb served as Founder,
  Chairman and CEO of Mandara Spa, one of the world&#146;s leading operators of
  luxury resort spas from January&nbsp;1996 to December&nbsp;2004. Mr.&nbsp;Gottlieb
  has extensive experience in real estate development, the </font></p>
  </td>
 </tr>
</table>




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



<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="167" valign="top" style="padding:0pt .7pt 0pt 0pt;width:125.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"></p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="433" valign="top" style="padding:0pt .7pt 0pt 0pt;width:325.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">hospitality industry,
  banking and venture capital. He founded The Odyssey Club, a luxury multi-site
  Private Residence Club and Sierra Pacific Investments, a private equity
  investment company that acquired and operated hotels, spas and office
  buildings in Northern California. Mr.&nbsp;Gottlieb is a director of the
  privately held companies, Exclusive Resorts LLC and
  Grove Farm Company Inc. Mr.&nbsp;Gottlieb has been a director of the Company
  since May&nbsp;2004.</font></p>
  </td>
 </tr>
 <tr>
  <td width="167" valign="top" style="padding:0pt .7pt 0pt 0pt;width:125.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David A. Heenan
  (66)</font></p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="433" valign="top" style="padding:0pt .7pt 0pt 0pt;width:325.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Heenan has
  served as Trustee of The Estate of James Campbell, a private trust in
  Honolulu, Hawaii since 1995. He was Chairman, President and Chief Executive
  Officer of Theo. H. Davies&nbsp;&amp; Co., Ltd., the North American holding
  company for the Hong Kong-based Jardine Matheson from 1982 to 1995.
  Mr.&nbsp;Heenan is a director of Bank of Hawaii Corporation. He was Chairman
  of the Company&#146;s Board from May&nbsp;2003 to March&nbsp;2004. Mr.&nbsp;Heenan
  has been a director of the Company since 1999.</font></p>
  </td>
 </tr>
 <tr>
  <td width="167" valign="top" style="padding:0pt .7pt 0pt 0pt;width:125.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kent T. Lucien
  (52)</font></p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="433" valign="top" style="padding:0pt .7pt 0pt 0pt;width:325.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Lucien has
  served as Chief Executive Officer of Operations of C.&nbsp;Brewer and Co.,
  Ltd.&nbsp;&amp; Subsidiaries, a privately held company headquartered in
  Honolulu, Hawaii, with operations in agriculture, real estate, and
  stevedoring since 2001; and Executive Vice President and Chief Financial
  Officer from 1991 to 2001. From 1991 to August&nbsp;2001, he also was
  President and a Director of ML Macadamia Partners, a New York Stock Exchange
  listed master limited partnership, which farmed over 7,000 acres of macadamia
  orchards. Mr.&nbsp;Lucien serves on the boards
  of C. Brewer and Co., Ltd. and Wailuku Water Company, LLC. Mr.&nbsp;Lucien
  has been a director of the Company since May&nbsp;2004.</font></p>
  </td>
 </tr>
 <tr>
  <td width="608" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:456.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Class&nbsp;Three Directors&#151;Term
  expires in 2008:</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="167" valign="top" style="padding:0pt .7pt 0pt 0pt;width:125.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Duncan
  MacNaughton (62)</font></p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="433" valign="top" style="padding:0pt .7pt 0pt 0pt;width:325.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;MacNaughton has
  served as Chairman of The MacNaughton Group/Poseiden Properties,&nbsp;Inc., a
  group of companies that includes real estate development, consulting and
  leasing since 1985. Mr.&nbsp;MacNaughton has extensive experience in real
  estate development as principal developer and/or owner of properties
  including Ainamalu residential subdivision, Kaanapali Royal resort
  condominiums, Costco Center at Bougainville Industrial Park, Pali Momi
  Medical Center, Waikele Center and Maui Marketplace, and the exclusive
  developer for Kmart Corporation&#146;s stores in Hawaii. Mr.&nbsp;MacNaughton
  serves on the boards of several privately held companies and various
  community organizations. Mr.&nbsp;MacNaughton has been a director of the
  Company since May&nbsp;2004.</font></p>
  </td>
 </tr>
 <tr>
  <td width="167" valign="top" style="padding:0pt .7pt 0pt 0pt;width:125.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Warren H. Haruki
  (53)</font></p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="433" valign="top" style="padding:0pt .7pt 0pt 0pt;width:325.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Haruki has
  served as President and Chief Executive Officer of Grove Farm
  Company,&nbsp;Inc., a land development company located on Kauai, Hawaii since
  2005, and has been a Trustee of Parker Ranch Foundation since 2004. He was
  President of GTE Hawaiian Tel and Verizon Hawaii, communications providers,
  from 1991 to 2003. Mr.&nbsp;Haruki is on the boards of the privately held
  companies, Parker Ranch,&nbsp;Inc., First Hawaiian Bank, Pacific Guardian
  Life Insurance Company, Hawaii Planing Mill, Ltd., Hawaii
  Superferry,&nbsp;Inc. and various non-profit organizations. Mr.&nbsp;Haruki
  was appointed to the Company&#146;s Board in March&nbsp;2006 to fill the position left
  vacant by the resignation of Richard H. Cameron in May&nbsp;2005.</font></p>
  </td>
 </tr>
</table>




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



<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr>
  <td width="167" valign="top" style="padding:0pt .7pt 0pt 0pt;width:125.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;">John H. Agee (57)</p>
  </td>
  <td width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="433" valign="top" style="padding:0pt .7pt 0pt 0pt;width:325.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Agee has served
  as President and Chief Executive Officer of Ka Po`e Hana LLC, a private
  family investment entity since May&nbsp;2000. He is also Executive Vice
  President of The Case Foundation, a private foundation in Washington D.C.,
  Executive Vice President of Accelerate Brain Cancer Cure,&nbsp;Inc. and Chief
  Financial Officer of the Dan and Stacey Case Family Foundation. Mr.&nbsp;Agee
  was President of Adler Management LLC from 1986 to January&nbsp;2000.
  Mr.&nbsp;Agee serves on the board of Grove Farm
  Company,&nbsp;Inc. (a privately held company), and various community and
  non-profit organizations. Mr.&nbsp;Agee has been a director of the Company
  since&nbsp;2001.</font></p>
  </td>
 </tr>
</table>



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

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="BoardIndependenceMeetingsAndCommi_013628"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board
Independence, Meetings and Committees</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board maintains charters for each of its Audit
Committee, Compensation Committee and Nominating and Governance Committee. In
addition, both the listing standards of the American Stock Exchange and the
Company&#146;s bylaws require that a majority of the Board be independent within the
meaning of the American Stock Exchange listing standards. The Board of
Directors has affirmatively determined that all nominees for election to the
Board at the Annual Meeting, except for Mr.&nbsp;Cole, and all continuing
directors, except for Mr. Haruki,
are independent pursuant to Section&nbsp;121 of the American Stock Exchange
Company Guide.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2005, the Board of Directors held six meetings, the
Audit Committee held five meetings, the Compensation Committee held three
meetings and the Nominating and Governance Committee held one meeting. In 2005,
all directors with the exception of Mr.&nbsp;Gottlieb attended at least 75% of
the aggregate meetings of the Board and committees on which they serve. The
independent directors met four times in executive session in 2005. Board
members are encouraged, but not required to attend the Company&#146;s Annual Meeting
of Shareholders. The Company&#146;s 2005 Annual Meeting of Shareholders was attended
by all directors.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Audit Committee&#146;s duties and responsibilities are
set forth in a written charter, which was filed as an exhibit to the Company&#146;s
proxy statement dated March&nbsp;28, 2005. Members of the Audit Committee are Messrs.&nbsp;Lucien
(Chairman), Gottlieb and Heenan. All of the Audit Committee members are
independent from the Company and its management, as defined by the listing
standards of the American Stock Exchange and by the rules&nbsp;of the
Securities and Exchange Commission. The Board of Directors has determined that Mr.&nbsp;Lucien
is an audit committee financial expert as defined in the Securities and
Exchange Commission regulations.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Compensation Committee reviews and approves the
compensation plans, salary recommendations and other matters relating to
compensation of senior management and directors. The members of the
Compensation Committee are Messrs.&nbsp;Trotter (Chairman), MacNaughton and
Dods. Each of these directors is independent as defined by the listing
standards of the American Stock Exchange.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Nominating and Governance Committee identifies and
recommends candidates to fill vacancies on the Board of Directors. The written
charter of the Nominating and Governance Committee was filed as an exhibit to
the Company&#146;s proxy statement dated March&nbsp;28, 2005. The members of the
Committee are Messrs.&nbsp;Heenan (Chairman), Agee and Dods. All of the
Committee members are independent as defined by the American Stock Exchange
listing standards.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Nominating and Governance Committee&#146;s policy is
that it will consider any director candidate recommended by shareholders on the
same basis as candidates identified by the Nominating and Governance Committee.
Names and resumes of prospective directors should be addressed to Nominating
and Governance Committee of Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.,
c/o Corporate Secretary, 120 Kane Street, P.O.&nbsp;Box 187, Kahului, Hawaii
96733-6687.</font></p>


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<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The criteria that
will be applied in evaluating any candidate considered by the Nominating and
Governance Committee, including those recommended by shareholders, include
whether or not the candidate:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>is
familiar with the Maui and Hawaii communities;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>possesses
personal and professional integrity, sound judgment and forthrightness;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>has
sufficient time and energy to devote to the Company&#146;s affairs;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>is
willing to challenge and stimulate management and is able to work as part of a
team in an environment of trust;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>has
an open-minded approach to, and the resolve to independently analyze, matters
presented for consideration;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>will
add specific value by virtue of particular technical expertise, experience or
skill relevant to the Company&#146;s business; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>understands
business and financial affairs and the complexities of a business organization.
While a career in business is not essential, a nominee should have a proven
record of competence and accomplishment through leadership in industry,
non-profit organizations, the professions or government.</p>



<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee identifies
nominees for positions on the Company&#146;s Board of Directors by requesting names
of potential candidates from the other Board members and from the Company&#146;s
executive officers. The Committee is authorized by its charter to retain a
third party search firm to identify potential nominees to the Board of Directors,
but it did not do so in 2006. The Committee reviews resumes
of the interested candidates and selects those that pass this initial screening
for personal interviews. Each Committee member completes a ranking form that
ranks all candidates interviewed and the directors standing for re-election. Based
on the scores received by each individual, the nominees are selected for
recommendation to the Board of Directors. Mr.&nbsp;Haruki was recommended to
the Nominating and Governance Committee for consideration as a director by
David C. Cole, Chairman, President and CEO of the Company. In nominating Mr.&nbsp;Trotter
for re-election to the Board of Directors at the Annual Meeting as a Class&nbsp;One
director, the Nominating and Governance Committee considered the fact that Mr.&nbsp;Trotter
has exceeded the age limit for directors specified in our bylaws. After
considering Mr.&nbsp;Trotter&#146;s contributions to the Board of Directors and the
Company, the Nominating and Governance Committee made an exception to the age
limitation, as permitted by the bylaws.</font></p>



<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="CommunicationsWithTheBoardOfDirec_013643"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Communications
with the Board of Directors</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholders wishing to
submit written communications to the Board should address their communications
to Board of Directors of Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc. or
to the specified individual director, c/o Corporate Secretary, 120 Kane Street,
P.O.&nbsp;Box 187, Kahului, Hawaii 96733-6687. All such correspondence will be
forwarded to the specified director or in the absence of such specification, to
the Chairman of the Board.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="DirectorCompensation_013645"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director Compensation</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2005, all non-employee directors received an annual
cash retainer fee of $30,000. The Company has an executive deferred
compensation plan in which all of the executive officers and directors are
eligible to participate. Messrs.&nbsp;Agee, Gottlieb, Heenan and Lucien have
elected to participate in this plan. Under this plan, these directors can defer
up to 100% of the annual cash retainer until termination of their Board
membership. Earnings on compensation deferred under this plan are tied to the
performance of mutual </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">funds, which are
substantially the same funds as those in the Company&#146;s 401(k)&nbsp;plan, and do
not earn interest at a fixed rate. See &#147;Executive Compensation&#151;Executive
Deferred Compensation Plan.&#148;</font></p>



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-employee directors are also granted restricted
Common Stock (&#147;Restricted Shares&#148;) that vest at 250 shares each quarter
covering the term of the director&#146;s current membership. The Restricted Shares
are granted under the Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc. 2003
Stock and Incentive Plan, and if approved by the shareholders, will be granted
in the future under the 2006 Plan, to the non-employee
director at the time he or she is elected, re-elected or
appointed to the Board. Any grants of Restricted
Shares under the 2006 Plan made to the non-employee directors elected or
re-elected to the Board at the Annual Meeting will not be effective until the
Company has filed with the SEC an effective registration statement on Form&nbsp;S-8 to register the shares and the Company has
received approval from the American Stock Exchange to list the additional
shares. The number of shares granted to each non-employee director equals the
number of calendar quarters or portions there of in his term multiplied by 250
shares. The directors have voting and regular dividend rights with respect to
the unvested Restricted Shares,
but have no right to dispose the shares. Each unvested Restricted Share is
forfeited upon the non-employee director&#146;s
termination of his position as a member of the Board of Directors of the
Company for any reason.</font></p>



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2005, Directors Agee and MacNaughton were each
granted 3,000 Restricted Shares under the Maui Land&nbsp;&amp; Pineapple
Company,&nbsp;Inc. 2003 Stock and Incentive Compensation Plan, upon their
election as Class&nbsp;Three directors for the three-year term that ends in
2008. The fair value at the date of grant was the closing price of our Common
Stock on May&nbsp;2, 2005 of $39.00 per share. Upon his appointment to the
Board of Directors on March&nbsp;13, 2006, Mr.&nbsp;Haruki was granted 2,250
Restricted Shares under the Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.
2003 Stock and Incentive Compensation Plan. The fair value at the date of grant
was the closing price of our Common Stock on March&nbsp;13, 2005 of $37.42 per
share.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
fair value of Restricted Shares held by non-employee directors that vested in
2005 (based on the closing market prices of our Common Stock on the dates of
grant and 1,000 shares of stock for each director) and that were unvested at December&nbsp;31,
2005 (based on $33.93 per share, the closing market price of our Common Stock
on December&nbsp;31, 2005) was as follows:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="429" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:321.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Vested&nbsp;in</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="95" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:71.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Unvested&nbsp;at<br>
  December&nbsp;31,&nbsp;2005</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="429" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:321.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005&nbsp;($)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">($)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="40" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:30.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">shares</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="429" valign="top" style="padding:0pt .7pt 0pt 0pt;width:321.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John H. Agee</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,522</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">76,343</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,250</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="429" valign="top" style="padding:0pt .7pt 0pt 0pt;width:321.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Walter A.
  Dods,&nbsp;Jr.</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,300</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,483</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="429" valign="top" style="padding:0pt .7pt 0pt 0pt;width:321.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas M.
  Gottlieb</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,090</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42,413</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,250</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="429" valign="top" style="padding:0pt .7pt 0pt 0pt;width:321.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David A. Heenan</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,090</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42,413</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,250</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="429" valign="top" style="padding:0pt .7pt 0pt 0pt;width:321.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kent T. Lucien</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,090</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42,413</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,250</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="429" valign="top" style="padding:0pt .7pt 0pt 0pt;width:321.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Duncan
  MacNaughton</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,522</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">76,343</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,250</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="429" valign="top" style="padding:0pt .7pt 0pt 0pt;width:321.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fred E. Trotter III</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,090</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,483</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

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

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="Item2RatificationOfIndependentReg_013049"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 2<br>
RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deloitte&nbsp;&amp; Touche LLP, independent registered
public accounting firm, has been the independent auditor of the Company for
many years, and is considered by management to be well qualified. The Audit
Committee of the Board of Directors has appointed Deloitte&nbsp;&amp; Touche
LLP as the independent registered public accounting firm of the Company for
fiscal year 2006. A representative of Deloitte&nbsp;&amp; Touche LLP is
expected to be present at the Annual Meeting and will be given an opportunity
to make a statement. The representative also will be available to respond to
appropriate questions. </font></p>


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

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

<div>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder ratification of the selection of Deloitte&nbsp;&amp;
Touche LLP as the Company&#146;s independent registered public accounting firm is
not required by the Company&#146;s bylaws or otherwise. However, the Board is
submitting the selection of Deloitte&nbsp;&amp; Touche LLP to the shareholders
for ratification as a matter of corporate practice. If the shareholders fail to
ratify the selection, the Audit Committee will reconsider whether or not to
retain that firm. Even if the selection is ratified, the Audit Committee in its
discretion may direct the appointment of a different independent registered
public accounting firm at any time during the year if the Audit Committee
determines that such a change would be in the best interests of the Company and
its shareholders.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT
SHAREHOLDERS VOTE &#147;FOR&#148; RATIFICATION OF THE APPOINTMENT OF DELOITTE&nbsp;&amp;
TOUCHE LLP AS THE COMPANY&#146;S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR
FISCAL 2006.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="AuditMatters_013112"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">AUDIT MATTERS</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ReportOfTheAuditCommittee_013113"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Report of the Audit Committee</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Audit Committee of the Board of Directors is
responsible for monitoring the integrity of the Company&#146;s consolidated
financial statements, its system of internal accounting controls and the
performance of its internal auditors. The Committee appoints, compensates and
retains the independent auditors and monitors their independence and
performance. </font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management is responsible for establishing and
maintaining adequate internal control over financial reporting and for the
preparation and correctness of financial statements and the financial reporting
process, and has represented to the Audit Committee that such financial
statements were prepared in accordance with accounting principles generally
accepted in the United States of America and that the Company has maintained
effective internal controls over financial reporting. The independent
registered public accounting firm is responsible for expressing an opinion on
the conformity of those audited financial statements with accounting principles
generally accepted in the United States of America; and for expressing an
opinion on management&#146;s assessment of the Company&#146;s internal controls over
financial reporting; and for expressing an opinion on the effectiveness of the
Company&#146;s internal controls over financial reporting. The independent
registered public accounting firm has delivered unqualified opinions on these
matters.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee reviewed and discussed with management
and the independent auditors the Company&#146;s quarterly and annual audited
financial statements, and Forms 10-Q for 2005, and Form&nbsp;10-K for the year
ended December&nbsp;31, 2005, prior to their filing. The Committee reviewed the
Company&#146;s written press releases of earnings prior to issuance. The Committee
discussed with the Company&#146;s internal auditors the overall scope and plans for
their audits and the results of such audits. The Committee met with the
internal auditors and with the independent registered public accountants, with
and without management present, to discuss the results of their examinations. In
addition, the Committee has monitored management&#146;s initiatives aimed at
strengthening the Company&#146;s internal and disclosure controls structure. As part
of this process the Committee continues to monitor the scope and adequacy of
the Company&#146;s internal audit program.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Audit Committee discussed with the independent
auditors the matters required to be discussed by Statement on Auditing
Standards (SAS) No.&nbsp;61, &#147;Communications with Audit Committees,&#148; as amended
by SAS Nos. 89 and 90. In addition, the Committee discussed with the
independent auditors the auditors&#146; independence from the Company and its
management, including matters in the written disclosures and letter that were
received by the Committee from the independent auditors as required by
Independence Standards Board Standard No.&nbsp;1, &#147;Independence Discussions
with Audit Committees,&#148; as amended. </font></p>


 <p style="font-size:10.0pt;margin:18.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">10</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on the reviews and discussions referred to
above, the Audit Committee recommended to the Board that the Company&#146;s audited
financial statements be included in the Form&nbsp;10-K for the year ended December&nbsp;31,
2005.</font></p>

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

<p style="margin:0pt 0pt 6.0pt 40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kent T. Lucien (Chairman)<br>
Thomas M. Gottlieb<br>
David A. Heenan</font></p>

<p style="font-style:italic;margin:0pt 0pt 12.0pt;text-indent:0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The above Report of the Audit Committee does not
constitute soliciting material and should not be deemed filed or incorporated
by reference into any other Company filing, whether under the Securities Act of
1933, as amended, or the Securities Exchange Act of 1934, as amended, whether
made on, before or after the date of this Proxy Statement and irrespective of
any general incorporation language in such filing, except to the extent the
Company specifically incorporates this Report by reference therein.</font></i></p>

<p align="center" style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-align:center;text-indent:-10.0pt;"><a name="IndependentRegisteredPublicAccoun_013306"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees
for services performed for the Company by Deloitte&nbsp;&amp; Touche LLP for
2005 and 2004, including expenses incurred in connection with these services,
are as follows:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="406" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:304.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="406" valign="top" style="padding:0pt .7pt 0pt 0pt;width:304.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,096,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">295,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="406" valign="top" style="padding:0pt .7pt 0pt 0pt;width:304.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit-Related</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">108,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="406" valign="top" style="padding:0pt .7pt 0pt 0pt;width:304.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="406" valign="top" style="padding:0pt .7pt 0pt 0pt;width:304.8pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Fees</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,197,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">438,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

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

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The audit fees are primarily attributable to
professional services rendered for the audits of the Company&#146;s annual financial
statements for the fiscal years ended December&nbsp;31, 2005 and 2004, the
reviews of the Company&#146;s financial statements included in its Quarterly Reports
on Form&nbsp;10-Q, and for 2005, the audit of the effectiveness of the Company&#146;s
internal control over financial reporting and management&#146;s assessment of such
controls.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The audit-related fees for 2005 and 2004 includes
services for the audit of the Company&#146;s defined benefit and defined
contribution pension plans and for various audit related consultations, and for
2004, include fees for professional services in connection with the purchase of
the Kapalua Bay Hotel, and correspondence and filings with the Securities and
Exchange Commission. The fees for tax services relate to professional services
rendered for tax compliance and various tax consultations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Audit Committee has
considered whether the provision of theses services by Deloitte&nbsp;&amp;
Touche LLP is compatible with maintaining the independence of Deloitte&nbsp;&amp;
Touche LLP, and has determined that the provision of such services by Deloitte&nbsp;&amp;
Touche LLP has not adversely affected the independent registered public
accounting firm&#146;s independence.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="AuditCommitteePolicyapprovalOfFee_013533"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit
Committee Policy&#151;Approval of Fees</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is the policy of the
Audit Committee of the Board of Directors that all audit and permissible
non-audit services provided by the Company&#146;s independent registered public
accounting firm and related fees paid to the Company&#146;s independent registered
public accounting firm must be approved in advance by the Audit Committee.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 5.0pt;page-break-after:avoid;text-align:center;"><a name="Item3AmendmentToTheArticlesOfAsso_013537"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM
3<br>
AMENDMENT TO THE ARTICLES OF ASSOCIATION</font></b></p>

<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Articles of
Association presently state that the amount of the authorized capital stock of
the corporation is 8,000,000 shares of Common Stock. The amendment to the
Articles would increase the authorized capital stock by 1,000,000 shares to
9,000,000 shares of Common Stock.</font></p>



<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of March&nbsp;1, 2006, of the 8,000,000
currently authorized shares of Common Stock, there were 7,378,550 shares of the
outstanding, 613,500 shares subject to outstanding and unexercised options to
acquire Common Stock, 3,750 reserved for issuance under the Maui Land&nbsp;&amp;
Pineapple Company,&nbsp;Inc. 2003 Stock and Incentive Compensation Plan, and
4,200 held by Honolua Plantation Land Company,&nbsp;Inc., a wholly-owned
subsidiary. The Company&#146;s Board of Directors believes that it is advisable and
in the best interests of the Company and its shareholders to amend the Articles
of Association in order to have available additional authorized but unissued
shares of Common Stock in an amount adequate to provide for the future needs of
the company.</font></p>





<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder approval to
increase the authorized number of shares of Common Stock from 8,000,000 to
9,000,000 shares is necessary in order to issue equity incentive awards under
the Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc. 2006 Equity and Incentive
Award Plan, if such plan is approved
by the shareholders. We plan to reserve the 1,000,000 additional shares of
authorized capital stock for issuance this plan if it is approved by the
shareholders. See Item 4, below. The proposed increase in authorized shares of
Common Stock will ensure that a sufficient number of shares of Common Stock
remains available for issuance under the Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.
2006 Equity and Incentive Award Plan, if approved, and will allow us to utilize
a broader array of equity incentives to attract and retain the services of key
individuals and other personnel essential to our long-term growth and financial
success. We rely significantly on equity incentives to attract and retain key
employees and other personnel and believe that such equity incentives are
necessary for us to remain competitive in the marketplace for executive talent
and other key employees.</font></p>



<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The proposed additional
shares of Common Stock would be a part of the existing class of the Company&#146;s
Common Stock and, if and when issued, would have the same rights and privileges
as the shares of Common Stock presently issued and outstanding. No additional
action or authorization by the shareholders would be necessary prior to the
issuance of the additional shares unless required by applicable law or the rules&nbsp;of
the American Stock Exchange. Holders of
Common Stock do not have preemptive rights to subscribe for newly issued shares
of Common Stock in preference to persons who are not shareholders. If the
Company issues additional shares of Common Stock or other securities
convertible into Common Stock in the future, it could dilute the voting rights
of existing shareholders and could also dilute earnings per share and book
value per share of existing shareholders. The increased in authorized shares of
Common Stock could also have the effect of rendering more difficult or
discouraging hostile takeover attempts by other parties to obtain control of
the Company. The Company is not aware of any existing or planned effort on the
part of any party to accumulate material amounts of voting stock, or to acquire
the Company by means of a merger, tender offer, solicitation of proxies in
opposition to management or otherwise, or to change the Company&#146;s management,
nor is the Company aware of any person having made any offer to acquire the
voting stock or assets of the company.</font></p>



<p style="margin:0pt 0pt 5.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors has
approved the amendment of the Company&#146;s Articles to increase the number of
shares of authorized Common Stock by 1,000,000 shares. This change to the
Articles is included in the Articles of Amendment that are attached to this
Proxy Statement as Appendix A. The Articles of Amendment would
become effective upon their filing with the Department of Commerce and Consumer
Affairs of the State of Hawaii.</font></p>



<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE BOARD OF
DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; PROPOSAL NO. 3, APPROVAL OF THE AMENDMENT TO
THE ARTICLES TO AUTHORIZE AN ADDITIONAL 1,000,000 SHARES OF COMMON STOCK.</font></b></p>


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<div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><a name="Item4_020721"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 4<a name="_020721"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="ApprovalOfTheMauiLandPineappleCom_020724"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">APPROVAL OF THE MAUI LAND&nbsp;&amp; PINEAPPLE
COMPANY, INC. 2006 INCENTIVE AWARD PLAN</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our shareholders are being asked to approve the Maui
Land&nbsp;&amp; Pineapple Company,&nbsp;Inc. 2006 Equity and Incentive Award
Plan (the &#147;2006 Plan&#148;). On March&nbsp;13, 2006, our Board approved and adopted
the 2006 Plan, subject to approval by our shareholders.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The principal features of the 2006 Plan are summarized
below, but the summary is qualified in its entirety by reference to the 2006
Plan itself which is attached to this Proxy Statement as Appendix B. We
encourage you to read the 2006 Plan carefully.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event the shareholders approve the 2006 Plan,
the Company&#146;s 2003 Stock and Incentive Compensation Plan will be terminated
effective as of the date of shareholder approval of the 2006 Plan. As of March&nbsp;1,
2006, only 3,750 shares of Common Stock remained available for future issuance
under the 2003 Stock and Incentive Compensation Plan. We rely significantly on
equity incentives to attract and retain key employees and other personnel and
believe that equity incentives are necessary for us to remain competitive in
the marketplace for executive talent and other key employees. The implementation of this proposal to
approve the 2006 Plan is also conditioned upon shareholder approval of the
amendment the Company&#146;s Articles of Association to authorize an additional
1,000,000 shares of Common Stock. See Item&nbsp;3, above.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE
APPROVAL OF THE MAUI LAND&nbsp;&amp; PINEAPPLE COMPANY, INC. 2006 EQUITY AND
INCENTIVE AWARD PLAN.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="PurposeOfThe2006Plan_020735"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purpose of the 2006 Plan</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purpose of the 2006 Plan is to provide additional
incentive for directors, key employees and consultants to further the growth,
development and financial success of the Company and its subsidiaries by
personally benefiting through the ownership of the Company&#146;s Common Stock, or
other rights which recognize such growth, development and financial success. Our
Board also believes that the 2006 Plan will enable us to obtain and retain the
services of directors, key employees and consultants that are considered
essential to our long range success by offering them an opportunity to own
stock and other rights that reflect our financial success.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2006 Plan is also designed to permit us to make
cash-only and equity based awards intended to qualify as &#147;performance-based
compensation&#148; under Section&nbsp;162(m)&nbsp;of the Internal Revenue Code of
1986, as amended (the &#147;Code&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2006 Plan will become
effective immediately upon shareholder approval of the 2006 Plan and the
proposed amendment to the Company&#146;s Articles of Association.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="SecuritiesSubjectToThe2006Plan_020740"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities Subject to the 2006 Plan</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The maximum aggregate number of shares of Common Stock
that may be issued or transferred pursuant to awards under the 2006 Plan is
1,000,000 shares. To the extent that an award granted under the 2006 Plan
terminates, expires or lapses for any reason, any shares subject to the award
at such time will be available for future grants under the 2006 Plan. Additionally,
shares tendered or withheld to satisfy the grant or exercise price or tax
withholding obligation with respect to any award under the 2006 Plan will be
available for future grants under the 2006 Plan. If any shares of restricted
stock are surrendered by a participant or repurchased by the Company pursuant
to the terms of the 2006 Plan, such shares also will be available for future
grants under the 2006 Plan. To the extent permitted by applicable law or any
exchange rule, shares issued in assumption of, or in substitution for, any
outstanding awards of any entity acquired in any form of combination by the
Company or any of its subsidiaries will not be counted against the shares
available for issuance under the 2006 Plan. In no event, however, will any
shares of Common Stock again </font></p>


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

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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">be available for future
grants under the Plan if such action would cause an incentive stock option to
fail to qualify as an incentive stock option under Section&nbsp;422 of the
Code.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The shares of Common Stock
covered by the 2006 Plan may be treasury shares, authorized but unissued
shares, or shares purchased in the open market. For purposes of the 2006 Plan,
the fair market value of a share of Common Stock as of any given date will be
the closing sales price for a share of Common Stock on such date or, if there
is no closing sales price for the Common Stock on the date in question, the
closing sales price for a share of Common Stock on the last preceding date for
which such quotation exists, as reported on the American Stock Exchange. The
closing sales price for a share of Common Stock on March&nbsp;1, 2006 was
$38.07, as reported by the American Stock Exchange.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Eligibility_020743"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eligibility</font></b></p>



<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our employees, consultants
and directors are eligible to receive awards under the 2006 Plan. As of December&nbsp;31,
2005, we had approximately 1,275 employees and consultants.
We currently have nine directors, eight of whom are non-employee directors. The
administrator determines which of our employees, consultants and directors will
be granted awards, except that in the case of the granting of options and restricted
stock to non-employee directors, such
determinations will be made by the Board. No employee, non-employee director or consultant
is entitled to participate in the 2006 Plan as a matter of right, nor does any
such participation constitute assurance of continued employment or Board
service. Only those employees, non-employee directors and
consultants who are selected to receive grants by the applicable administrator
may participate in the 2006 Plan.</font></p>



<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="AwardsUnderThe2006Plan_020746"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Awards Under the 2006 Plan</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2006 Plan provides that the administrator may
grant or issue stock options, stock appreciation rights (&#147;SARs&#148;), restricted
stock, restricted stock units, deferred stock, dividend equivalents,
performance awards and stock payments, or any combination thereof. Each award
will be set forth in a separate agreement with the person receiving the award
and will indicate the type, terms and conditions of the award.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Qualified
Stock Options.</font></i></font>&nbsp;&nbsp; Non-Qualified stock options (&#147;NQSOs&#148;)
will provide for the right to purchase shares of Common Stock at a specified
price which may not be less than fair market value on the date of grant, and
usually will become exercisable (in the discretion of the administrator) in one
or more installments after the grant date, subject to the completion of the
applicable vesting service period or the attainment of pre-established
performance goals. NQSOs may be granted for any term specified by the
administrator, but may not exceed ten years.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Incentive
Stock Options.</font></i></font>&nbsp;&nbsp; Incentive stock options (&#147;ISOs&#148;)
will be designed to comply with the applicable provisions of the Code, and will
be subject to certain restrictions contained in the Code. Among such
restrictions, ISOs must have an exercise price not less than the fair market
value of a share of Common Stock on the date of grant, may only be granted to
employees, and must not be exercisable after a period of ten years measured
from the date of grant. ISOs however, may be subsequently modified to
disqualify them from treatment as ISOs. The total fair market value of shares
(determined as of the respective date or dates of grant) for which one or more
options granted to any employee by the Company (including all options granted
under the 2006 Plan and all other option plans of the Company or any parent or
subsidiary) may for the first time become exercisable as ISOs during any one
calendar year shall not exceed the sum of $100,000. To the extent this limit is
exceeded, the options granted will be NQSOs. In the case of an ISO granted to
an individual who owns (or is deemed to own) more than 10% of the total
combined voting power of all of our classes of stock (a &#147;10% Owner&#148;), the 2006
Plan provides that the exercise price must be at least 110% of the fair market
value of a share of Common Stock on the date of grant and the ISO must not be
exercisable after a period of five years measured from the date of grant. </p>


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

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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Like NQSOs, ISOs usually
will become exercisable (in the discretion of the administrator) in one or more
installments after the grant date, subject to the completion of the applicable
vesting service period or the attainment of pre-established performance goals.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock
Appreciation Rights.</font></i></font>&nbsp;&nbsp; Stock appreciation rights
provide for the payment of an amount to the holder based upon increases in the
price of our Common Stock over a set base price. The base price of any SAR
granted under the 2006 Plan must be at least 100% of the fair market value of a
share of Common Stock on the date of grant. SARs under the 2006 Plan will be
settled in cash or shares of Common Stock, or in a combination of both. SARs
may be granted in connection with stock options or other awards, or separately.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restricted
Stock.</font></i></font>&nbsp;&nbsp; Restricted stock may be issued at such
price, if any, and may be made subject to such restrictions (including time
vesting or satisfaction of performance goals), as may be determined by the
administrator. Restricted stock typically may be repurchased by us at the
original purchase price, if any, or forfeited, if the vesting conditions and
other restrictions are not met. In general, restricted stock may not be sold,
or otherwise hypothecated or transferred, until the vesting restrictions and
other restrictions applicable to such shares are removed or expire. Recipients
of restricted stock, unlike recipients of options or restricted stock units,
generally will have voting rights and will receive dividends prior to the time
when the restrictions lapse.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred
Stock Awards.</font></i></font>&nbsp;&nbsp; Deferred stock may not be sold or
otherwise hypothecated or transferred until issued. Deferred stock will not be
issued until the deferred stock award has vested, and recipients of deferred
stock generally will have no voting or dividend rights prior to the time when
the vesting conditions are satisfied and the shares are issued. Deferred stock
awards generally will be forfeited, and the underlying shares of deferred stock
will not be issued, if the applicable vesting conditions and other restrictions
are not met.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restricted
Stock Units.</font></i></font>&nbsp;&nbsp; Restricted stock units entitle the
holder to receive shares of Common Stock, subject to the removal of
restrictions which may include completion of the applicable vesting service
period or the attainment of pre-established performance goals. The shares of
Common Stock issued pursuant to restricted stock units may be delayed beyond
the time at which the restricted stock units vest. Restricted stock units may
not be sold, or otherwise hypothecated or transferred, and holders of
restricted stock units do not have voting rights. Restricted stock units
generally will be forfeited, and the underlying shares of stock will not be
issued, if the applicable vesting conditions and other restrictions are not
met.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividend
Equivalents.</font></i></font>&nbsp;&nbsp; Dividend equivalents represent the
value of the dividends per share paid by us, if any, calculated with reference
to a specified number of shares. Dividend equivalent rights may be granted
alone or in connection with stock options, SARs or other equity awards granted
to the participant under the 2006 Plan. Dividend equivalents may be paid in
cash or shares of Common Stock at the election of the administrator.</p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Performance
Awards.</font></i></font>&nbsp;&nbsp; Performance awards may be granted by the
administrator to employees, consultants or non-employee directors based upon,
among other things, the contributions, responsibilities and other compensation
of the particular recipient. Generally, these awards will be based on specific
performance goals and may be paid in cash or in shares of Common Stock, or in a
combination of both. Performance awards may include &#147;phantom&#148; stock awards that
provide for payments based upon the value of our Common Stock. Performance
awards may also include bonuses granted by the administrator, which may be
payable in cash or in shares of Common Stock, or in a combination of both.</p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock
Payments.</font></i></font>&nbsp;&nbsp; Stock payments may be authorized by
the administrator in the form of Common  Stock
or an option or other right to purchase Common Stock and may, without limitation,
be issued as part of a deferred compensation arrangement in lieu of all or any
part of compensation&#151;including, without </p>




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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">limitation, salary,
bonuses, commissions and directors&#146; fees&#151;that would otherwise be payable in
cash to the employee, non-employee director or
consultant.</font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;162(m)&nbsp;&#147;Performance-Based&#148;
Awards.</font></i></font>&nbsp;&nbsp; The administrator may designate
employees as participants whose compensation for a given fiscal year may be
subject to the limit on deductible compensation imposed by Section&nbsp;162(m)&nbsp;of
the Code. The administrator may grant to such persons stock options, SARs,
restricted stock, restricted stock units, deferred stock, dividend equivalents,
performance awards, cash bonuses and stock payments that are paid, vest or
become exercisable upon the achievement of specified performance goals which
are related to one or more of the following performance criteria, as applicable
to the Company or any subsidiary, division, operating unit or individual:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>net
earnings (either before or after interest, taxes, depreciation and/or
amortization);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>sales
or revenue;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>net
income (either before or after taxes);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>operating
earnings;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>cash
flow (including, but not limited to, operating cash flow and free cash flow);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>return
on assets;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>return
on shareholders&#146; equity;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>return
on sales;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>gross
or net profit margin;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>expenses;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>working
capital;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>earnings
per share;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>price
per share of stock; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>market
share.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Performance goals established based on the performance
criteria may be measured either in absolute terms or as compared to any
incremental increase or decrease or as compared to the results of a peer group.
Achievement of each performance goal will be determined in accordance with
generally accepted accounting principles to the extent applicable.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The maximum number of
shares which may be subject to awards granted under the 2006 Plan to any
individual during any fiscal year may not exceed 100,000 shares of Common
Stock, subject to adjustment in the event of any recapitalization,
reclassification, stock split, reverse stock split, reorganization, merger,
consolidation, split-up, spin off or other transaction that affects the Common
Stock in a manner that would require adjustment to such limit in order to
prevent the dilution or enlargement of the potential benefits intended to be
made available under the 2006 Plan. In addition, certain employees&#151;those whose
compensation in the year of grant is, or in a future fiscal year may be,
subject to the limitation on deductibility under Section&nbsp;162(m)&nbsp;of
the Code&#151;may not receive cash-settled performance awards in any fiscal year
having an aggregate maximum amount payable in excess of $250,000.</font></p>



<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="AutomaticGrantsToIndependentDirec_020834"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Automatic
Grants to Non-employee Directors</font></b></p>





<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2006 Plan authorizes the grant of awards to non-employee<b><font style="font-weight:bold;"></font></b> directors,
the terms and conditions of which are to be determined by our Board consistent
with the 2006 Plan. In addition, the 2006 Plan provides </font></p>




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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">for the automatic grant of
certain awards to our non-employee directors, the terms
and conditions of which are described below.</font></p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;">Subject to:</p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font face="Symbol">&#183;</font>&#160; shareholder
approval of the 2006 Plan and the proposed amendment to the Company&#146;s Articles
of Association;</p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font face="Symbol">&#183;</font>&#160; the
effectiveness of a registration statement on Form S-8 filed by the Company with
the SEC to register the shares of common stock to be issued pursuant to the
2006 Plan; and</p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160; approval
from the American Stock Exchange of the listing of the additional shares of
common stock to be issued pursuant to the 2006 Plan;</p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;">On
the date of each annual shareholder meeting during the term of the 2006 Plan
(beginning on the date of our annual shareholder meeting in 2006), each non-employee director who is
standing for re-election to the Board and who is elected to continue to serve
in such capacity will automatically receive a restricted stock award covering
3,000 shares of our Common Stock. In addition, each non-employee director who first
joins the Board at any time during the term of the 2006 Plan automatically will
receive a restricted stock award covering a number of shares of our Common
Stock equal to 3,000, less 250 shares for each full calendar quarter that has
elapsed since the last annual meeting at which members of the class of
directors to which such individual became a member were standing for
re-election. Each automatic restricted stock award will be granted without cost
to the non-employee director and will
initially be subject to forfeiture. The forfeiture restrictions will lapse with
respect to, and the non-employee director will become
vested in, 250 shares of our Common Stock subject to each restricted stock
award upon the last business day of each calendar quarter following the grant
date, provided that the non-employee director remains in
continuous service as a board member through such date. Following the non-employee director&#146;s cessation
of service on the Board for any reason, the unvested shares of our Common Stock
subject to each automatic restricted stock award will automatically be
forfeited and will again become available for future awards under the 2006 Plan.
There will be no limit on the number of such annual 3,000-share
restricted stock awards any one eligible non-employee director may receive
over his or her period of continued service on the Board, and non-employee directors who have
previously been in the Company&#146;s employ will be eligible to receive one or more
such restricted stock awards.</p>



<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="VestingAndExerciseOfAwards_020838"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vesting and Exercise of Awards</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The applicable award agreement will contain the period
during which the right to exercise the award in whole or in part vests. At any
time after the grant of an award, the administrator may accelerate the period
during which such award vests. No portion of an award which is not vested at a
participant&#146;s termination of employment, termination of board service, or
termination of consulting relationship will subsequently become vested, except
as may be otherwise provided by the administrator either in the agreement
relating to the award or by action following the grant of the award.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, an option or stock appreciation right may
only be exercised while such person remains our employee, director or
consultant, as applicable, or for a specified period of time (up to the
remainder of the award term) following the participant&#146;s termination of
employment, directorship or the consulting relationship, as applicable. An
award may be exercised for any vested portion of the shares subject to such
award until the award expires.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Only whole shares
of Common Stock may be purchased or issued pursuant to an award. Any required
payment for the shares subject to an award will be paid in the form of cash or
a check payable to us in the amount of the aggregate purchase price. However,
the administrator may in its discretion and subject to applicable laws allow
payment through one or more of the following:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160; the delivery of certain shares of Common Stock
owned by the participant;</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
surrender of shares of Common Stock which would otherwise be issuable upon
exercise or vesting of the award;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
delivery of property of any kind which constitutes good and valuable
consideration;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>with
respect to options, a sale and remittance procedure pursuant to which the
optionee will place a market sell order with a broker with respect to the
shares of Common Stock then issuable upon exercise of the option and the broker
timely pays a sufficient portion of the net proceeds of the sale to us in
satisfaction of the option exercise price for the purchased shares plus all
applicable income and employment taxes we are required to withhold by reason of
such exercise; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any combination of the
foregoing.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="TransferabilityOfAwards_020845"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transferability of Awards</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Awards generally may not
be sold, pledged, assigned or transferred in any manner other than by will or
by the laws of descent and distribution or, subject to the consent of the
administrator of the 2006 Plan, pursuant to a domestic relations order, unless
and until such award has been exercised, or the shares underlying such award
have been issued, and all restrictions applicable to such shares have lapsed. Notwithstanding
the foregoing, NQSOs may also be transferred with the administrator&#146;s consent
to certain family members and trusts. Awards may be exercised, during the
lifetime of the holder, only by the holder or such permitted transferee.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="New2006PlanBenefits_020847"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">New 2006 Plan Benefits</font></b></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;">No
awards will be granted under the 2006 Plan until it is approved by our
shareholders, the Company has filed an effective registration
statement on Form S-8 with the SEC to register the shares of common stock to be
issued pursuant to the 2006 Plan and the American Stock Exchange has approved
the listing of the additional shares of common stock to be issued pursuant to
the 2006 Plan.</p>





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





<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the automatic
grant provisions described above and subject to shareholder approval of the
Plan and the proposed amendment to our Articles of Association, the effectiveness of the registration statement on
Form S-8 and the approval of the listing of additional shares by the American
Stock Exchange, each of the non-employee directors standing for
re-election to the Board, Messrs.&nbsp;Trotter and Dods, will receive, if
re-elected, a restricted stock award under the 2006 Plan covering 3,000 shares
of Common Stock. Other than the automatic grants to non-employee directors, the future
benefits that will be received under the 2006 Plan by our current directors,
executive officers and by all eligible employees are not currently
determinable.</font></p>



<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="AdjustmentsForStockSplitsRecapita_020850"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adjustments
for Stock Splits, Recapitalizations, and Mergers</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of any
recapitalization, reclassification, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin off or other transaction
that affects our Common Stock in a manner that would require adjustment to such
limit in order to prevent the dilution or enlargement of the potential benefits
intended to be made available under the 2006 Plan, the administrator of the
2006 Plan will have the authority in its sole discretion to appropriately
adjust:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
number and kind of shares of Common Stock (or other securities or property)
with respect to which awards may be granted or awarded under the 2006 Plan</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
limitation on the maximum number and kind of shares that may be subject to one
or more awards granted to any one individual during any fiscal year;</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
maximum number and kind of shares used to determine the maximum dollar amount
that may become payable pursuant to one or more cash-settled performance awards
granted to any one individual during any fiscal year;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
number and kind of shares of Common Stock (or other securities or property)
subject to outstanding awards under the 2006 Plan;</p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
number and kind of shares of Common Stock (or other securities or property) for
which automatic grants are subsequently to be made to new and continuing non-employee directors;</p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
number and kind of shares of Common Stock (or other securities or property) for
which each automatic grant made to new and continuing non-employee  directors
will subsequently become vested on the last business day of each calendar
quarter; and</p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the grant or exercise price
with respect to any outstanding award.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="AdministrationOfThe2006Plan_020857"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Administration of the 2006 Plan</font></b></p>



<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to
awards granted to our non-employee directors, the
administrator of the 2006 Plan is the Board. The Compensation Committee of our
Board will be the administrator of the 2006 Plan for all other persons, unless
the Board assumes authority for administration. The Compensation Committee must
consist of two or more directors, each of whom is intended to qualify as a &#147;non-employee
director&#148; pursuant to Rule&nbsp;16b-3 of the Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;), and an &#147;outside director&#148; for purposes
of Section&nbsp;162(m)&nbsp;of the Code. The Compensation Committee may
delegate its authority to grant or amend awards to a committee consisting of
two or more members of the Board; provided, however, that the Compensation
Committee may not delegate its authority to grant awards to, or amend awards
of, individuals (i)&nbsp;who are senior executives of the Company subject to Section&nbsp;16
of the Exchange Act, (ii)&nbsp;who are, or could be, &#147;covered employees&#148; within
the meaning of Section&nbsp;162(m)&nbsp;of the Code, or (iii)&nbsp;who are
members of the Board to whom authority to grant or amend awards has been
delegated. The administrator has the power to:</font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>select
which directors, employees and consultants are to receive awards and the terms
of such awards, consistent with the 2006 Plan;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>determine
whether options are to be NQSOs or ISOs, or whether awards are to qualify as &#147;performance-based&#148;
compensation under Section&nbsp;162(m)&nbsp;of the Code;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>construe
and interpret the terms of the 2006 Plan and awards granted pursuant to the
2006 Plan;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>adopt
rules&nbsp;for the administration, interpretation and application of the 2006
Plan;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>interpret,
amend or revoke any of the rules&nbsp;adopted for the administration,
interpretation and application of the 2006 Plan; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>amend one or more
outstanding awards in a manner that does not adversely affect the rights and
obligations of the holder of such award (except in certain limited
circumstances).</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="AmendmentAndTerminationOfThe2006P_020902"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment
and Termination of the 2006 Plan</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The administrator may amend the 2006 Plan at any time,
subject to shareholder approval to the extent required by applicable law or
regulation or the listing standards of the American Stock Exchange (or any
other market or stock exchange on which the Common Stock is at the time
primarily traded). Additionally, shareholder approval will be specifically
required to (i)&nbsp;increase the number of shares available for issuance under
the 2006 Plan, or (ii)&nbsp;decrease the exercise price of any outstanding
option or stock appreciation right granted under the 2006 Plan.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The administrator may
terminate the 2006 Plan at any time. However, in no event may an award be
granted pursuant to the 2006 Plan on or after March&nbsp;12, 2016.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="FederalIncomeTaxConsequencesAssoc_014152"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Federal
Income Tax Consequences Associated with the 2006 Plan</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a general
summary under current law of the material federal income tax consequences to
participants in the 2006 Plan. This summary deals with the general tax
principles that apply and is provided only for general information. Some kinds
of taxes, such as state and local income taxes, are not discussed. Tax laws are
complex and subject to change and may vary depending on individual
circumstances and from locality to locality. The summary does not discuss all
aspects of income taxation that may be relevant in light of a holder&#146;s personal
circumstances. This summarized tax information is not tax advice.</font></p>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an optionee is granted
a NQSO under the 2006 Plan, the optionee will not have taxable income on the
grant of the option. Generally, the optionee will recognize ordinary income at
the time of exercise in an amount equal to the difference between the option
exercise price and the fair market value of a share of Common Stock at such
time. The optionee&#146;s basis in the stock for purposes of determining gain or
loss on subsequent disposition of such shares generally will be the fair market
value of the Common Stock on the date the optionee exercises such option. Any
subsequent gain or loss generally will be taxable as capital gains or losses.</font></p>

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

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No taxable income is recognized by the optionee at the
time of the grant of an ISO, and no taxable income is recognized for regular
tax purposes at the time the option is exercised; however, the excess of the
fair market value of the Common Stock received over the option price is an &#147;item
of adjustment&#148; for alternative minimum tax purposes. The optionee will
recognize taxable income in the year in which the purchased shares are sold or
otherwise made the subject of a taxable disposition. For federal tax purposes,
dispositions are divided into two categories: qualifying and disqualifying. A
qualifying disposition occurs if the sale or other disposition is made more
than two years after the date the option for the shares involved in such sale
or disposition is granted and more than one year after the date the shares are
transferred upon exercise. If the sale or disposition occurs before these two
periods are satisfied, then a disqualifying disposition will result.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon a qualifying disposition, the optionee will
recognize long-term capital gain in an amount equal to the excess of the amount
realized upon the sale or other disposition of the purchased shares over the
exercise price paid for the shares. If there is a disqualifying disposition of
the shares, then the excess of the fair market value of those shares on the
exercise date over the exercise price paid for the shares will be taxable as
ordinary income to the optionee. Any additional gain or loss recognized upon
the disposition will be recognized as a capital gain or loss by the optionee.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will not be entitled to
any income tax deduction if the optionee makes a qualifying disposition of the
shares. If the optionee makes a disqualifying disposition of the purchased
shares, then we will be entitled to an income tax deduction, for the taxable
year in which such disposition occurs, equal to the excess of the fair market
value of such shares on the option exercise date over the exercise price paid
for the shares.</font></p>


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

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No taxable income is
generally recognized upon the receipt of a SAR, but upon exercise of the SAR
the fair market value of the shares received will be taxable as ordinary income
to the recipient in the year of such exercise.</font></p>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In general, a participant
will not be taxed upon the grant or purchase of restricted stock that is
subject to a &#147;substantial risk of forfeiture,&#148; within the meaning of Section&nbsp;83
of the Code. However, at the time the restricted stock is no longer subject to
the substantial risk of forfeiture (<i><font style="font-style:italic;">e.g.</font></i>, when the
restrictions lapse on a vesting date), the participant will be taxed on the
difference, if any, between the fair market value of the Common Stock on the
date the restrictions lapsed and the amount the participant paid, if any, for such
restricted stock. Recipients of restricted stock under the 2006 Plan may,
however, make an election under Section&nbsp;83(b)&nbsp;of the Code to be taxed
at the time of the grant or purchase on an amount equal to the difference, if
any, between the fair market value of the Common Stock on the date of transfer
and the amount the participant paid, if any, for such restricted stock. If a
timely Section&nbsp;83(b)&nbsp;election is made, the participant will not
recognize any additional income as and when the restrictions applicable to the
restricted stock lapses.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restricted Stock
Units and Deferred Stock</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A participant generally
will not have ordinary income upon grant of restricted stock units or deferred
stock. When the shares of Common Stock are delivered under the terms of the
award, the participant will recognize ordinary income equal to the fair market
value of the shares delivered, less any amount paid by the participant for such
shares.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividend Equivalent
Awards and Performance Awards</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A recipient of a dividend
equivalent award or a performance award generally will not recognize taxable
income at the time of grant. However, at the time such an award is paid,
whether in cash or in shares of Common Stock, the participant will recognize
ordinary income equal to value received.</font></p>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A participant who receives
a stock payment generally will recognize taxable ordinary income in an amount
equal to the fair market value of the shares received.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Deductions and Section&nbsp;162(m)&nbsp;of
the Code</font></i></p>



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise described above with respect to
incentive stock options, we generally will be entitled to a deduction when and
for the same amount that the recipient recognizes ordinary income, subject to
the limitations of Section&nbsp;162(m)&nbsp;with respect to compensation paid
to certain &#147;covered employees.&#148; Under Section&nbsp;162(m),
income tax deductions of publicly-held corporations may be limited to the
extent total compensation (including base salary, annual bonus, stock option
exercises and non-qualified benefits paid) for certain executive officers
exceeds $1 million in any one year. The Section&nbsp;162(m)&nbsp;deduction
limit, however, does not apply to certain &#147;performance-based compensation&#148; as
provided for by the Code and established by an independent compensation
committee. In particular, stock options and SARs will satisfy the &#147;performance-based
compensation&#148; exception if the awards are made by a qualifying compensation
committee, the underlying plan sets the maximum number of shares that can be
granted to any person within a specified period and the compensation is based
solely on an increase in the stock price after the grant date (<i><font style="font-style:italic;">i.e.</font></i>, the exercise price or base price is greater than or
equal to the fair market value of the stock subject to the award on the grant
date). Other awards granted under the 2006 </font></p>




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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Plan may qualify as &#147;performance-based
compensation&#148; for purposes of Section&nbsp;162(m), if such awards are granted
or vest based upon the achievement of one or more pre-established objective
performance goals using one of the performance criteria described above.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2006 Plan is
structured in a manner that is intended to provide the Compensation Committee
with the ability to provide awards that satisfy the requirements for &#147;qualified
performance-based compensation&#148; under Section&nbsp;162(m)&nbsp;of the Code. In
the event the Compensation Committee determines that it is in the Company&#146;s
best interests to make use of such awards, the remuneration attributable to
those awards should not be subject to the $250,000 limitation. We have not,
however, requested a ruling from the Internal Revenue Service or an opinion of
counsel regarding this issue. This discussion will neither bind the Internal
Revenue Service nor preclude the Internal Revenue Service from adopting a
contrary position.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;409A
of the Code</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain awards under the
2006 Plan may be considered &#147;nonqualified deferred compensation&#148; for purposes
of Section&nbsp;409A of the Code, which imposes certain additional requirements
regarding the payment of deferred compensation. Generally, if at any time during
a taxable year a nonqualified deferred compensation plan fails to meet the
requirements of Section&nbsp;409A, or is not operated in accordance with those
requirements, all amounts deferred under the 2006 Plan for the taxable year and
all preceding taxable years, by any participant with respect to whom the
failure relates, are includible in gross income for the taxable year to the
extent not subject to a substantial risk of forfeiture and not previously
included in gross income. If a deferred amount is required to be included in
income under Section&nbsp;409A, the amount also is subject to interest and an
additional income tax. The interest imposed is equal to the interest at the
underpayment rate plus one percentage point, imposed on the underpayments that
would have occurred had the compensation been includible in income for the
taxable year when first deferred, or if later, when not subject to a
substantial risk of forfeiture. The additional income tax is equal to 20% of
the compensation required to be included in gross income.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="OtherMatters_014308"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">OTHER MATTERS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board knows of no
other matters that may be brought before the meeting. However, if any other
matters are properly brought before the meeting, the persons named in the
enclosed proxy or their substitutes will vote in accordance with their best
judgment on such matters, and discretionary authority to do so is included in
the proxy.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="SecurityOwnershipOfCertainBenefic_014502"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT<br>
AND SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="SecurityOwnershipOfCertainBenefic_014510"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Security
Ownership of Certain Beneficial Owners</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following table sets forth, to the best of our knowledge, information as of
March&nbsp;1, 2006 with respect to all persons known to the Company to be the
beneficial owners of more than 5% of the Company&#146;s Common Stock, other than
those listed under &#147;&#151;Security Ownership of Management.&#148; Unless otherwise
indicated and subject to applicable community property and similar statutes,
all persons listed below have sole voting and investment power over all shares
of Common Stock beneficially owned. Share ownership has been computed in
accordance with SEC rules&nbsp;and does not necessarily indicate beneficial
ownership for any other purpose.</font></p>

<div align="center">



<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr>
  <td width="321" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:240.55pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="90" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:67.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;Shares</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="43" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:32.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percent</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="89" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:66.7pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name&nbsp;and&nbsp;Address</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="225" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:168.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="90" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:67.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Beneficially&nbsp;Owned</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="43" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">of&nbsp;Class</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="321" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:240.55pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;">Stephen M. Case Revocable
  Trust</p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,472,030</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47.1</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="321" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:240.55pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;">Ka Po`e Hana LLC</p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="321" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:240.55pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;">PMB 249, 1718 M Street, N.
  W.</p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="321" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:240.55pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;">Washington, DC 20036</p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="321" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:240.55pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mary C. Sanford</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">769,531</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="321" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:240.55pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Po`ohala Investments
  L.P.</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="321" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:240.55pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3694 Woodlawn Terrace
  Place</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="321" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:240.55pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Honolulu, Hawaii 96822</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="89" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="225" style="border:none;"></td>
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  <td width="17" style="border:none;"></td>
  <td width="55" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="14" style="border:none;"></td>
  <td width="14" style="border:none;"></td>
 </tr>
</table>



</div>

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

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Ka Po`e Hana LLC
has power of attorney over the 3,472,030 shares of Company stock that are owned
by the Stephen M. Case Revocable Trust. The power of attorney authorizes Ka
Po`e Hana LLC to vote the stock and to sell or otherwise make investment
decisions with respect to the stock. Therefore, Ka Po`e Hana LLC may be deemed
to beneficially own the shares owned of record and beneficially by the Stephen
M. Case Revocable Trust. John H. Agee, is the President and Chief Executive
Officer of Ka Po`e Hana LLC, and disclaims beneficial ownership of the shares.
See Note (1)&nbsp;to the table set forth below under &#147;&#151;Security Ownership of
Management.&#148;</p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
source of this information is a Schedule 13G filed with the SEC on
December&nbsp;22, 2005 by Mary&nbsp;C. Sanford,
Po`ohala Holdings,&nbsp;Inc. and Po`ohala Investments L.P. on December&nbsp;22,
2005. Mary C. Sanford has sole power to vote and dispose these shares,
including 648,331 shares held by Po`ohala Investments L.P. and Po`ohala
Holdings,&nbsp;Inc., the sole general partner of Po`ohala Investments L.P.</p>




 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">23</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>

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

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table
sets forth information as of March&nbsp;1, 2006 with respect to the Company&#146;s
Common Stock beneficially owned by (1)&nbsp;each director and nominee for
director, (2)&nbsp;the Company&#146;s Chief Executive Officer, and each of the four
other most highly compensated executive officers of the Company (the &#147;Named
Executive Officers&#148;) and (3)&nbsp;by all directors and executive officers of
the Company as a group. Unless otherwise indicated and subject to applicable
community property and similar statutes, all persons listed below have sole
voting and investment power over all shares of Common Stock beneficially owned.
Share ownership has been computed in accordance with SEC rules&nbsp;and does
not necessarily indicate beneficial ownership for any other purpose.</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="315" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="95" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:70.9pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Aggregate</font></b><br>
  Number&nbsp;of&nbsp;Shares<br>
  Beneficially&nbsp;Owned</p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="55" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percent<br>
  of&nbsp;Class</font></b></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="315" valign="top" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John H. Agee</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,476,030</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47.1</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="315" valign="top" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David C. Cole</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">266,666</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.6</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="315" valign="top" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brian C. Nishida</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40,000</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">*</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="315" valign="top" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fred W. Rickert</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,200</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">*</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="315" valign="top" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert M. McNatt</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,160</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">*</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="315" valign="top" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas M.
  Gottlieb</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,500</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">*</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="315" valign="top" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Duncan
  MacNaughton</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,000</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">*</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="315" valign="top" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David A. Heenan</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,000</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">*</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="315" valign="top" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kent T. Lucien</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,000</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">*</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="315" valign="top" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fred E. Trotter
  III</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,000</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="315" valign="top" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Walter A.
  Dods,&nbsp;Jr.</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,500</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">*</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="315" valign="top" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Warren H. Haruki</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="315" valign="top" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas H. Juliano</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="315" valign="top" style="padding:0pt .7pt 0pt 0pt;width:236.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">All
  directors, nominees and </font>Executive Officers as a<br>
  group (14)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,842,056</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:28.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52.1</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

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

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>less than 1%</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mr.&nbsp;Agee, as
President and Chief Executive Officer of Ka Po`e Hana LLC, may be deemed to
beneficially own 3,472,030 shares of Common Stock, which are owned of record by
the Stephen M. Case Revocable Trust and for which Ka Po`e Hana LLC has been
granted power of attorney. See&nbsp;Note (1)&nbsp;under &#147;&#151;Security Ownership of
Certain Beneficial Owners.&#148; Mr.&nbsp;Agee disclaims beneficial ownership of the
3,472,030 shares of Common Stock. Also includes 1,750 shares of Common Stock
held by Mr.&nbsp;Agree directly and 2,250 shares of unvested restricted stock.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Includes 39,175 shares
of Common Stock, 60,825 shares of unvested restricted Common Stock that was
awarded to him pursuant to his employment agreement with the Company, and
vested options and options to purchase 166,666 shares of Common Stock that will
vest within 60 days of March&nbsp;1, 2006. See &#147;&#151;Employment Agreement for David
C. Cole.&#148; Mr.&nbsp;Cole has voting and regular dividend rights with respect to
the 60,825 shares of restricted stock, but no right to dispose the shares.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Includes 20,000 and
19,464 unvested shares of restricted Common Stock awarded to Messrs.&nbsp;Nishida
and Rickert, respectively. Vesting of the restricted stock is performance based
from 2005 through 2007 for Mr.&nbsp;Rickert and from 2005 through 2008 for Mr.&nbsp;Nishida.
Mr.&nbsp;Rickert and Nishida have voting and regular dividend rights with
respect to the restricted shares, but no right to dispose the shares.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Includes
vested options and options to purchase Common Stock that will vest within 60
days of March&nbsp;1, 2006: Mr.&nbsp;Nishida&#151;20,000; Mr.&nbsp;Rickert&#151;5,200; Mr.&nbsp;McNatt&#151;6,000.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">24</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 12.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities Authorized For Issuance Under Equity
Compensation Plans</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="233" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:174.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="98" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:73.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="96" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:72.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="124" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:93.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;securities</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="233" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:174.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="98" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:73.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;securities</font></b></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="96" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:72.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="124" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:93.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">remaining&nbsp;available&nbsp;for</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="233" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:174.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="98" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:73.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">to&nbsp;be&nbsp;issued</font></b></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="96" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:72.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Weighted-average</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="124" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:93.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">future&nbsp;issuance&nbsp;under</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="233" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:174.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="98" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:73.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">upon&nbsp;exercise&nbsp;of</font></b></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="96" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:72.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">exercise&nbsp;price&nbsp;of</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="124" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:93.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">equity&nbsp;compensation&nbsp;plans</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="233" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:174.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="98" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:73.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">outstanding&nbsp;options,</font></b></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="96" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:72.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">outstanding&nbsp;options,</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="124" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:93.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(excluding&nbsp;securities</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="67" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.5pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Plan&nbsp;Category</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="159" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:119.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="98" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:73.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">warrants&nbsp;and&nbsp;rights</font></b></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="96" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:72.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">warrants&nbsp;and&nbsp;rights</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="124" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:93.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">reflected&nbsp;in&nbsp;column&nbsp;(a))</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="233" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:174.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="98" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:73.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(a)</font></b></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="96" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:72.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(b)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="124" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:93.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(c)</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="233" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:174.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity
  compensation plans approved by&nbsp;security holders</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">413,500</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32.77</font></p>
  </td>
  <td width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,750</font></p>
  </td>
  <td width="46" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="233" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:174.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity compensation
  plans not approved by security holders</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000 </font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.70</font></p>
  </td>
  <td width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.25pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="46" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="67" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="159" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="29" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="29" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="46" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="46" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

</div>

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



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Options to purchase
200,000 shares of Company common stock were granted to David C. Cole under an
Option Agreement, effective as of his start date of October&nbsp;15, 2003. The
exercise price for the options is $19.70 per share, the fair market value of
the Company&#146;s Common Stock on August&nbsp;11, 2003. Two-thirds of the options
were exercisable as of October&nbsp;2005, and the balance will become
exercisable quarterly thereafter until October&nbsp;2006. These options
terminate in October&nbsp;2013. Any nonvested options generally will vest
immediately if Mr.&nbsp;Cole is terminated without cause, or if he resigns with
good reason.</p>




 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">25</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='25',FILE='C:\fc\81143116269_D11851_948072\3378-1-dk.htm',USER='jmsproofassembler',CD='Mar 22 14:31 2006' -->



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

<div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="ExecutiveCompensation_014941"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXECUTIVE COMPENSATION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="SummaryOfExecutiveOfficerCompensa_014943"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Summary
of Executive Officer Compensation</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table
summarizes certain compensation information paid by the Company for services
rendered during each of the last three fiscal years by the Company&#146;s Named
Executive Officers.</font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><a name="SummaryCompensationTable_014957"></a><b><font size="1" face="Times New Roman"></font>SUMMARY
COMPENSATION TABLE</b></p>





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



<div align="center">



<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr>
  <td width="226" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="29" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.7pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="127" colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:95.4pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="109" colspan="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:81.5pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">Long-Term&nbsp;Compensation<br>
  Awards</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.8pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="226" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="29" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.7pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="127" colspan="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:95.4pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">Annual&nbsp;Compensation</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="47" colspan="3" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:35.25pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">#&nbsp;of</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="46" colspan="3" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.25pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.8pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="226" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="29" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.7pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="42" colspan="3" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:31.6pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-weight:normal;"></font></b><font size="1"></font></p>
  </td>
  <td width="74" colspan="3" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.8pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">Other</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="47" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:35.25pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">Securities</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="46" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.25pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">LTIP</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.8pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="226" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="29" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.7pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="42" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.6pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.8pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">Annual(5)</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="47" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:35.25pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">Underlying</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="46" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.25pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">Payouts(6)</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.8pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">All&nbsp;Other(7)</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="118" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:88.8pt;">
  <p align="left" style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">Name&nbsp;and&nbsp;Principal&nbsp;Position</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="101" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:75.7pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="29" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:21.7pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">Year</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="42" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:31.6pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">Salary&nbsp;($)</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.8pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">Compensation&nbsp;($)</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="47" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:35.25pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">Options</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="46" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.25pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">($)</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.8pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">Compensation&nbsp;($)</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:7.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="226" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:7.0pt;">David C. Cole(1)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">2005</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">450,000</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">14,661</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">391,230</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">828</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="226" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:7.0pt;">Chairman, President&nbsp;&amp; CEO</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">2004</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">450,000</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">13,597</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">690,000</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">552</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="226" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">2003</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">93,750</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">2,413</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">200,000</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="226" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="margin:4.0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Brian C. Nishida(2)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">2005</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">241,303</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">31,158</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.55pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">828</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="226" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Executive Vice President/Agriculture</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">2004</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">241,303</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">11,337</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">50,000</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">270</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="226" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:7.0pt;">Fred W. Rickert(3)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">2005</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">180,000</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">14,000</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.55pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">135,173</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">1,742</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="226" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:7.0pt;">Vice President/Chief Financial Officer</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">2004</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">99,583</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">6,921</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">21,000</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">176</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="226" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="margin:4.0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Robert M. McNatt</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">2005</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">185,000</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">10,009</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.55pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">30,000</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">1,176</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="226" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Executive Vice President/</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">2004</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">177,583</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">9,256</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">10,000</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">1,176</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="226" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Community Development</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">2003</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">167,200</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">8,902</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">1,037</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="226" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:169.5pt;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 8.0pt;text-indent:-8.0pt;"><font size="1" style="font-size:7.0pt;">Thomas H. Juliano(4)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">2005</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">129,808</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">55,360</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.55pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">50,000</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.25pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-0</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">-</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="118" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="101" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>



</div>

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

<p style="font-family:Times New Roman;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:7.0pt;">Mr.&nbsp;Cole
was employed by the Company effective October&nbsp;15, 2003.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:7.0pt;">Mr.&nbsp;Nishida
was employed by the Company effective January&nbsp;1, 2004.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:7.0pt;">Mr.&nbsp;Rickert
was appointed to the position of Vice President/Chief Financial Officer
effective September&nbsp;23, 2004. Includes amount earned from April&nbsp;26,
2004 (effective date of employment) as Vice President/Finance of Maui Pineapple
Company, Ltd.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:7.0pt;">Mr.&nbsp;Juliano
was employed by the Company effective June&nbsp;27, 2005. In June&nbsp;2005,
the Company purchased a residential property in Upcountry Maui for $2.6
million, which Mr.&nbsp;Juliano rents from the Company for $4,000 per month
pursuant to a one-year rental agreement. See &#147;Certain Relationships and Related
Transactions.&#148;</font></p>



<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Other
annual compensation represents amounts received by the named executive for
automobile allowance. Amount for Mr.&nbsp;Nishida also includes $18,561
received in 2005 for the sell back of accrued vacation. Amount for Mr. Juliano also includes $30,000 for
relocation expenses and $20,548 for taxes.</font></p>



<p style="font-family:Times New Roman;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">(6)</font><font size="1" face="Times New Roman" style="font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:7.0pt;">Amount
represents the fair value of restricted stock that vested in 2005 and 2004. The
restricted shares were vested based on performance-based conditions, in
addition to lapse of time and continued service of the Named Executive Officer.
See &#147;Employment Agreement for David C. Cole&#148; and &#147;Change in Control Provisions
(included in Restricted Share Agreement) with Fred W. Rickert.&#148; As of December&nbsp;31,
2005, Messrs.&nbsp;Cole, Nishida and Rickert had 60,825, 20,000 and 19,464
shares of unvested restricted stock, respectively. The value of these unvested
restricted shares as of December&nbsp;31, 2005 was $2,063,792, $678,600 and
$660,414, respectively, based on the closing market price of $33.93 per share
on December&nbsp;31, 2005.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">(7)</font><font size="1" face="Times New Roman" style="font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:7.0pt;">&#147;All
Other Compensation&#148; amounts represent the value of life insurance benefits.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">26</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Option Grants.</font></i></font><font style="font-style:italic;"><i><font style="font-style:normal;">&nbsp;&nbsp; The following table sets forth
information concerning individual grants of stock options made by the Company
during the year ended December&nbsp;31, 2005, to each of the Named Executive
Officers:</font></i></font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="OptionGrantsInLastFiscalYear_123813"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">OPTION GRANTS IN LAST FISCAL YEAR</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="29" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:21.8pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="200" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:149.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="73" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:54.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;Of<br>
  Securities<br>
  underlying<br>
  Options<br>
  Granted&nbsp;(#)(1)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:38.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percent&nbsp;Of<br>
  Total<br>
  Options<br>
  Granted<br>
  To<br>
  Employees<br>
  in&nbsp;Fiscal<br>
  Year(2)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="41" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:31.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Exercise<br>
  or&nbsp;Base<br>
  Price<br>
  ($/Sh)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="56" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Expiration<br>
  Date</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="66" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:49.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Grant&nbsp;Date<br>
  Present&nbsp;Value<br>
  ($)(3)</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="236" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:176.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David C. Cole</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="236" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:176.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fred W. Rickert</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="236" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:176.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brian C. Nishida</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="236" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:176.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert M. McNatt</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46.61</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2/28/2015</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">171,800</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="236" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:176.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20,000</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27.25</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11/4/2015</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">201,400</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="236" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:176.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas H. Juliano</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50,000</font></p>
  </td>
  <td width="17" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.55pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.55pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37.27</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="56" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.95pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6/27/2015</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">664,500</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

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

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The options granted in
2005 vest over a five year period with 20% of the total grant vesting on the
grant date anniversary. The exercise prices are equal to the closing price of
the Company&#146;s Common Stock as of the date of grant. All options expire 10 years
from the grant date.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on 220,000 shares
of Common Stock subject to options granted in 2005 to Company employees under
the 2003 Stock and Incentive Compensation Plan.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
present value of the grant at the grant date was determined using a
Black-Scholes option pricing model.</p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><a name="AggregatedOptionExercisedInLastFi_020947"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">AGGREGATED
OPTION EXERCISED IN LAST FISCAL YEAR AND FY-END OPTION VALUES</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="29" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:21.8pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="287" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:215.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="108" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:81.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;Securities<br>
  Underlying<br>
  Unexercised&nbsp;Options<br>
  At&nbsp;Fiscal&nbsp;Year-End&nbsp;(#)<br>
  Exercisable/<br>
  Unexercisable</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="129" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:96.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Value&nbsp;of&nbsp;Unexercised&nbsp;In-the<br>
  Money&nbsp;Options&nbsp;At&nbsp;Fiscal<br>
  Year-End&nbsp;($)&nbsp;Exercisable/<br>
  Unexercisable</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="323" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:241.95pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David C. Cole</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="96" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:71.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">133,333/66,667</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="112" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:84.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,987,300/948,700</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="323" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:241.95pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fred W. Rickert</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="96" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:71.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,200/16,800</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="112" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:84.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,500/29,800</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="323" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:241.95pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brian C. Nishida</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="96" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:71.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000/40,000</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="112" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:84.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68,800/267,200</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="323" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:241.95pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert M. McNatt</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="96" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:71.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,000/38,000</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="112" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:84.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;/133,600</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="323" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:241.95pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas H. Juliano</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="96" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:71.75pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;/50,000</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.3pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="112" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:84.25pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;/&#151;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2005, there were no
stock option exercises by the Named Executive Officers.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">27</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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




<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="PensionPlan__021502"></a><font style="font-style:italic;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">Pension
Plan</font></i></b></font></p>



<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table shows
the estimated annual retirement benefit to employees in specified compensation
and years of service classifications under the Maui Land&nbsp;&amp; Pineapple
Company,&nbsp;Inc. Pension Plan for Non-Bargaining Unit Employees and the
Company&#146;s Supplemental Executive Retirement Plan (&#147;SERP&#148;):</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><a name="EstimatedAnnualBenefitFromQualifi_021524"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ESTIMATED
ANNUAL BENEFIT FROM QUALIFIED DEFINED BENEFIT PLAN<br>
AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="158" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Final&nbsp;5-Year</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="324" colspan="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:243.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Years&nbsp;of&nbsp;Credited&nbsp;Service&nbsp;at&nbsp;Age&nbsp;65</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="107" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:80.5pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Average&nbsp;Annual&nbsp;Salary</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="44" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:33.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">15</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">20</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">25</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">30</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">35</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$100,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,656</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,875</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31,094</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,312</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41,458</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;125,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,281</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,375</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40,469</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48,562</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,958</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;150,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29,906</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39,875</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49,844</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59,812</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66,458</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;175,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35,531</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47,375</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59,219</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71,062</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">78,958</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;200,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41,156</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54,875</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68,594</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82,312</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">91,458</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;225,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46,781</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62,375</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77,969</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">93,562</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">103,958</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;250,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52,406</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69,875</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">87,344</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">104,812</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">116,458</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;275,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58,031</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77,375</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">96,719</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">116,062</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">128,958</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;300,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63,656</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">84,875</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">106,094</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">127,312</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">141,458</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;325,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69,281</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92,375</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">115,469</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">138,562</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">153,958</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;350,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">74,906</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99,875</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">124,844</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">149,812</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">166,458</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;375,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80,531</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">107,375</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">134,219</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">161,062</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">178,958</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;400,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">86,156</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">114,875</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">143,594</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">172,312</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">191,458</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;425,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">91,781</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">122,375</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">152,969</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">183,562</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">203,958</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;450,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">97,406</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">129,875</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">162,344</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">194,812</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">216,458</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;475,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">103,031</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">137,375</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">171,719</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">206,062</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">228,958</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="158" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;500,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">108,656</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">144,875</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">181,094</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">217,312</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">241,458</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="107" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="44" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 6.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation covered by the qualified pension plan and
the SERP is generally only base salary. Retirement benefits are computed based
on each participant&#146;s years of credited service at the Company, age, earnings
and retirement date, and are not subject to any deduction for social security
or other offset amounts. Normal retirement age for participants is 65 with
provisions for retirement as early as 55. Benefits are payable as a qualified
joint and survivor annuity with options for benefits in other annuity forms. Vesting
is 100% after five years of service. When the benefits of an employee under the
pension plan are reduced because of (1)&nbsp;the maximum annual benefit
limitation ($175,000 in 2006) or (2)&nbsp;the maximum compensation limitation
($220,000 in 2006; $210,000 in 2005; $205,000 in 2004 and $200,000 in prior
years), the SERP provides an additional benefit to make up the difference.</font></p>



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At December&nbsp;31, 2005, the following Named Executive
Officers were credited with approximately the following years of service for
pension computation purposes: Mr.&nbsp;Cole&#151;1.2; Mr.&nbsp;Nishida&#151;1.0; Mr.&nbsp;Rickert&#151;0.7; Mr.&nbsp;McNatt&#151;9.0; Mr.&nbsp;Juliano&#151;-0-.</font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><a name="ExecutiveDeferredCompensationPlan_022426"></a><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Deferred
Compensation Plan.</font></i></font>&nbsp;&nbsp; The Company maintains a
non-qualified deferred compensation plan whereby management employees,
including all of the executive officers, can make pre-tax deferral of up to 30%
of their salary and 100% of any cash bonus. Monies deferred are payable to the
plan participant upon termination of employment or retirement, and may be
distributed as a lump-sum or over a specified installment period. Earnings on
compensation deferred under this plan are tied to the performance of mutual
funds, which are substantially the same funds as those in the Company&#146;s 401(k)&nbsp;plan,
and do not earn interest at a fixed rate.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">28</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='28',FILE='C:\fc\81225532365_D11430_949381\3378-1-dm.htm',USER='jmsproofassembler',CD='Mar 22 22:56 2006' -->
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<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ExecutiveSeverancePlan_022443"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Severance Plan</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has an
Executive Severance Plan covering certain management employees of the Company,
including Robert M. McNatt, who is the only executive officer covered by this
plan. Payments under the Executive Severance Plan will be made to a participant
who is terminated from employment as a result of a restructuring or downsizing
in operations, discontinuance of certain business activities, or elimination of
a position with no comparable position within the Company being offered to the
participant. The amount of the severance payment is twelve months of base
salary for vice presidents and one month&#146;s base salary for each year of service
with a minimum of twelve months and a maximum of eighteen months for the chief
executive officer (Mr.&nbsp;Cole has chosen not to participate in the Executive
Severance Plan) and executive vice presidents. This payment will be made on the
regular payroll schedule for the number of months that the participant is
eligible to receive payment. If an incentive plan is in effect, the participant
also will receive a pro-rated annual incentive plan payment earned during the
year in which separation from employment occurred in accordance with the terms
of such plan. During the period that the participant is eligible to receive
severance payments, the Company will provide health care benefits with the same
coverage and same employer contributions as the participant was receiving
before termination of employment.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="EmploymentAgreementForDavidC_Cole_022445"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employment
Agreement for David C. Cole</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Cole has an Employment Agreement with the
Company (the &#147;Employment Agreement&#148;) to serve as President and Chief Executive
Officer, effective October&nbsp;15, 2003, continuing for an indefinite term at
the pleasure of the Board of Directors (the &#147;Board&#148;). Pursuant to the
Employment Agreement, Mr.&nbsp;Cole was appointed as a director upon the
approval by the shareholders, in December&nbsp;2003, of the expansion of the
size of the Board. He was appointed Chairman of the Board in March&nbsp;2004.</font></p>



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Cole receives a base salary of $450,000 per
year, with his performance to be reviewed annually by the Board to determine if
an increase is warranted. He is eligible to participate in the Company&#146;s
employee and executive benefit plans and programs, other than the Executive
Severance Plan. These plans do not presently offer equity compensation.
Mr.&nbsp;Cole also has entered into a Restricted Share Agreement (the &#147;Restricted
Share Agreement&#148;) and a Stock Option Agreement (the &#147;Option Agreement&#148;) with
the Company, pursuant to which he was issued 100,000 shares of restricted stock
and 200,000 nonqualified stock options in December&nbsp;2003. The Restricted
Stock Agreement is further described below. For a description of the Option
Agreement, see footnote 1 to the table in &#147;&#151;Securities
Authorized for Issuance Under Equity Compensation Plans.&#148;</font></p>



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Cole&#146;s employment will continue at the
pleasure of the Board until terminated with or without cause by the Board or by
his death, disability, voluntary resignation or resignation for good reason. If
Mr.&nbsp;Cole&#146;s employment is terminated due to his death or disability, he (or
his estate) will be entitled to his salary earned through the termination date,
the right to exercise vested options for a year following termination, any
vested restricted shares (including, if he dies or is disabled after June&nbsp;30
of 2005, 2006 or 2007, a pro rata amount based on the portion of the period he
served), and any other vested employment benefits. If Mr.&nbsp;Cole&#146;s
employment is terminated for &#147;cause,&#148; he will be entitled only to salary earned
through the date of termination, any vested restricted shares, and any other
vested employee benefits. If Mr.&nbsp;Cole&#146;s employment is terminated without &#147;cause&#148;
or he resigns for &#147;good reason,&#148; he will be entitled to a severance payment of
$450,000, in addition to any salary earned through the date of termination or
resignation, the immediate vesting of all unvested restricted shares and stock
options, and the right to exercise vested options for six months following
termination, in addition to all other amounts earned or accrued but not paid
and any vested employee benefits.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Employment Agreement, &#147;cause&#148;
includes: a breach of the Employment Agreement by Mr.&nbsp;Cole that is not
cured after 15 days notice; a failure or refusal to carry out the Board&#146;s
policies; a </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">material and intentional
or grossly negligent breach of the duty of care or a willful or grossly
negligent breach of the duty of loyalty resulting in a material injury to the
Company or its shareholders; a conviction or plea of guilty or no contest to
any crime for which imprisonment is a possibility or which results in a fine or
penalty by the Company; or any knowing violation of a law or regulation that
results in a fine or penalty to the Company exceeding $50,000 or a judgment of
$1,000,000 or more.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A resignation for &#147;good
reason&#148; includes a resignation within 180 days after: a material breach of the
Employment Agreement by the Company; material interference by the Company with Mr.&nbsp;Cole&#146;s
access to the Board; a decrease in title or compensation or a material decrease
in authority; or a &#147;Change in Control&#148; of the Company. For these purposes, a &#147;Change
in Control&#148; includes:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>if
any person or group (other than an existing shareholder or group of
shareholders or their affiliates) beneficially owns more than 30% of the total
voting power of the Company&#146;s stock on a fully diluted basis, and such
beneficial ownership represents a greater percentage of the total voting power
of the Company&#146;s stock, on a fully diluted basis, than is held by any existing
shareholder or group, together with their respective affiliates;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>if
a majority of the Board comes to consist of those who are not members on the
date of the Employment Agreement, or were not nominated or elected by
two-thirds of such directors;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
merger or consolidation of the Company after which one or more of the current
shareholders retains less than 60% of the voting shares of the surviving
entity;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
sale or transfer, not recommended by Mr.&nbsp;Cole of 50% or more of the
Company&#146;s assets; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Company&#146;s approval and implementation of a plan of liquidation or dissolution
or the filing of a bankruptcy petition.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Cole will be entitled to indemnity pursuant
to the applicable law and the Company&#146;s current Bylaws and resolutions in
effect as to the most favorably indemnified officer or director, or if more
favorable, the terms of such Bylaws or resolutions as may later become
effective. Mr.&nbsp;Cole will comply with the Company&#146;s existing policies on
conflicts of interest and business ethics, and will have standard
confidentiality and invention assignment obligations. For a one-year period
after Mr.&nbsp;Cole&#146;s employment is terminated, he agrees not to solicit or
encourage Company employees or contractors to leave the Company (without Board
approval), or to solicit or encourage current or prospective customers to cease
or reduce their business with the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Restricted Share
Agreement, Mr.&nbsp;Cole&#146;s 100,000 shares of restricted stock will vest at the
rate of up to 25,000 shares per fiscal year from 2004 through 2007, subject to
the achievement of certain agreed performance measures. In 2005 and 2004,
14,175 and 25,000 shares, respectively, of restricted stock was vested by the
Compensation Committee. See also &#147;&#151;Report of Compensation Committee.&#148; An&nbsp;additional
25,000-share block will be subject to vesting for fiscal year 2006 and 2007. The
number of shares vested will be determined based on the Company&#146;s achievement
of a minimum return on equity (i.e., net income after tax, exclusive of
extraordinary items such as discontinued operations, asset sales outside the
ordinary course of business, and major impairment losses, divided by beginning
shareholders&#146; equity, all in accordance with generally accepted accounting
principles, unless otherwise agreed), of 10%, with maximum vesting at 20%. The
number of shares vested would be calculated on a straight-line basis between
the minimum and the maximum. In addition, if any shares do not vest in any year
under this calculation, then they would be available for additional vesting
based on the Company&#146;s average return on equity beginning in 2005. For example,
assume that for fiscal year 2005 the Company&#146;s return on equity is 15%. Therefore,
50% of the 25,000 share block for 2005, or 12,500 shares, would vest. However,
assume that for fiscal years 2005 and 2006 the average return on equity was 16%.
An additional 10% of the 25,000&nbsp;share block for 2005, or 2,500 shares,
would vest, in addition to whatever shares vested for fiscal year 2006. Any
nonvested restricted shares generally will be forfeited if Mr.&nbsp;Cole&#146;s employment
is </font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">terminated
or if not vested in accordance with this schedule, except that any nonvested
shares will vest immediately if Mr.&nbsp;Cole is terminated without cause, or
if he resigns with good reason. However, if Mr.&nbsp;Cole dies or is disabled
after June&nbsp;30 of 2005, 2006 or 2007, the number of shares that vest
according to the above calculations will be prorated based on the portion of
the period served.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="MemorandumAgreement_110229"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Memorandum Agreement</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On August 23, 2005, Mr.
Cole and Mr. Stephen M. Case, a significant stockholder of the Company, formed
Aquaterra Partners, LLC, a Delaware limited liability company, pursuant to a
Memorandum Agreement between them dated July 29, 2005, for the purpose of
making investments.&#160; Mr. Case contributed
$1,990,000 through his nominee, ALPS Investment, LLC, and Mr. Cole contributed
$100,000. Aquaterra Partners is managed by Aquaterra Corporation, a Delaware
corporation owned by Mr. Cole. Under the terms of the Memorandum Agreement, the
first $2,090,000 of Aquaterra Partner&#146;s income will be allocated to Mr. Cole,
after which all other income will&#160; be
divided equally between ALPS Investment, LLC, and Mr. Cole. The Memorandum
Agreement replaced an agreement dated August 12, 2003 in which Mr. Cole was
granted the right to purchase 100,000 shares of Common Stock of the Company by
the Stephen M. Case Revocable Trust.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ChangeInControlProvisionsincluded_110233"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Change
in Control Provisions (included in Restricted Share Agreement) with Fred W.
Rickert</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fred W. Rickert, Vice
President/Chief Financial Officer of the Company, has an agreement with the Company
under which up to 24,000 shares of restricted stock will vest over a three-year
period upon the attainment of certain performance criteria. The shares were
granted on September&nbsp;23, 2004 pursuant to the Maui Land&nbsp;&amp;
Pineapple Company,&nbsp;Inc. 2003 Stock and Incentive Compensation Plan. The
performance criteria of Mr.&nbsp;Rickert&#146;s Restricted Share Agreement are
identical to the performance criteria described above under the Restricted
Share Agreement for David C. Cole. The agreement provides that if there is a &#147;change
in control&#148; and if within 180 days, Mr.&nbsp;Rickert voluntarily resigns from
employment or is terminated from employment without &#147;cause&#148; any unvested
restricted shares will become vested. For the purpose of this agreement, &#147;change
in control&#148; and &#147;cause&#148; are substantially similar to the definition in Mr.&nbsp;Cole&#146;s
Employment Agreement.</font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="SeveranceArrangementForThomasH_Ju_104756"></a>Severance Arrangement for Thomas H. Juliano</p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;">In
accordance with the employment offer letter accepted by Mr. Juliano in May
2005, if Mr. Juliano is terminated before December 31, 2006 through no fault of his own, he
will be eligible for severance benefits equal to one year&#146;s salary.</p>



<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="ReportOfCompensationCommitteeOnEx_050444"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Report of Compensation Committee on Executive
Compensation</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors has charged the Compensation
Committee with the responsibility of administering the Company&#146;s executive
compensation program. The Committee is assisted from time to time by
independent management consultants who advise the Committee on compensation
matters.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee&#146;s philosophy with regard to executive
compensation is to attract, retain and reward the level of expertise needed to
achieve the Company&#146;s business objectives. The Committee believes that
compensation should emphasize performance-based variable pay plans rather than
base salary and cash bonuses. While base salary is an important part of the
compensation program, the Committee manages base salaries with the objective of
maintaining relatively low fixed cost levels as the Company shifts reward
opportunity into variable pay plans.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2005, the Committee reviewed with Mr.&nbsp;Cole (as
CEO) the individual performance of the Company&#146;s key management employees, and
approved salary increases and time-vested stock options for certain executive
officers based upon the individual&#146;s contributions. Compensation for new
executive </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">officers was determined
based on compensation information provided by in-house analyses of market
comparables.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2005, the Committee reviewed all compensation paid
to Mr.&nbsp;Cole as Chairman, President&nbsp;&amp; CEO of the Company and
concluded that it was reasonable. The compensation paid in 2005 to Mr.&nbsp;Cole
as Chairman was established in his employment agreement (dated October&nbsp;2003),
and was arrived at through a series of negotiations with Mr.&nbsp;Cole. In
2005, Mr.&nbsp;Cole was paid $450,000 in base salary and did not participate in
any cash bonus plan. Mr.&nbsp;Cole&#146;s compensation was set in an effort to
provide him with a total compensation package acceptable to an executive of his
caliber and experience, in light of the then-current financial circumstances
facing the Company. A significant portion of Mr.&nbsp;Cole&#146;s compensation
consists of shares of restricted stock, which will vest only upon the
achievement of agreed-upon performance measures, and stock options, which will
vest over time provided that Mr.&nbsp;Cole remains with the Company, the value
of which will be directly attributable to any increase in value of the Company&#146;s
Common Stock over its exercise price. The Committee believes that this equity
compensation will serve to link Mr.&nbsp;Cole&#146;s interests to those of the
Company&#146;s shareholders and provide him with an incentive for outstanding
performance.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In February&nbsp;2006, the Committee made an
assessment of Mr.&nbsp;Cole&#146;s achievement of certain targeted return on equity
criteria with regard to the fiscal year 2005, and, based upon this review of
his achievements against these performance measures, vested 14,175 shares of
restricted stock granted to Mr.&nbsp;Cole pursuant to his Restricted Share
Agreement. The Committee also vested 4,536 shares of restricted stock that had
been granted to Mr.&nbsp;Rickert in 2004, which were based on the same
performance criteria as Mr.&nbsp;Cole&#146;s restricted stock grant.</font></p>

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

<p style="margin:0pt 0pt 6.0pt 40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fred E. Trotter (Chairman)<br>
Walter A. Dods,&nbsp;Jr.<br>
Duncan MacNaughton</font></p>

<p style="font-style:italic;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The above Report of the Compensation Committee does
not constitute soliciting material and should not be deemed filed or
incorporated by reference into any other Company filing, whether under the
Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as
amended, whether made on, before or after the date of this Proxy Statement and
irrespective of any general incorporation language in such filing, except to
the extent the Company specifically incorporates this Report by reference
therein.</font></i></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="CompensationCommitteeInterlocksAn_022720"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation
Committee Interlocks and Insider Participation</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Members of the Compensation Committee for 2005 were
Fred E. Trotter III, Walter A. Dods Jr., and Duncan MacNaughton.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No member of the Compensation Committee during fiscal
year 2005 served as an officer, former officer or employee of the Company or
any of its subsidiaries. See &#147;Certain Relationships and Related Transactions.&#148; During
fiscal year 2005, no executive officer of the Company served as a member of the
Compensation Committee (or equivalent) of any other entity, one of whose
executive officers served as one of the Company&#146;s directors or on its
Compensation Committee; or as a director of any other entity, one of whose
executive officers served on the Company&#146;s Compensation Committee.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">32</font></p>
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<div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ShareholderReturnPerformanceGraph_023425"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder
Return Performance Graph</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set forth below is a graph comparing the cumulative
total Shareholder return on Company&#146;s Common Stock against the cumulative total
return of the S&amp;P Small Cap 600 Index and the S&amp;P 600 Food Products. The
historical stock price performance of the Company&#146;s Common Stock show in the
performance graph below is not necessarily indicative of future stock price
performance.</font></p>

<p align="center" style="margin:0pt 0pt 6.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-weight:bold;"><img width="464" height="329" src="g33781doi001.jpg" alt="GRAPHIC"></font></b></p>

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

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160;&#160;&#160;&#160;&#160;&#160; $100 invested
on December&nbsp;31, 2000 in common stock of Maui Land&nbsp;&amp; Pineapple
Company,&nbsp;Inc., S&amp;P Small Cap 600 Index and S&amp;P 600 Food Products.</font></p>

<p style="font-style:italic;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The material in the above performance graph does not
constitute soliciting material and should not be deemed filed or incorporated
by reference into any other Company filing, whether under the Securities Act of
1933, as amended, or the Securities Exchange Act of 1934, as amended, whether
made on, before or after the date of this Proxy Statement and irrespective of
any general incorporation language in such filing, except to the extent the
Company specifically incorporates this performance graph by reference therein.</font></i></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">33</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-style:italic;margin:0pt 0pt 12.0pt;text-indent:0pt;"><i><font size="2" face="Times New Roman"></font></i></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="CertainRelationshipsAndRelatedTra_121335"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</font></b></p>

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



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;">In March 2006, the Company entered into an
agreement to sell 190 acres of Upcountry Maui land and improvements thereon to
David C. Cole, our Chairman, President and Chief Executive Officer, for
$4.9&nbsp;million. The agreement was structured in compliance with the Company&#146;s
policy for related party real estate sales. Such policy requires two
independent appraisals of the property value, allows for a 3% discount to the
sales price in lieu of brokers commissions, and requires review and approval of
the sales price by the Audit Committee of the Board of Directors. The $4.9
million sales price represents a 3% discount from the average of the
independent appraisals received by the Company, and the entire amount is
payable in cash to the Company at the time of the closing. Subdivision of the
land parcel is a condition precedent to the closing of the sale. The Company
estimates that the closing will occur in 2007. Prior to the closing of the
sale, the Company will lease the 3,500 square foot residence that is located on the property to Mr.
Cole for $1,500 per month, which amount is at fair market value based on an
estimate by a third party realtor. The property had been earmarked for sale in 2004 as
part of the real estate that is considered non-core to the Company&#146;s
operations.</p>



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has also been
engaged in initial discussions to potentially sell approximately 64 acres of
Upcountry Maui land to Duncan MacNaughton, a director, for approximately $1.6
million. This potential sale is also being reviewed in accordance with the
Company&#146;s related party real estate sale policy referred to in the preceding
paragraph.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In June&nbsp;2005, the
Company purchased a residential property in Upcountry Maui that includes a
house and cottage on approximately 4 acres of land for $2.6 million. The
purchase was made to provide housing for Thomas H. Juliano, a executive officer
whom the Company hired in June&nbsp;2005. The Company entered into a one-year
rental agreement with Mr.&nbsp;Juliano at $4,000 per month, which amount is at
fair market value.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="Section16abeneficialOwnershipRepo_110649"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;16(A)&nbsp;BENEFICIAL OWNERSHIP REPORTING
COMPLIANCE</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16(a)&nbsp;of
the Securities Exchange Act requires the Company&#146;s officers and directors and
beneficial owners of more than 10% of the Company&#146;s Common Stock to file
reports of ownership and changes in ownership with the Securities and Exchange
Commission and to furnish the Company with copies of such reports. To the
Company&#146;s knowledge, based solely upon a review of such reports and amendments
thereto received by the Company during or with respect to its most recent
fiscal year and upon written representations regarding all reportable
transactions, the Company did not identify any such required report that was
not timely filed.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="OtherInformation_023934"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">OTHER INFORMATION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ShareholderProposalsAndNomination_023936"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder
Proposals And Nominations</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposals of shareholders intended to be presented
pursuant to Rule&nbsp;14a-8 under the Securities Exchange Act of 1934
(the &#147;Exchange Act&#148;) must be received at the corporate offices of the Company
on or before December&nbsp;1, 2006 in order to be considered for inclusion in
the Company&#146;s proxy statement and proxy card for the 2007 Annual Meeting.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s Bylaws contain additional requirements
that must be satisfied for any proposal of shareholders made other than under Rule&nbsp;14a-8.
Compliance with these requirements will entitle the proposing Shareholder only
to present such proposals or nominations before the meeting, not to have the
proposals or nominations included in the Company&#146;s proxy statement or proxy
card. Such proposals or nominations may not be brought before an annual meeting
by a shareholder unless the shareholder has given timely written notice in
proper form of such proposal or nomination to the Chairman of the Board, the
President or the Secretary of the Company. Such proposals or nominations may be
made only by </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">34</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">persons who are
shareholders of record on the date on which such notice is given and on the
record date for determination of shareholders entitled to vote at that meeting.
Shareholder notices of any proposals or nominations intended to be considered
at the 2007 Annual Meeting will be timely under our Bylaws only if received at
the Company&#146;s corporate offices no earlier than January&nbsp;8, 2007<b><font style="font-weight:bold;"> </font></b>and no later than February&nbsp;7, 2007. However, if the
2007 Annual Meeting is called for a date that is not within thirty days before
or after May&nbsp;8, 2007, any such notice will be timely only if it is
received no later than the close of business on the tenth day following the
date of the Company&#146;s first mailing of the notice of the 2007 Annual Meeting or
the date of the Company&#146;s public disclosure of the date of the 2007 Annual
Meeting, whichever is earlier.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To be in proper
written form, a shareholder&#146;s notice concerning a proposal to be presented at
an annual meeting must set forth as to each matter the shareholder proposes to
bring before the annual meeting:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
brief description of the business desired to be brought before the annual
meeting and the reasons for conducting such business at the annual meeting;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
name and record address of such shareholder;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
number of shares of stock of the Company owned by such shareholder beneficially
and of record;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
description of all arrangements or understandings between such shareholder and
any other person or persons (including their names) in connection with the
proposal of such business by such shareholder and any material interest of such
shareholder in such business; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
representation that such shareholder intends to appear in person or by proxy at
the annual meeting to bring such business before the meeting.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To be in proper
written form, a notice concerning a nomination for election to the Board of
Directors must set forth as to each person whom the shareholder proposes to
nominate for election as a director:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
name, age, business address and residence address of the person;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
principal occupation or employment of the person;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
number of shares of stock of the Company owned by the person beneficially and
of record; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any
other information relating to the person that would be required to be disclosed
in a proxy statement or other filings required to be made in connection with
solicitations of proxies for election of directors pursuant to Section&nbsp;14
of the Exchange Act and the rules&nbsp;and regulations promulgated thereunder;
and as to the shareholder giving the notice:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
name and record address of such shareholder;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
number of shares of stock of the Company owned by such shareholder beneficially
and of record;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
description of all arrangements or understandings between such shareholder and
each proposed nominee and any other person or persons (including their names)
pursuant to which the nomination(s)&nbsp;are to be made by such shareholder;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
representation that such shareholder intends to appear in person or by proxy at
the meeting to nominate the persons named in its notice; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any
other information relating to such shareholder that would be required to be
disclosed in a proxy statement or other filings required to be made in
connection with solicitations of proxies for election of directors pursuant to Section&nbsp;14
of the Exchange Act and the rules&nbsp;and regulations </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">35</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt 30.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">promulgated thereunder. Such
notice must be accompanied by a written consent of each proposed nominee to being
named as a nominee and to serve as a director if elected.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, no person will be eligible for election
as a director if such election would cause the Company to have insufficient &#147;independent
directors&#148; within the meaning of the listing standards of the American Stock
Exchange.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any notice concerning
proposals or nominations sought to be considered at an Annual Meeting should be
addressed to the Company&#146;s Chairman, President or Secretary at 120 Kane Street,
P.O.&nbsp;Box 187, Kahului, Hawaii 96733-6687. The full text of the bylaw
provisions referred to above (which also set forth requirements and limitations
as to shareholder proposals or nominations to be considered at any special
meeting) may be obtained by contacting the Company&#146;s Secretary at the foregoing
address, by telephone at 808-877-3351, facsimile 808-877-1614
or e-mail at <i><font style="font-style:italic;">investor.info@mlpmaui.com</font></i>.</font></p>

<p align="center" style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-align:center;text-indent:-10.0pt;"><a name="MultipleShareholdersSharingTheSam_023952"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MULTIPLE
SHAREHOLDERS SHARING THE SAME ADDRESS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Owners of common stock in
street name may receive a notice from their broker or bank stating that only
one proxy statement will be delivered to multiple security holders sharing an
address. This practice, known as &#147;householding,&#148; is designed to reduce printing
and postage costs. However, if any shareholder residing at such an address
wishes to receive a separate proxy statement, he or she may contact the Company&#146;s
Secretary at P.O.&nbsp;Box 187, Kahului, Hawaii 96733-6687 or by
telephone at 808-877-3351 or e-mail at <i><font style="font-style:italic;">investor.info@mlpmaui.com.</font></i></font></p>

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

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BY ORDER OF THE
  BOARD OF DIRECTORS</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt;"><br>
  <br>
  <br>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADELE H. SUMIDA</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Secretary</font></i></p>
  </td>
 </tr>
</table>

</div>

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

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kahului,
Maui, Hawaii</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;31, 2006</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">36</font></p>
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<div style="font-family:Times New Roman;">

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

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles of Amendment</font></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="DepartmentOfCommerceAndConsumerAf_020745"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS<br>
STATE OF HAWAII<br>
</font></b>ARTICLES OF AMENDMENT</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="ArticleIName_020835"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE I<br>
<font style="text-transform:uppercase;">NAME</font></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The name of the
Corporation is MAUI LAND&nbsp;&amp; PINEAPPLE COMPANY, INC.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="ArticleIiAmendments_095545"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II<br>
AMENDMENTS</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paragraph (a)&nbsp;of Article&nbsp;IV of the Corporation&#146;s
Restated Articles of Association is amended and restated in its entirety as
follows:</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amount of the
authorized capital stock of the corporation is Nine Million (9,000,000) shares
of common stock without par value.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="ArticleIiiOutstandingShares_022056"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III<br>
OUTSTANDING SHARES</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The total number of shares
outstanding is 7,378,550.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="ArticleIvAdoptionOfAmendments_095541"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IV<br>
ADOPTION OF AMENDMENTS</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amendment to paragraph (a)&nbsp;of Article&nbsp;IV
was adopted at a meeting of the shareholders held on May&nbsp;8, 2006. Of the
7,378,550 outstanding shares of common stock of the Corporation, constituting
the sole voting group, 7,378,550 votes were entitled to be cast, <i><font style="font-style:italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></i>shares
were voted for the amendment and <i><font style="font-style:italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></i>shares
were voted against the amendment.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned certifies under the penalties of Section&nbsp;414-20,
Hawaii Revised Statutes, that the undersigned has read the above statements and
that the same are true and correct.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signed
this <i><font style="font-style:italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></i>
day of May&nbsp;2006.</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.05pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"></p>
  </td>
  <td width="304" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:228.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David C. Cole</font></p>
  </td>
 </tr>
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.05pt;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Chairman, President&nbsp;&amp; Chief Executive
  Officer</font></i></p>
  </td>
 </tr>
</table>

</div>

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


 <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">1</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>

<p align="right" style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Appendix B</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="MauiLandPineappleCompanyInc__024922"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MAUI LAND&nbsp;&amp; PINEAPPLE COMPANY, INC.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="a2006EquityAndIncentiveAwardPlan_020806"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2006 EQUITY AND INCENTIVE AWARD PLAN</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc., a
Hawaii corporation (the &#147;Company&#148;), by resolution of its Board of Directors,
hereby adopts the Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc. 2006 Equity
and Incentive Award Plan (the &#147;Plan&#148;). The Plan will become effective upon the
approval of the Company&#146;s shareholders (the &#147;Effective Date&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purpose of the Plan is
to promote the success and enhance the value of the Company by linking the personal
interests of the members of the Board, Employees, and Consultants to those of
the Company&#146;s shareholders and by providing such individuals with an incentive
for outstanding performance to generate superior returns to the Company&#146;s
shareholders. The Plan is further intended to provide flexibility to the
Company in its ability to motivate, attract, and retain the services of members
of the Board, Employees, and Consultants upon whose judgment, interest, and
special effort the successful conduct of the Company&#146;s operation is largely
dependent.</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><a name="ArticleI__015132"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE I.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="Definitions_015133"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEFINITIONS</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wherever the
following terms are used in the Plan they shall have the meanings specified
below, unless the context clearly indicates otherwise. The singular pronoun
shall include the plural where the context so indicates.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1.&#160;&#160;&#160;&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Administrator</font></i>&#148; shall mean the entity that conducts the
general administration of the Plan as provided herein. With reference to the
administration of the Plan with respect to Awards granted to Independent
Directors, the term &#147;Administrator&#148; shall refer to the Board. With reference to
the administration of the Plan with respect to any other Award, the term &#147;Administrator&#148;
shall refer to the Committee unless the Board has assumed the authority for
administration of the Plan generally as provided in Section&nbsp;10.2. With
reference to the duties of the Committee under the Plan which have been
delegated to two or more persons pursuant to Section&nbsp;10.5, the term &#147;Administrator&#148;
shall refer to such person(s)&nbsp;unless the Committee or the Board has
revoked such delegation.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2.&#160;&#160;&#160;&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Award</font></i>&#148; shall mean an Option, a Restricted Stock award, a
Restricted Stock Unit award, a Performance Award, a Dividend Equivalents award,
a Deferred Stock award, a Stock Payment award or a Stock Appreciation Right,
which may be awarded or granted under the Plan (collectively, &#147;Awards&#148;).</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3.&#160;&#160;&#160;&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Award Agreement</font></i>&#148; shall mean a written agreement executed by
an authorized officer of the Company and the Holder which shall contain such
terms and conditions with respect to an Award as the Administrator shall
determine, consistent with the Plan.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.4.&#160;&#160;&#160;&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Award Limit</font></i>&#148; shall mean one hundred thousand (100,000)
shares of Common Stock, as adjusted pursuant to Section&nbsp;11.3; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that,
solely with respect to Performance Awards granted pursuant to Section&nbsp;8.2(b),
&#147;Award Limit&#148; shall mean $250,000.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.5.&#160;&#160;&#160;&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Board</font></i>&#148; shall mean the Board of Directors of the Company.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.6.&#160;&#160;&#160;&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Change in Control</font></i>&#148; means the occurrence of any of the
following events:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:30.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160;&#160;&#160; </font>the acquisition, directly or indirectly,
by any &#147;person&#148; or &#147;group&#148; (as those terms are defined in
Sections&nbsp;3(a)(9), 13(d), and 14(d)&nbsp;of the Exchange Act and the rules&nbsp;thereunder)
of &#147;beneficial ownership&#148; (as determined pursuant to Rule&nbsp;13d-3
under the Exchange Act) of securities entitled to vote generally in the
election of directors (&#147;voting securities&#148;)</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;"> </font>of the Company that </p>


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<p style="margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">represent
50% or more of the combined voting power of the Company&#146;s then outstanding
voting securities, other than:</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an
acquisition by a trustee or other fiduciary holding securities under any
employee benefit plan (or related trust) sponsored or maintained by the Company
or any person controlled by the Company or by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any person controlled
by the Company,</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an
acquisition of voting securities by the Company or a corporation owned,
directly or indirectly, by the shareholders of the Company in substantially the
same proportions as their ownership of the stock of the Company,</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; an
acquisition of voting securities by any person or group who, as of the
Effective Date, is a beneficial owner of 25% or more of the combined voting
power of the Company&#146;s then outstanding voting securities, or</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160; an
acquisition of voting securities pursuant to a transaction described in
subsection (c)&nbsp;below that would not be a Change in Control under
subsection (c);</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">however</font></i>, that notwithstanding the
foregoing, an acquisition of the Company&#146;s securities by the Company which
causes the Company&#146;s voting securities beneficially owned by a person or group
to represent 50% or more of the combined voting power of the Company&#146;s then
outstanding voting securities shall not be considered an acquisition by any
person or group for purposes of this subsection (a); <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">however</font></i>, that if a person or group shall
become the beneficial owner of 50% or more of the combined voting power of the
Company&#146;s then outstanding voting securities by reason of share acquisitions by
the Company as described above and shall, after such share acquisitions by the
Company, become the beneficial owner of any additional voting securities of the
Company, then such acquisition shall constitute a Change in Control (except as
otherwise provided above);</p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; during any
period of two consecutive years, individuals who, at the beginning of such
period, constitute the Board together with any new director(s)&nbsp;(other than
a director designated by a person who shall have entered into an agreement with
the Company to effect a transaction described in Section&nbsp;1.6(a)&nbsp;or Section&nbsp;1.6(c))
whose election by the Board or nomination for election by the Company&#146;s
shareholders was approved by a vote of at least two-thirds of the directors
then still in office who either were directors at the beginning of the two-year
period or whose election or nomination for election was previously so approved,
cease for any reason to constitute a majority thereof;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; the
consummation</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;"> </font>by the
Company (whether directly involving the Company or indirectly involving the Company
through one or more intermediaries) of (i)&nbsp;a merger, consolidation,
reorganization, or business combination or (ii)&nbsp;a sale or other
disposition of all or substantially all of the Company&#146;s assets in any single
transaction or series of related transactions or (iii)&nbsp;the acquisition of
assets or stock of another entity, in each case, other than a transaction</p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160; which
results in the Company&#146;s voting securities outstanding immediately before the
transaction continuing to represent (either by remaining outstanding or by
being converted into voting securities of the Company or the person that, as a
result of the transaction, controls, directly or indirectly, the Company or
owns, directly or indirectly, all or substantially all of the Company&#146;s assets
or otherwise succeeds to the business of the Company (the Company or such
person, the &#147;Successor Entity&#148;)) directly or indirectly, more than 50% of the
combined voting power of the Successor Entity&#146;s outstanding voting securities
immediately after the transaction,</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160; after
which more than 50% of the members of the board of directors of the Successor
Entity were members of the Incumbent Board at the time of the Board&#146;s approval
of </font></p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 50.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the agreement providing
for the transaction or other action of the Board approving the transaction,</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;"> </font>and</p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160; after
which no person or group beneficially owns voting securities representing 50%
or more of the combined voting power of the Successor Entity; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that
no person or group shall be treated for purposes of this subsection (C)&nbsp;as
beneficially owning 50% or more of the combined voting power of the Successor
Entity solely as a result of the voting power held in the Company prior to the
consummation of the transaction; or</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160; shareholder
approval of a liquidation or dissolution of the Company.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of
subsection (a)&nbsp;above, the calculation of voting power shall be made as if
the date of the acquisition were a record date for a vote of the Company&#146;s
shareholders, and for purposes of subsection (c)&nbsp;above, the calculation of
voting power shall be made as if the date of the consummation of the
transaction were a record date for a vote of the Company&#146;s shareholders.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.7.&#160;&#160;&#160;&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Code</font></i>&#148; shall mean the Internal Revenue Code of 1986, as
amended.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.8.&#160;&#160;&#160;&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Committee</font></i>&#148; shall mean the Compensation Committee of the
Board, or another committee or subcommittee of the Board, appointed as provided
in Section&nbsp;10.5.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.9.&#160;&#160;&#160;&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Common Stock</font></i>&#148; shall mean the common stock of the Company, no
par value.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.10.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Company</font></i>&#148; shall mean Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.,
a Hawaii corporation.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.11.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Consultant</font></i>&#148; shall mean any consultant or adviser if:&#160; (a)&nbsp;the consultant or adviser is a
natural person, (b)&nbsp;the consultant or adviser renders bona fide services
to the Company or any Subsidiary; and (c)&nbsp;the services rendered by the
consultant or adviser are not in connection with the offer or sale of
securities in a capital-raising transaction and do not directly or indirectly
promote or maintain a market for the Company&#146;s securities.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.12.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Covered Employee</font></i>&#148; shall mean any Employee who is, or could
be, a &#147;covered employee&#148; within the meaning of Section&nbsp;162(m)&nbsp;of the
Code.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.13.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Deferred Stock</font></i>&#148; shall mean rights to receive Common Stock
awarded under Article&nbsp;VIII of the Plan.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.14.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Director</font></i>&#148; shall mean a member of the Board.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.15.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Dividend Equivalent</font></i>&#148; shall mean a right to receive the
equivalent value (in cash or Common Stock) of dividends paid on Common Stock,
awarded under Article&nbsp;VIII of the Plan.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.16.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">DRO</font></i>&#148; shall mean a domestic relations order as defined by the
Code or Title I of the Employee Retirement Income Security Act of 1974, as
amended, or the rules&nbsp;thereunder.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.17.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Effective Date</font></i>&#148; shall mean the date the Plan is approved by
the Company&#146;s shareholders.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.18.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Employee</font></i>&#148; shall mean any officer or other employee (as
defined in accordance with Section&nbsp;3401(c)&nbsp;of the Code) of the
Company or any Subsidiary.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.19.&#160;&#160;&#160; &#147;Exchange&#148;
means either the American Stock Exchange or the New York Stock Exchange.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.20.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Exchange Act</font></i>&#148; shall mean the Securities Exchange Act of 1934,
as amended.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.21.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Fair Market Value</font></i>&#148; means, as of any date:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; If the
Common Stock is listed on any established stock exchange or national market
system, including without limitation any market system of The Nasdaq Stock
Market, its Fair Market Value shall be the closing sales price for a share of
Stock as quoted on such exchange or system for the </font></p>


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<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">date of determination or,
if there is no closing sales price for the Common Stock on the date in
question, the closing sales price for a share of Common Stock on the last
preceding date for which such quotation exists, as reported in The Wall Street
Journal or such other source as the Administrator deems reliable;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; If the
Common Stock is regularly quoted by a recognized securities dealer but closing
sales prices are not reported, its Fair Market Value shall be the mean of the
high bid and low asked prices on the date of determination or, if there are no
high bid and low asked prices on the date of determination, the high bid and
low asked prices on the last preceding date for which such information exists,
as reported in The Wall Street Journal or such other source as the
Administrator deems reliable; or</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; If the
Common Stock is neither listed on an established stock exchange or a national
market system nor regularly quoted by a recognized securities dealer, the Fair
Market Value thereof shall be determined in good faith by the Administrator.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.22.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Holder</font></i>&#148; shall mean a person who has been granted or awarded
an Award.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.23.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Incentive Stock Option</font></i>&#148; shall mean an option which conforms
to the applicable provisions of Section&nbsp;422 of the Code and which is
designated as an Incentive Stock Option by the Administrator.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.24.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Independent Director</font></i>&#148; shall mean a member of the Board who
is not an Employee.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.25.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Non-Qualified Stock Option</font></i>&#148; shall mean an Option which is
not designated as an Incentive Stock Option by the Administrator.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.26.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Option</font></i>&#148; shall mean a stock option granted under Article&nbsp;IV
of the Plan. An Option granted under the Plan shall, as determined by the
Administrator, be either a Non-Qualified Stock Option or an Incentive Stock
Option; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>,
that Options granted to Independent Directors and Consultants shall be
Non-Qualified Stock Options.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.27.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Performance Award</font></i>&#148; shall mean a cash bonus, stock bonus or
other performance or incentive award that is paid in cash, Common Stock or a
combination of both, awarded under Article&nbsp;VIII of the Plan.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.28.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Performance Criteria</font></i>&#148; means the criteria that the Committee
selects for an Award for purposes of establishing the Performance Goal or
Performance Goals for a Performance Period. The Performance Criteria that will
be used to establish Performance Goals are limited to the following:&#160; (a)&nbsp;net earnings (either before or after
(i)&nbsp;interest, (ii)&nbsp;taxes, (iii)&nbsp;depreciation and (iv)&nbsp;amortization),
(b)&nbsp;sales or revenue, (c)&nbsp;net income (either before or after taxes), (d)&nbsp;operating
earnings, (e)&nbsp;cash flow (including, but not limited to, operating cash
flow and free cash flow), (f)&nbsp;return on assets, (g)&nbsp;return on
shareholders&#146; equity, (h)&nbsp;return on sales, (i)&nbsp;gross or net profit
margin, (j)&nbsp;expense, (k)&nbsp;working capital, (l)&nbsp;earnings per
share, (m)&nbsp;price per share of Common Stock, and (n)&nbsp;market share, any
of which may be measured either in absolute terms or as compared to any
incremental increase or decrease or as compared to results of a peer group. The
Committee shall, within the time prescribed by Section&nbsp;162(m)&nbsp;of the
Code, define in an objective fashion the manner of calculating the Performance
Criteria it selects to use for such Performance Period for such Award; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that
each Performance Criteria shall be determined in accordance with generally
accepted accounting principles to the extent applicable.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.29.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Performance Goals</font></i>&#148; means, for a Performance Period, the
goals established in writing by the Committee for the Performance Period based
upon the Performance Criteria. Depending on the Performance Criteria used to
establish such Performance Goals, the Performance Goals may be expressed in
terms of overall Company performance or the performance of a division, business
unit, or an individual. The Committee, in its discretion, may, within the time
prescribed by Section&nbsp;162(m)&nbsp;of the Code, adjust or modify the
calculation of Performance Goals for such Performance Period in order to
prevent the dilution </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or enlargement of the
rights of any Holder of a Performance Award (a)&nbsp;in the event of, or in
anticipation of, any unusual or extraordinary corporate item, transaction,
event, or development, or (b)&nbsp;in recognition of, or in anticipation of,
any other unusual or nonrecurring events affecting the Company, or the
financial statements of the Company, or in response to, or in anticipation of,
changes in applicable laws, regulations, accounting principles, or business
conditions. The achievement of each Performance Goal shall be determined in
accordance with generally accepted accounting principles to the extent
applicable.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.30.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Performance Period</font></i>&#148; means one or more periods of time, which
may be of varying and overlapping durations, as the Committee may select, over
which the attainment of one or more Performance Goals will be measured for the
purpose of determining a Holder&#146;s right to, and the payment of, a Performance
Award.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.31.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Plan</font></i>&#148; shall mean the Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.
2006 Equity and Incentive Award Plan.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.32.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Restricted Stock</font></i>&#148; shall mean Common Stock awarded under Article&nbsp;VII
of the Plan.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.33.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Restricted Stock Units</font></i>&#148; shall mean rights to receive Common
Stock awarded under Article&nbsp;VIII.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.34.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Rule&nbsp;16b-3</font></i>&#148; shall mean Rule&nbsp;16b-3
promulgated under the Exchange Act, as such Rule&nbsp;may be amended from time
to time.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.35.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Securities Act</font></i>&#148; shall mean the Securities Act of 1933, as
amended.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.36.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Stock Appreciation Right</font></i>&#148; shall mean a stock appreciation
right granted under Article&nbsp;IX of the Plan.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.37.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Stock Payment</font></i>&#148; shall mean:&#160;
(a)&nbsp;a payment in the form of shares of Common Stock, or (b)&nbsp;an
option or other right to purchase shares of Common Stock, as part of a deferred
compensation arrangement, made in lieu of all or any portion of the
compensation, including without limitation, salary, bonuses, commissions and
directors&#146; fees, that would otherwise become payable to a key Employee,
Independent Director or Consultant in cash, awarded under Article&nbsp;VIII of
the Plan.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.38.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Subsidiary</font></i>&#148; shall mean any corporation in an unbroken chain
of corporations beginning with the Company if each of the corporations other
than the last corporation in the unbroken chain then owns stock possessing
fifty percent (50%) or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.39.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Substitute Award</font></i>&#148; shall mean an Option granted under this
Plan upon the assumption of, or in substitution for, outstanding equity awards
previously granted by a company or other entity in connection with a corporate
transaction, such as a merger, combination, consolidation or acquisition of
property or stock; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that in no event shall the term &#147;Substitute Award&#148;
be construed to refer to an award made in connection with the cancellation and
repricing of an Option.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.40.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Termination of Consultancy</font></i>&#148; shall mean the time when the
engagement of a Holder as a Consultant to the Company or a Subsidiary is
terminated for any reason, with or without cause, including, without
limitation, by resignation, discharge, death, disability or retirement, but
excluding terminations where there is a simultaneous commencement of employment
with the Company or any Subsidiary. The Administrator, in its absolute
discretion, shall determine the effect of all matters and questions relating to
Termination of Consultancy, including, without limitation, the question of
whether a Termination of Consultancy resulted from a discharge for good cause. Notwithstanding
any other provision of the Plan, the Company or any Subsidiary has an absolute
and unrestricted right to terminate a Consultant&#146;s service at any time for any
reason whatsoever, with or without cause, except to the extent expressly
provided otherwise in writing. For purposes of the Plan, the engagement of a
Holder as a Consultant to a Subsidiary </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shall be deemed to be
terminated in the event that the Subsidiary engaging such Holder ceases to
remain a Subsidiary following any merger, sale of stock or other corporate
transaction or event (including, without limitation, a spin-off).</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.41.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Termination of Directorship</font></i>&#148; shall mean the time when a
Holder who is an Independent Director ceases to be a Director for any reason,
including, without limitation, a termination by resignation, failure to be
elected, death or retirement. The Board, in its sole and absolute discretion,
shall determine the effect of all matters and questions relating to Termination
of Directorship with respect to Independent Directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.42.&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Termination of Employment</font></i>&#148;
shall mean the time when the employee-employer relationship between a Holder
and the Company or any Subsidiary is terminated for any reason, with or without
cause, including, without limitation, a termination by resignation, discharge,
death, disability or retirement; but excluding:&#160;
(a)&nbsp;terminations where there is a simultaneous reemployment or
continuing employment of a Holder by the Company or any Subsidiary, and (b)&nbsp;terminations
which are followed by the simultaneous establishment of a consulting
relationship by the Company or a Subsidiary with the former employee. The
Administrator, in its absolute discretion, shall determine the effect of all
matters and questions relating to Termination of Employment, including, without
limitation, the question of whether a Termination of Employment resulted from a
discharge for good cause; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that, with respect to Incentive Stock Options,
unless the Administrator otherwise provides in the terms of the Award Agreement
or otherwise, a leave of absence, change in status from an employee to an
independent contractor or other change in the employee-employer relationship
shall constitute a Termination of Employment if, and to the extent that, such
leave of absence, change in status or other change interrupts employment for
the purposes of Section&nbsp;422(a)(2)&nbsp;of the Code and the then applicable
regulations and revenue rulings under said Section. For purposes of the Plan, a
Holder&#146;s employee-employer relationship shall be deemed to be terminated in the
event that the Subsidiary employing such Holder ceases to remain a Subsidiary
following any merger, sale of stock or other corporate transaction or event
(including, without limitation, a spin-off).</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><a name="ArticleIi__015946"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="SharesSubjectToPlan_015947"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SHARES SUBJECT TO PLAN</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Shares Subject to Plan.</font></i></font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; Subject to
Section&nbsp;11.3 and Section&nbsp;2.1(b), the maximum aggregate number of
shares of Common Stock which may be issued or transferred pursuant to Awards
under the Plan shall be 1,000,000 shares. In order that the applicable
regulations under the Code relating to Incentive Stock Options be satisfied,
the maximum number of shares of Common Stock that may be delivered upon
exercise of Incentive Stock Options shall be the number specified in Section&nbsp;2.1(a)(i),
and, if necessary to satisfy such regulations, such maximum limit shall apply
to the number of shares of Common Stock that may be delivered in connection
with each other type of Award under the Plan (applicable separately to each
type of Award).</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; To the
extent that an Award terminates, expires, or lapses for any reason, any shares
of Common Stock then subject to such Award shall again be available for the
grant of an Award pursuant to the Plan. Additionally, any shares of Common
Stock tendered or withheld to satisfy the grant or exercise price or tax
withholding obligation pursuant to any Award shall again be available for the
grant of an Award pursuant to the Plan. To the extent permitted by applicable
law or any exchange rule, shares of Common Stock issued in assumption of, or in
substitution for, any outstanding awards of any entity acquired in any form of
combination by the Company or any Subsidiary shall not be counted against
shares of Common Stock available for grant pursuant to this Plan. If any shares
of Restricted Stock are surrendered by the Holder or repurchased by the Company
pursuant to Section&nbsp;7.5 or 7.6 hereof, such shares may again be optioned,
granted or awarded </font></p>


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<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">hereunder, subject to the
limitations of Section&nbsp;2.1(a). The payment of Dividend Equivalents in
conjunction with any outstanding Awards shall not be counted against the shares
available for issuance under the Plan. Notwithstanding the provisions of this Section&nbsp;2.1(b),
no shares of Common Stock may again be optioned, granted or awarded if such action
would cause an Incentive Stock Option to fail to qualify as an incentive stock
option under Section&nbsp;422 of the Code.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Stock Distributed.</font></i></font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Any
Common Stock distributed pursuant to an Award shall consist of authorized and
unissued Common Stock.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Limitation on Number of Shares Subject to Awards.</font></i></font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Notwithstanding
any provision in the Plan to the contrary, and subject to Article&nbsp;X, the
maximum number of shares of Common Stock with respect to one or more Awards
that may be granted to any one Employee, Independent Director or Consultant
during any fiscal year shall not exceed the Award Limit. To the extent required
by Section&nbsp;162(m)&nbsp;of the Code, shares subject to Awards, which are
canceled, continue to be counted against the Award Limit.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><a name="ArticleIii__020523"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="GrantingOfAwards_020524"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">GRANTING OF AWARDS</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Award Agreement.</font></i></font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Each
Award shall be evidenced by an Award Agreement. Award Agreements evidencing
Awards intended to qualify as performance-based compensation (as described in Section&nbsp;162(m)(4)(C)&nbsp;of
the Code) shall contain such terms and conditions as may be necessary to meet
the applicable provisions of Section&nbsp;162(m)&nbsp;of the Code. Award
Agreements evidencing Incentive Stock Options shall contain such terms and
conditions as may be necessary to meet the applicable provisions of Section&nbsp;422
of the Code.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Provisions Applicable to Covered Employees.</font></i></font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; The
Committee, in its discretion, may determine whether an Award is to qualify as
performance-based compensation (as described in Section&nbsp;162(m)(4)(C)&nbsp;of
the Code).</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; Notwithstanding
anything in the Plan to the contrary, the Committee may grant any Award to a
Covered Employee, including Restricted Stock the restrictions with respect to
which lapse upon the attainment of specified Performance Goals and any
performance or incentive award described in Article&nbsp;VIII that vests or
becomes exercisable or payable upon the attainment of one or more specified
Performance Goals.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; To the
extent necessary to comply with the performance-based compensation requirements
of Section&nbsp;162(m)(4)(C)&nbsp;of the Code, with respect to any Award
granted under Articles&nbsp;VII and VIII which may be granted to one or more
Covered Employees, no later than ninety (90) days following the commencement of
any fiscal year in question or any other designated fiscal period or period of
service (or such other time as may be required or permitted by Section&nbsp;162(m)&nbsp;of
the Code), the Committee shall, in writing, (i)&nbsp;designate one or more
Covered Employees, (ii)&nbsp;select the Performance Criteria applicable to the
fiscal year or other designated fiscal period or period of service, (iii)&nbsp;establish
the various performance targets, in terms of an objective formula or standard,
and amounts of such Awards, as applicable, which may be earned for such fiscal
year or other designated fiscal period or period of service, and (iv)&nbsp;specify
the relationship between Performance Criteria and the performance targets and
the amounts of such Awards, as applicable, to be earned by each Covered
Employee for such fiscal year or other designated fiscal period or period of
service. Following the completion of each fiscal year or other designated
fiscal period or period of service, the Committee shall certify in writing
whether the applicable performance targets have been achieved for </font></p>


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<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">such fiscal year or other
designated fiscal period or period of service. In determining the amount earned
by a Covered Employee, the Committee shall have the right to reduce (but not to
increase) the amount payable at a given level of performance to take into
account additional factors that the Committee may deem relevant to the
assessment of individual or corporate performance for the fiscal year or other
designated fiscal period or period of service.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160; Furthermore,
notwithstanding any other provision of the Plan, any Award which is granted to
a Covered Employee and is intended to qualify as performance-based compensation
(as described in Section&nbsp;162(m)(4)(C)&nbsp;of the Code) shall be subject
to any additional limitations set forth in Section&nbsp;162(m)&nbsp;of the Code
(including any amendment to Section&nbsp;162(m)&nbsp;of the Code) or any
regulations or rulings issued thereunder that are requirements for
qualification as performance-based compensation (as described in Section&nbsp;162(m)(4)(C)&nbsp;of
the Code), and the Plan shall be deemed amended to the extent necessary to
conform to such requirements.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Limitations Applicable to Section&nbsp;16 Persons</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding any
other provision of the Plan, the Plan, and any Award granted or awarded to any
individual who is then subject to Section&nbsp;16 of the Exchange Act, shall be
subject to any additional limitations set forth in any applicable exemptive
rule&nbsp;under Section&nbsp;16 of the Exchange Act (including any amendment to
Rule&nbsp;16b-3 of the Exchange Act) that are requirements for the
application of such exemptive rule. To the extent permitted by applicable law,
the Plan and Awards granted or awarded hereunder shall be deemed amended to the
extent necessary to conform to such applicable exemptive rule.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">At-Will Employment.</font></i></font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nothing in the Plan or in
any Award Agreement hereunder shall confer upon any Holder any right to
continue in the employ of, or as a Consultant for, the Company or any
Subsidiary, or as a Director of the Company, or shall interfere with or
restrict in any way the rights of the Company and any Subsidiary, which rights
are hereby expressly reserved, to discharge any Holder at any time for any
reason whatsoever, with or without cause, except to the extent expressly
provided otherwise in a written employment agreement between the Holder and the
Company and any Subsidiary.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="ArticleIv_GrantingOfOptionsToEmpl_024608"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IV.<br>
GRANTING OF OPTIONS TO EMPLOYEES,<br>
CONSULTANTS AND INDEPENDENT DIRECTORS</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Eligibility</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any Employee or
Consultant selected by the Administrator pursuant to
Section&nbsp;4.4(a)(i)&nbsp;shall be eligible to be granted an Option. Each Independent
Director of the Company shall be eligible to be granted Options at the times
and in the manner set forth in Section&nbsp;4.5.</font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Disqualification for Stock Ownership</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No person may be granted an Incentive Stock Option
under the Plan if such person, at the time the Incentive Stock Option is
granted, owns stock possessing more than 10% of the total combined voting power
of all classes of stock of the Company or any then existing Subsidiary or
parent corporation (as defined in Section&nbsp;424(e)&nbsp;of the Code) unless
such Incentive Stock Option conforms to the applicable provisions of Section&nbsp;422
of the Code.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Qualification of Incentive Stock Options</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Incentive Stock Option shall be granted to any
person who is not an Employee.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Granting of Options to Employees and Consultants</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; The
Administrator shall from time to time, in its absolute discretion, and, subject
to applicable limitations of the Plan:</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Determine
which Employees are key Employees and select from among the key Employees or
Consultants (including Employees or Consultants who have previously received
Awards under the Plan) such of them as in its opinion should be granted
Options;</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject
to the Award Limit, determine the number of shares to be subject to such
Options granted to the selected key Employees or Consultants;</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; Subject
to Section&nbsp;4.3, determine whether such Options are to be Incentive Stock
Options or Non-Qualified Stock Options and whether such Options are to qualify
as performance-based compensation (as described in Section&nbsp;162(m)(4)(C)&nbsp;of
the Code); and</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Determine
the terms and conditions of such Options, consistent with the Plan; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that
the terms and conditions of Options intended to qualify as performance-based
compensation (as described in Section&nbsp;162(m)(4)(C)&nbsp;of the Code) shall
include, but not be limited to, such terms and conditions as may be necessary
to meet the applicable provisions of Section&nbsp;162(m)&nbsp;of the Code.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; Upon the
selection of a key Employee or Consultant to be granted an Option, the
Administrator shall instruct the Secretary of the Company to issue the Option
and may impose such conditions on the grant of the Option as it deems
appropriate.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; Any
Incentive Stock Option granted under the Plan may be modified by the
Administrator, with the consent of the Holder, to disqualify such Option from
treatment as an &#147;incentive stock option&#148; under Section&nbsp;422 of the Code.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Granting of Options to Independent Directors</font></i>.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">The
Board shall from time to time, in its absolute discretion, and subject to
applicable limitations of the Plan:</font></b></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; Select
from among the Independent Directors (including Independent Directors who have
previously received Awards under the Plan) such of them as in its opinion
should be granted Options;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; Subject to
the Award Limit, determine the number of shares to be subject to such Options
granted to the selected Independent Directors; and</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; Subject to
the provisions of Article&nbsp;V, determine the terms and conditions of such
Options, consistent with the Plan.</font></p>


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<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Options in Lieu of Cash
Compensation</font></i>.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Options may be granted
under the Plan to Employees and Consultants in lieu of cash bonuses which would
otherwise be payable to such Employees and Consultants, and to Independent
Directors in lieu of directors&#146; fees which would otherwise be payable to such
Independent Directors, pursuant to such policies which may be adopted by the
Administrator from time to time.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="ArticleV_TermsOfOptions_024937"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE V.<br>
TERMS OF OPTIONS</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Option Price</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The price per share
of the shares subject to each Option granted to Employees, Independent
Directors and Consultants shall be set by the Administrator; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; In the case
of Incentive Stock Options, such price shall not be less than 100% of the Fair
Market Value of a share of Common Stock on the date the Option is granted (or
the date the Option is modified, extended or renewed for purposes of Section&nbsp;424(h)&nbsp;of
the Code);</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; In the
case of Incentive Stock Options granted to an individual then owning (within
the meaning of Section&nbsp;424(d)&nbsp;of the Code) more than 10% of the total
combined voting power of all classes of stock of the Company or any Subsidiary
or parent corporation thereof (within the meaning of Section&nbsp;422 of the
Code), such price shall not be less than 110% of the Fair Market Value of a
share of Common Stock on the date the Option is granted (or the date the Option
is modified, extended or renewed for purposes of Section&nbsp;424(h)&nbsp;of
the Code); and</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; In the
case of Non-Qualified Stock Options, such price shall not be less than 100% of
the Fair Market Value of a share of Common Stock on the date the Option is
granted (or the date the Option is modified for purposes of Section&nbsp;409A
of the Code).</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Option Term</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term of an
Option granted to an Employee, Independent Director or Consultant shall be set
by the Administrator in its discretion; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that the term shall not be more than ten (10)&nbsp;years
from the date the Option is granted, or five (5)&nbsp;years from the date the
Option is granted if the Option is an Incentive Stock Option granted to an
individual then owning (within the meaning of Section&nbsp;424(d)&nbsp;of the
Code) more than 10% of the total combined voting power of all classes of stock
of the Company or any Subsidiary or parent corporation thereof (within the
meaning of Section&nbsp;422 of the Code). Except as limited by requirements of Section&nbsp;409A
or Section&nbsp;422 of the Code and regulations and rulings thereunder, the
Administrator may extend the term of any outstanding Option in connection with
any Termination of Employment, Termination of Directorship or Termination of
Consultancy of the Holder, or amend any other term or condition of such Option
relating to such a Termination of Employment, Termination of Directorship or
Termination of Consultancy.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Option Vesting</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; The period
during which the right to exercise, in whole or in part, an Option granted to
an Employee, Independent Director or a Consultant vests in the Holder shall be
set by the Administrator and the Administrator may determine that an Option may
not be exercised in whole or in part for a specified period after it is
granted; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>,
that, unless the Administrator otherwise provides in the terms of the Award
Agreement or otherwise, no Option shall be exercisable by any Holder who is
then subject to Section&nbsp;16 of the Exchange Act within the period ending
six months and one day after the date the Option is granted. At any time after
grant of an Option, the Administrator may, in its sole and absolute discretion
and subject to whatever terms and conditions it selects, </font></p>


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<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">accelerate the period
during which an Option granted to an Employee, Independent Director or
Consultant vests.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; No portion
of an Option granted to an Employee, Independent Director or Consultant which
is unexercisable at Termination of Employment, Termination of Directorship or
Termination of Consultancy, as applicable, shall thereafter become exercisable,
except as may be otherwise provided by the Administrator either in the Award
Agreement or by action of the Administrator following the grant of the Option.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; To the
extent that the aggregate fair market value of stock with respect to which &#147;incentive
stock options&#148; (within the meaning of Section&nbsp;422 of the Code, but without
regard to Section&nbsp;422(d)&nbsp;of the Code) are exercisable for the first
time by a Holder during any calendar year under the Plan, and all other plans
of the Company and any Subsidiary or parent corporation thereof, within the
meaning of Section&nbsp;424 of the Code, exceeds $100,000, the Options shall be
treated as Non-Qualified Stock Options to the extent required by Section&nbsp;422
of the Code. The rule&nbsp;set forth in the preceding sentence shall be applied
by taking Options and other &#147;incentive stock options&#148; into account in the order
in which they were granted. For purposes of this Section&nbsp;5.3(c), the fair
market value of stock shall be determined as of the time the Option or other &#147;incentive
stock options&#148; with respect to such stock is granted.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.4.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Default Terms of Option Grants</font></i>.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise
specified at the time of grant and set forth in the Award Agreement, each
Option granted under the Plan shall be a Non-qualified Stock Option, subject to
vesting over the five-year period beginning on the date of grant, with 20% of
the shares subject to each Option vesting on the 1</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font>, 2<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">nd</font>, 3<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">rd</font>, 4<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;and 5<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;anniversary of the grant date, with a strike
price equal to the Fair Market Value of a share of Common Stock on the date of
grant.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.5&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Substitute Awards.</font></i></font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the
foregoing provisions of this Article&nbsp;V to the contrary, in the case of an
Option that is a Substitute Award, the price per share of the shares subject to
such Option may be less than the Fair Market Value per share on the date of
grant, <i><font style="font-style:italic;">provided</font></i>, that the excess of: (a)&nbsp;the
aggregate Fair Market Value (as of the date such Substitute Award is granted)
of the shares subject to the Substitute Award, over (b)&nbsp;the aggregate
exercise price thereof does not exceed the excess of: (x)&nbsp;the aggregate
fair market value (as of the time immediately preceding the transaction giving
rise to the Substitute Award, such fair market value to be determined by the
Administrator) of the shares of the predecessor entity that were subject to the
grant assumed or substituted for by the Company, over (y)&nbsp;the aggregate
exercise price of such shares.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="ArticleVi_ExerciseOfOptions_025256"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VI.<br>
EXERCISE OF OPTIONS</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Partial Exercise</font></i><b><font style="font-weight:bold;">.&nbsp;&nbsp; </font></b>An
exercisable Option may be exercised in whole or in part. However, an Option
shall not be exercisable with respect to fractional shares and the
Administrator may require that, by the terms of the Option, a partial exercise
be with respect to a minimum number of shares.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Manner of Exercise</font></i>.&nbsp;&nbsp; All or a portion of an exercisable
Option shall be deemed exercised upon delivery of all of the following to the
Secretary of the Company, or such other person or entity designated by the
Board, or his, her or its office, as applicable:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; A written
notice complying with the applicable rules&nbsp;established by the
Administrator stating that the Option, or a portion thereof, is exercised. The
notice shall be signed by the Holder or other person then entitled to exercise
the Option or such portion of the Option;</font></p>


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<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; Such
representations and documents as the Administrator, in its absolute discretion,
deems necessary or advisable to effect compliance with all applicable
provisions of the Securities Act and any other federal or state securities laws
or regulations. The Administrator may, in its absolute discretion, also take
whatever additional actions it deems appropriate to effect such compliance
including, without limitation, placing legends on share certificates and
issuing stop-transfer notices to agents and registrars;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; In the
event that the Option shall be exercised pursuant to Section&nbsp;11.1 by any
person or persons other than the Holder, appropriate proof of the right of such
person or persons to exercise the Option; and</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160; Full cash
payment to the Secretary of the Company for the shares with respect to which
the Option, or portion thereof, is exercised. However, the Administrator may,
in its discretion, (i) allow payment, in whole or in part, through the delivery
of shares of Common Stock which have been owned by the Holder for at least six
months, duly endorsed for transfer to the Company with a Fair Market Value on
the date of delivery equal to the aggregate exercise price of the Option or
exercised portion thereof; (ii)&nbsp;allow payment, in whole or in part,
through the surrender of shares of Common Stock then issuable upon exercise of
the Option having a Fair Market Value on the date of Option exercise equal to
the aggregate exercise price of the Option or exercised portion thereof; (iii)&nbsp;allow
payment, in whole or in part, through the delivery of property of any kind
which constitutes good and valuable consideration; (iv)&nbsp;allow payment, in
whole or in part, through the delivery of a notice that the Holder has placed a
market sell order with a broker with respect to shares of Common Stock then
issuable upon exercise of the Option, and the broker timely pays a sufficient
portion of the net proceeds of the sale to the Company in satisfaction of the
Option exercise price; or (v)&nbsp;allow payment through any combination of the
consideration provided in the foregoing subparagraphs (i), (ii), (iii)&nbsp;and
(iv); <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>,
that the payment in the manner prescribed in the preceding paragraphs shall not
be permitted to the extent that the Administrator determines that payment in
such manner shall result in an extension or maintenance of credit, an
arrangement for the extension of credit, or a renewal or an extension of credit
in the form of a personal loan to or for any Director or executive officer of
the Company that is prohibited by Section&nbsp;13(k)&nbsp;of the Exchange Act
or other applicable law.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Conditions to Issuance of Stock Certificates</font></i>.&nbsp;&nbsp; The
Company shall not be required to issue or deliver any certificate or
certificates for shares of stock purchased upon the exercise of any Option or
portion thereof prior to fulfillment of all of the following conditions:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; The
admission of such shares to listing on all stock exchanges on which such class
of stock is then listed;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; The
completion of any registration or other qualification of such shares under any
state or federal law, or under the rulings or regulations of the Securities and
Exchange Commission or any other governmental regulatory body which the
Administrator shall, in its absolute discretion, deem necessary or advisable;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; The obtaining
of any approval or other clearance from any state or federal governmental
agency which the Administrator shall, in its absolute discretion, determine to
be necessary or advisable;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160; The lapse
of such reasonable period of time following the exercise of the Option as the
Administrator may establish from time to time for reasons of administrative
convenience; and</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160; The
receipt by the Company of full payment for such shares, including payment of
any applicable withholding tax, which in the discretion of the Administrator
may be in the form of consideration used by the Holder to pay for such shares
under Section&nbsp;6.2(d).</font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.4.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Rights as Shareholders</font></i><b><font style="font-weight:bold;">.&nbsp;&nbsp; </font></b>Holders
shall not be, nor have any of the rights or privileges of, shareholders of the
Company in respect of any shares purchasable upon the exercise of any part of
an Option unless and until certificates representing such shares have been
issued by the Company to such Holders.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.5.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Ownership and Transfer Restrictions</font></i>.&nbsp;&nbsp; The
Administrator, in its absolute discretion, may impose such restrictions on the
ownership and transferability of the shares purchasable upon the exercise of an
Option as it deems appropriate. Any such restriction shall be set forth in the
respective Award Agreement and may be referred to on the certificates
evidencing such shares. The Holder shall give the Company prompt notice of any
disposition of shares of Common Stock acquired by exercise of an Incentive
Stock Option within (a)&nbsp;two years from the date of granting (including the
date the Option is modified, extended or renewed for purposes of Section&nbsp;424(h)&nbsp;of
the Code) such Option to such Holder, or (b)&nbsp;one year after the transfer
of such shares to such Holder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.6.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Additional Limitations on
Exercise of Options</font></i>.&nbsp;&nbsp; Holders may be required to comply with
any timing or other restrictions with respect to the settlement or exercise of
an Option, including a window-period limitation, as may be imposed in the
discretion of the Administrator.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="ArticleVii_AwardOfRestrictedStock_025656"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VII.<br>
AWARD OF RESTRICTED STOCK</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Eligibility</font></i>.<b><font style="font-weight:bold;">&nbsp;&nbsp; </font></b>Subject
to the Award Limit, Restricted Stock may be awarded to any Employee who the
Administrator determines is a key Employee, or any Independent Director or any
Consultant who the Administrator determines should receive such an Award.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.2.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Award of Restricted Stock</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; The
Administrator may from time to time, in its absolute discretion:</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Determine
which Employees are key Employees, and select from among the Key Employees,
Independent Directors or Consultants (including Employees, Independent
Directors or Consultants who have previously received Awards under the Plan)
such of them as in its opinion should be awarded Restricted Stock; and</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Determine
the purchase price, if any, and other terms and conditions applicable to such
Restricted Stock, consistent with the Plan.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; The
Administrator shall establish the purchase price, if any, and form of payment
for Restricted Stock. In all cases, legal consideration shall be required for
each issuance of Restricted Stock.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; Upon the
selection of an Employee, Independent Director or Consultant to be awarded
Restricted Stock, the Administrator shall instruct the Secretary of the Company
to issue such Restricted Stock and may impose such conditions on the issuance
of such Restricted Stock as it deems appropriate.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.3.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Automatic Independent Directors Awards</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; Any
individual who first becomes an Independent Director during the term of the
Plan shall, on the date of his or her initial election or appointment to be an
Independent Director, automatically be granted a Restricted Stock award
covering 3,000 shares; <i><font style="font-style:italic;">provided</font></i>, that
if such individual&#146;s initial appointment or election to be an Independent
Director occurs at any time other than an annual meeting at which members of
the class of directors to which such individual becomes a member are standing
for re-election, such individual shall instead receive a Restricted Stock award
covering 3,000 shares, less 250 shares for each calendar quarter ended since
the last annual meeting at </font></p>


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<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">which members of the class
of directors to which such individual is elected were standing for re-election.
Notwithstanding the foregoing, in no event shall any former Employee receive a
Restricted Stock award pursuant to this Section&nbsp;7.3(a).</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; On the
date of each annual meeting of the shareholders during the term of the Plan,
beginning with the annual meeting at which the Plan is submitted for
shareholder approval, each Independent Director who is standing for re-election
to the Board at that particular annual meeting of shareholders shall automatically
be granted a Restricted Stock award covering 3,000 shares of Common Stock; <i><font style="font-style:italic;">provided</font></i>, that such individual continues to serve as an
Independent Director as of such date.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; All of the
shares of Common Stock subject to each Restricted Stock award granted pursuant
to this Section&nbsp;7.3 shall initially be subject to forfeiture upon the
Independent Director&#146;s Termination of Directorship. The shares of Common Stock
subject to each such Restricted Stock award shall vest, and the forfeiture
restrictions shall lapse, with respect to 250 of the shares of Common Stock
upon the last business day of each calendar quarter occurring after the date of
grant; <i><font style="font-style:italic;">provided</font></i>, that unless otherwise
determined by the Board prior to an Independent Director&#146;s Termination of Directorship,
in no event shall an Independent Director vest in any additional shares of
Common Stock following his or her Termination of Directorship.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160; The grants
authorized by this Section&nbsp;7.3 are subject to shareholder approval of (i)&nbsp;the
Plan and (ii)&nbsp;an amendment to the Company&#146;s Articles of Association
increasing the authorized number of shares of Common Stock by at least
1,000,000 shares.</font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;">(e)&#160;&#160;&#160; Notwithstanding
anything to the contrary in this Section 7.3, the grant of automatic Restricted
Stock awards to be made on the date of the annual meeting at which the Plan is
submitted for shareholder approval will be delayed, if necessary, until the
later of the date upon which (i) the Company has filed an effective
registration statement on Form S-8 and (ii) the Company has received
notification from the American Stock Exchange that the shares of Common Stock
available for issuance under the Plan have been approved for listing.</p>



<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.4.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Rights as Shareholders</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to Section&nbsp;7.5,
upon delivery of the shares of Restricted Stock to the escrow holder pursuant
to Section&nbsp;7.7, the Holder shall have, unless otherwise provided by the
Administrator, all the rights of a shareholder with respect to said shares,
subject to the restrictions in his or her Award Agreement, including the right
to receive all dividends and other distributions paid or made with respect to
the shares; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>,
that, in the discretion of the Administrator, any extraordinary distributions
with respect to the Common Stock shall be subject to the restrictions set forth
in Section&nbsp;7.5.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.5.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Restriction</font></i>.&nbsp;&nbsp; All shares of Restricted Stock issued
under the Plan (including any shares received by Holders thereof with respect
to shares of Restricted Stock as a result of stock dividends, stock splits or
any other form of recapitalization) shall, in the terms of each individual
Award Agreement, be subject to such restrictions as the Administrator shall
provide, which restrictions may include, without limitation, restrictions
concerning voting rights and transferability and restrictions based on duration
of employment, directorship or consultancy with the Company, Company
performance and individual performance; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that, unless the Administrator otherwise provides
in the terms of the Award Agreement or otherwise, no share of Restricted Stock
granted to a person subject to Section&nbsp;16 of the Exchange Act shall be
sold, assigned or otherwise transferred until at least six months and one day
have elapsed from the date on which the Restricted Stock was issued, and <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">further</font></i>, that,
except with respect to shares of Restricted Stock granted to Covered Employees
that are expected to qualify as &#147;performance-based compensation&#148; for purposes
of Section&nbsp;162(m)(4)(C)&nbsp;of the Code, by action taken after the
Restricted Stock is issued, the Administrator may, on such terms and conditions
as it may </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">determine to be
appropriate, remove any or all of the restrictions imposed by the terms of the
Award Agreement. Restricted Stock may not be sold or encumbered until all
restrictions are terminated or expire. If no consideration was paid by the
Holder upon issuance, a Holder&#146;s rights in unvested Restricted Stock shall
lapse, and such Restricted Stock shall be surrendered to the Company without
consideration, upon Termination of Employment, Termination of Directorship, or
Termination of Consultancy, as applicable; and, <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">however</font></i>, that the Administrator in its
sole and absolute discretion may provide that such rights shall not lapse in
the event of a Termination of Employment, Termination of Directorship or
Termination of Consultancy, as applicable, following a &#147;change of ownership or
control&#148; (within the meaning of Treasury Regulation Section&nbsp;1.162-27(e)(2)(v)&nbsp;or
any successor regulation thereto) of the Company or because of the Holder&#146;s
death or disability; and, <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">further</font></i>, except with respect to shares of Restricted Stock
granted to Covered Employees, the Administrator in its sole and absolute
discretion may provide that no such lapse or surrender shall occur in the event
of a Termination of Employment, Termination of Directorship, or Termination of
Consultancy, as applicable, without cause or following any Change in Control or
because of the Holder&#146;s retirement, or otherwise.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.6.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Repurchase of Restricted Stock</font></i>.&nbsp;&nbsp; The Administrator
shall provide in the terms of each individual Award Agreement that the Company
shall have the right to repurchase from the Holder the Restricted Stock then
subject to restrictions under the Award Agreement immediately upon a
Termination of Employment, Termination of Directorship, or Termination of
Consultancy, as applicable, at a cash price per share equal to the price paid
by the Holder for such Restricted Stock; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that the Administrator in its sole and absolute
discretion may provide that no such right of repurchase shall exist in the
event of a Termination of Employment, Termination of Directorship or
Termination of Consultancy, as applicable, following a &#147;change of ownership or
control&#148; (within the meaning of Treasury Regulation Section&nbsp;1.162-27(e)(2)(v)&nbsp;or
any successor regulation thereto) of the Company or because of the Holder&#146;s
death or disability; and, <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">further</font></i>, that, except with respect to shares of Restricted
Stock granted to Covered Employees, the Administrator in its sole and absolute
discretion may provide that no such right of repurchase shall exist in the
event of a Termination of Employment, Termination of Directorship, or
Termination of Consultancy, as applicable, without cause or following any Change
in Control or because of the Holder&#146;s retirement, or otherwise.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.7.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Escrow</font></i>.<b><font style="font-weight:bold;">&nbsp;&nbsp; </font></b>The
Secretary of the Company or such other escrow holder as the Administrator may
appoint shall retain physical custody of each certificate representing
Restricted Stock until all of the restrictions imposed under the Award
Agreement with respect to the shares evidenced by such certificate expire or
shall have been removed.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.8.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Legend</font></i>.<b><font style="font-weight:bold;">&nbsp;&nbsp; </font></b>In order
to enforce the restrictions imposed upon shares of Restricted Stock hereunder,
the Administrator shall cause a legend or legends to be placed on certificates
representing all shares of Restricted Stock that are still subject to
restrictions under Award Agreements, which legend or legends shall make
appropriate reference to the conditions imposed thereby.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.9.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Section&nbsp;83(b)&nbsp;Election</font></i>.<b><font style="font-weight:bold;">&nbsp;&nbsp; </font></b>If a Holder makes an election under Section&nbsp;83(b)&nbsp;of
the Code, or any successor section thereto, to be taxed with respect to the
Restricted Stock as of the date of transfer of the Restricted Stock rather than
as of the date or dates upon which the Holder would otherwise be taxable under Section&nbsp;83(a)&nbsp;of
the Code, the Holder shall deliver a copy of such election to the Company
immediately after filing such election with the Internal Revenue Service.<a name="ArticleViii__021013"></a></font></p>


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<div>

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

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PERFORMANCE AWARDS,
DIVIDEND EQUIVALENTS, DEFERRED STOCK,<br>
STOCK PAYMENTS, RESTRICTED STOCK UNITS</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1.<b><font style="font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><i><font style="font-style:italic;">Eligibility</font></i>.<b><font style="font-weight:bold;">&nbsp;&nbsp; </font></b>Subject to the Award Limit, one or more Performance
Awards, Dividend Equivalent awards, Deferred Stock awards, Stock Payment awards,
and/or Restricted Stock Unit awards may be granted to any Employee whom the
Administrator determines is a key Employee, or any Independent Director or any
Consultant whom the Administrator determines should receive such an Award.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Performance Awards</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; Any key
Employee, Independent Director or Consultant selected by the Administrator may
be granted one or more Performance Awards. The value of such Performance Awards
may be linked to any one or more of the Performance Criteria or other specific
performance criteria determined appropriate by the Administrator, in each case
on a specified date or dates or over any period or periods determined by the
Administrator. In making such determinations, the Administrator shall consider
(among such other factors as it deems relevant in light of the specific type of
award) the contributions, responsibilities and other compensation of the
particular key Employee, Independent Director or Consultant.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; Without
limiting Section&nbsp;8.2(a), the Administrator may grant Performance Awards to
any Covered Employee in the form of a cash bonus payable upon the attainment of
objective Performance Goals which are established by the Administrator, in each
case on a specified date or dates or over any period or periods determined by
the Administrator. Any such bonuses paid to Covered Employees shall be based
upon objectively determinable bonus formulas established in accordance with the
provisions of Section&nbsp;3.2. The maximum aggregate amount of all Performance
Awards granted to a Covered Employee under this Section&nbsp;8.2(b)&nbsp;during
any fiscal year shall not exceed the Award Limit. Unless otherwise specified by
the Administrator at the time of grant, the Performance Criteria with respect
to a Performance Award payable to a Covered Employee shall be determined on the
basis of generally accepted accounting principles.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Dividend Equivalents</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; Any key
Employee, Independent Director or Consultant selected by the Administrator may
be granted Dividend Equivalents based on the dividends declared on Common
Stock, to be credited as of dividend payment dates, during the period between
the date a Stock Appreciation Right, Deferred Stock, Performance Award or
Restricted Stock Unit award is granted and the date such Stock Appreciation
Right, Deferred Stock, Performance Award or Restricted Stock Unit award vests,
is exercised, is distributed or expires, as determined by the Administrator. Such
Dividend Equivalents shall be converted to cash or additional shares of Common
Stock by such formula and at such time and subject to such limitations as may
be determined by the Administrator.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; Any Holder
of an Option who is an Employee, Independent Director or Consultant selected by
the Administrator may be granted Dividend Equivalents based on the dividends
declared on Common Stock, to be credited as of dividend payment dates, during
the period between the date an Option is granted and the date such Option
vests, is exercised, or expires, as determined by the Administrator. Such
Dividend Equivalents shall be converted to cash or additional shares of Common
Stock by such formula and at such time and subject to such limitations as may
be determined by the Administrator.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; Dividend
Equivalents granted with respect to Options intended to be qualified performance-based
compensation for purposes of Section&nbsp;162(m)&nbsp;of the Code shall be
payable, with respect to pre-exercise periods, regardless of whether such
Option is subsequently exercised.</font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.4.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Stock Payments</font></i>.&nbsp;&nbsp; Any key Employee, Independent Director
or Consultant selected by the Administrator may receive Stock Payments in the
manner determined from time to time by the Administrator. The number of shares
shall be determined by the Administrator and may be based upon the Performance
Criteria or other specific performance criteria determined appropriate by the
Administrator, determined on the date such Stock Payment is made or on any date
thereafter.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.5.<b><font style="font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><i><font style="font-style:italic;">Deferred Stock</font></i>.&nbsp;&nbsp; Any
key Employee, Independent Director or Consultant selected by the Administrator
may be granted an award of Deferred Stock in the manner determined from time to
time by the Administrator. The number of shares of Deferred Stock shall be
determined by the Administrator and may be linked to the satisfaction of one or
more Performance Goals or other specific performance goals as the Administrator
determines to be appropriate at the time of the grant, in each case on a
specified date or dates or over any period or periods determined by the
Administrator. Common Stock underlying a Deferred Stock award will not be
issued until the Deferred Stock award has vested, pursuant to a vesting
schedule or performance criteria set by the Administrator. Unless otherwise
provided by the Administrator, a Holder of Deferred Stock shall have no rights
as a Company shareholder with respect to such Deferred Stock until such time as
the Award has vested and the Common Stock underlying the Award has been issued.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.6.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Restricted Stock Units</font></i>.&nbsp;&nbsp; Any key Employee, Independent
Director or Consultant selected by the Administrator may be granted an award of
Restricted Stock Units in the manner determined from time to time by the
Administrator. The Administrator is authorized to make awards of Restricted
Stock Units in such amounts and subject to such terms and conditions as
determined by the Administrator. The Administrator shall specify the date or
dates on which the Restricted Stock Units shall become fully vested and
nonforfeitable, and may specify such conditions to vesting as it deems
appropriate, and may specify that such Restricted Stock Units become fully
vested and nonforfeitable pursuant to the satisfaction of one or more
Performance Goals or other specific performance goals as the Administrator
determines to be appropriate at the time of the grant, in each case on a
specified date or dates or over any period or periods determined by the
Administrator. The Administrator shall specify the distribution dates
applicable to each award of Restricted Stock Units which shall be no earlier
than the vesting dates or events of the award and may be determined at the
election of the Employee, Independent Director or Consultant, subject to
compliance with Section&nbsp;409A of the Code. On the distribution dates, the
Company shall issue to the Holder one unrestricted, fully transferable share of
Common Stock for each Restricted Stock Unit distributed.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.7.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Term</font></i>.&nbsp;&nbsp; The term of a Performance Award, Dividend
Equivalent award, Deferred Stock award, Stock Payment award and/or Restricted
Stock Unit award shall be set by the Administrator in its discretion.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.8.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Exercise or Purchase Price</font></i>.&nbsp;&nbsp; The Administrator may
establish the exercise or purchase price of a Performance Award, shares of
Deferred Stock, shares distributed as a Stock Payment award or shares
distributed pursuant to a Restricted Stock Unit award.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.9.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Exercise upon Termination of Employment, Termination of Consultancy or
Termination of Directorship</font></i>.&nbsp;&nbsp; A Performance Award, Dividend
Equivalent award, Deferred Stock award, Stock Payment award and/or Restricted
Stock Unit award is exercisable or distributable only while the Holder is an
Employee, Consultant or Independent Director, as applicable; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that
the Administrator in its sole and absolute discretion may provide that the
Performance Award, Dividend Equivalent award, Deferred Stock award, Stock
Payment award and/or Restricted Stock Unit award may be exercised or
distributed subsequent to a Termination of Employment, Termination of
Directorship or Termination of Consultancy following a &#147;change of control or
ownership&#148; (within the meaning of Section&nbsp;1.162-27(e)(2)(v) or any
successor regulation thereto) of the Company; and, <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">further</font></i>, that, except with respect to
Performance Awards granted to Covered Employees, the Administrator in its sole
and absolute discretion </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">may provide that
Performance Awards may be exercised or paid following a Termination of
Employment, Termination of Directorship or Termination of Consultancy without
cause, or following a Change in Control, or because of the Holder&#146;s retirement,
death or disability, or otherwise.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font style="font-weight:bold;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">8.10.<i><font style="font-style:italic;">&#160;&#160;&#160; Form of Payment.</font></i></font></b>&nbsp;&nbsp; </font>Payment
of the amount determined under Section&nbsp;8.2 or 8.3 above shall be in cash,
in Common Stock or a combination of both, as determined by the Administrator. To
the extent any payment under this Article&nbsp;VIII is effected in Common
Stock, it shall be made subject to satisfaction of all provisions of Section&nbsp;6.3.</p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><a name="ArticleIx__024621"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IX.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="StockAppreciationRights_024623"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">STOCK APPRECIATION RIGHTS</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.1.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Grant of Stock Appreciation Rights</font></i>.&nbsp;&nbsp; A Stock
Appreciation Right may be granted to any key Employee, Independent Director or
Consultant selected by the Administrator. A Stock Appreciation Right may be
granted: (a)&nbsp;in connection and simultaneously with the grant of an Option,
or (b)&nbsp;independent of an Option. A Stock Appreciation Right shall be
subject to such terms and conditions not inconsistent with the Plan as the
Administrator shall impose and shall be evidenced by an Award Agreement.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.2.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Coupled Stock Appreciation Rights</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; A Coupled
Stock Appreciation Right (&#147;<i><font style="font-style:italic;">CSAR</font></i>&#148;) shall be
related to a particular Option and shall be exercisable only when and to the
extent the related Option is exercisable.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; A CSAR may
be granted to the Holder for no more than the number of shares subject to the
simultaneously granted Option to which it is coupled.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; A CSAR
shall entitle the Holder (or other person entitled to exercise the Option
pursuant to the Plan) to surrender to the Company unexercised a portion of the
Option to which the CSAR relates (to the extent then exercisable pursuant to
its terms) and to receive from the Company in exchange therefor an amount
determined by multiplying (i)&nbsp;the difference obtained by subtracting the
exercise price per share of the CSAR from the Fair Market Value of a share of
Common Stock on the date of exercise of the CSAR by (ii)&nbsp;the number of
shares of Common Stock with respect to which the CSAR shall have been
exercised, subject to any limitations the Administrator may impose.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.3.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Independent Stock Appreciation Rights</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; An
Independent Stock Appreciation Right (&#147;<i><font style="font-style:italic;">ISAR</font></i>&#148;) shall be
unrelated to any Option and shall have a term set by the Administrator. An ISAR
shall be exercisable in such installments as the Administrator may determine. An
ISAR shall cover such number of shares of Common Stock as the Administrator may
determine; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>,
that unless the Administrator otherwise provides in the terms of the ISAR or
otherwise, no ISAR granted to a person subject to Section&nbsp;16 of the
Exchange Act shall be exercisable until at least six months have elapsed
following the date on which the ISAR was granted. The exercise price per share
of Common Stock subject to each ISAR shall be set by the Administrator; <i><font style="font-style:italic;">provided</font></i>, that such exercise price per share shall not be
less than 100% of the Fair Market Value of a share of Common Stock on the date
the ISAR is granted. An ISAR is exercisable only while the Holder is an
Employee, Independent Director or Consultant; <i><font style="font-style:italic;">provided</font></i>,
that the Administrator may determine that the ISAR may be exercised subsequent
to Termination of Employment, Termination of Directorship or Termination of
Consultancy without cause, or following a Change in Control of the Company, or
because of the Holder&#146;s retirement, death or disability, or otherwise.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; An ISAR
shall entitle the Holder (or other person entitled to exercise the ISAR
pursuant to the Plan) to exercise all or a specified portion of the ISAR (to
the extent then exercisable pursuant </font></p>


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<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to its terms) and to
receive from the Company an amount determined by multiplying (i)&nbsp;the
difference obtained by subtracting the exercise price per share of the ISAR
from the Fair Market Value of a share of Common Stock on the date of exercise
of the ISAR by (ii)&nbsp;the number of shares of Common Stock with respect to
which the ISAR shall have been exercised, subject to any limitations the
Administrator may impose.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.4.&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Payment and Limitations on
Exercise</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; Payment of
the amounts determined under Section&nbsp;9.2(c)&nbsp;and 9.3(b)&nbsp;above
shall be in cash, shares of Common Stock (based on its Fair Market Value as of
the date the Stock Appreciation Right is exercised), or a combination of both,
as determined by the Administrator. The Company shall not be required to issue
or deliver any certificate or certificates for shares of stock issuable upon
the exercise of any Stock Appreciation Right prior to fulfillment of the
conditions set forth in Section&nbsp;6.3 above.</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; Holders of Stock Appreciation Rights may be required to comply
with any timing or other restrictions with respect to the settlement or
exercise of a Stock Appreciation Right, including a window-period limitation,
as may be imposed in the discretion of the Administrator.</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><a name="ArticleX__024735"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE X.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="Administration_024735"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADMINISTRATION</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1.&#160;&#160;&#160; <i><font style="font-style:italic;">Compensation Committee</font></i>.&nbsp;&nbsp; The Compensation Committee (or
another committee or a subcommittee of the Board assuming the functions of the
Committee under the Plan) shall consist solely of two or more Independent
Directors appointed by and holding office at the pleasure of the Board, each of
whom is intended to qualify as both a &#147;non-employee director&#148; as defined by Rule&nbsp;16b-3
and an &#147;outside director&#148; for purposes of Section&nbsp;162(m)&nbsp;of the Code.
Appointment of Committee members shall be effective upon acceptance of
appointment. Committee members may resign at any time by delivering written
notice to the Board. Vacancies in the Committee may be filled by the Board.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2.&#160;&#160;&#160; <i><font style="font-style:italic;">Duties and Powers of Committee</font></i>.&nbsp;&nbsp; It shall be the duty
of the Committee to conduct the general administration of the Plan in
accordance with its provisions. The Committee shall have the power to interpret
the Plan and the Award Agreements, and to adopt such rules&nbsp;for the
administration, interpretation and application of the Plan as are consistent
therewith, to interpret, amend or revoke any such rules&nbsp;and to amend any
Award Agreement provided that the rights or obligations of the Holder of the
Award that is the subject of any such Award Agreement are not affected
adversely. Any such grant or award under the Plan need not be the same with
respect to each Holder. Any such interpretations and rules&nbsp;with respect to
Incentive Stock Options shall be consistent with the provisions of Section&nbsp;422
of the Code. In its absolute discretion, the Board may at any time and from
time to time exercise any and all rights and duties of the Committee under the
Plan except with respect to matters which under Rule&nbsp;16b-3 or Section&nbsp;162(m)&nbsp;of
the Code, or any regulations or rules&nbsp;issued thereunder, are required to
be determined in the sole discretion of the Committee. Notwithstanding the
foregoing, the full Board, acting by a majority of its members in office, shall
conduct the general administration of the Plan with respect to Awards granted
to Independent Directors.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3.&#160;&#160;&#160; <i><font style="font-style:italic;">Majority Rule; Unanimous Written Consent</font></i>.&nbsp;&nbsp; The
Committee shall act by a majority of its members in attendance at a meeting at
which a quorum is present or by a memorandum or other written instrument signed
by all members of the Committee.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4.&#160;&#160;&#160; <i><font style="font-style:italic;">Compensation; Professional Assistance; Good Faith Actions</font></i>.&nbsp;&nbsp; Members
of the Committee shall receive such compensation, if any, for their services as
members as may be determined by the Board. All expenses and liabilities which
members of the Committee incur in connection with the administration of the
Plan shall be borne by the Company. The Committee may, with the approval of the
Board, employ </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">attorneys, consultants,
accountants, appraisers, brokers or other persons. The Committee, the Company
and the Company&#146;s officers and Directors shall be entitled to rely upon the
advice, opinions or valuations of any such persons. All actions taken and all
interpretations and determinations made by the Committee or the Board in good
faith shall be final and binding upon all Holders, the Company and all other
interested persons. No members of the Committee or Board shall be personally
liable for any action, determination or interpretation made in good faith with
respect to the Plan or Awards, and all members of the Committee and the Board
shall be fully protected by the Company in respect of any such action, determination
or interpretation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5.&#160;&#160;&#160; <i><font style="font-style:italic;">Delegation of Authority
Grant Awards</font></i>.&nbsp;&nbsp; To the extent permitted by applicable law, the
Committee may from time to time delegate to a committee of two or more members
of the Board the authority to grant or amend Awards; <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">however</font></i>, that the Committee may not
delegate its authority to grant Awards to, or amend the Awards of, individuals:
(a)&nbsp;who are senior executives of the Company who are subject to Section&nbsp;16
of the Exchange Act, (b)&nbsp;who are Covered Employees, or (c)&nbsp;who are
members of the Board to whom authority to grant or amend Awards has been
delegated hereunder. Any delegation hereunder shall be subject to the
restrictions and limits that the Committee specifies at the time of such
delegation of authority and may be rescinded at any time by the Committee. At
all times, any committee appointed under this Section&nbsp;10.5 shall serve in
such capacity at the pleasure of the Committee.</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><a name="ArticleXi__022212"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XI.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="MiscellaneousProvisions_022214"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MISCELLANEOUS PROVISIONS</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1.&#160;&#160;&#160; <i><font style="font-style:italic;">Transferability of Awards.</font></i></font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; Except as
otherwise provided in Section&nbsp;11.1(b):</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No
Award under the Plan may be sold, pledged, assigned or transferred in any
manner other than by will or the laws of descent and distribution or, subject
to the consent of the Administrator, pursuant to a DRO, unless and until such
Award has been exercised, or the shares underlying such Award have been issued,
and all restrictions applicable to such shares have lapsed;</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No
Award or interest or right therein shall be liable for the debts, contracts or
engagements of the Holder or his successors in interest or shall be subject to
disposition by transfer, alienation, anticipation, pledge, hypothecation,
encumbrance, assignment or any other means whether such disposition be
voluntary or involuntary or by operation of law by judgment, levy, attachment,
garnishment or any other legal or equitable proceedings (including bankruptcy),
and any attempted disposition thereof shall be null and void and of no effect,
except to the extent that such disposition is permitted by the preceding
sentence; and</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; During
the lifetime of the Holder, only the Holder may exercise an Option or other
Award (or any portion thereof) granted to him under the Plan, unless it has
been disposed of pursuant to a DRO; after the death of the Holder, any
exercisable portion of an Option or other Award may, prior to the time when
such portion becomes unexercisable under the Plan or the applicable Award
Agreement, be exercised by his personal representative or by any person
empowered to do so under the deceased Holder&#146;s will or under the then
applicable laws of descent and distribution.</font></p>


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<div>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; Notwithstanding
Section&nbsp;11.1(a), the Administrator, in its sole discretion, may determine
to permit a Holder to transfer a Non-Qualified Stock Option to any one or more
Permitted Transferees (as defined below), subject to the following terms and
conditions: (i)&nbsp;a Non-Qualified Stock Option transferred to a Permitted
Transferee shall not be assignable or transferable by the Permitted Transferee
other than by will or the laws of descent and distribution; (ii)&nbsp;any
Non-Qualified Stock Option which is transferred to a Permitted Transferee shall
continue to be subject to all the terms and conditions of the Non-Qualified
Stock Option as applicable to the original Holder (other than the ability to
further transfer the Non-Qualified Stock Option); and (iii)&nbsp;the Holder and
the Permitted Transferee shall execute any and all documents requested by the
Administrator, including, without limitation documents to (A)&nbsp;confirm the
status of the transferee as a Permitted Transferee, (B)&nbsp;satisfy any
requirements for an exemption for the transfer under applicable federal and
state securities laws and (C)&nbsp;evidence the transfer. For purposes of this Section&nbsp;11.1(b),
&#147;<i><font style="font-style:italic;">Permitted Transferee</font></i>&#148; shall mean, with
respect to a Holder, any child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including
adoptive relationships, any person sharing the Holder&#146;s household (other than a
tenant or employee), a trust in which these persons (or the Holder) control the
management of assets, and any other entity in which these persons (or the
Holder) own more than fifty percent of the voting interests, or any other
transferee specifically approved by the Administrator after taking into account
any state or federal tax or securities laws applicable to transferable
Non-Qualified Stock Options.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2.&#160;&#160;&#160; <i><font style="font-style:italic;">Amendment, Suspension or Termination of the Plan.<b><font style="font-weight:bold;">&nbsp;&nbsp; </font></b></font></i>Except
as otherwise provided in this Section&nbsp;11.2, the Plan may be wholly or
partially amended or otherwise modified, suspended or terminated at any time or
from time to time by the Administrator. However, without approval of the
Company&#146;s shareholders given within twelve (12) months before or after the
action by the Administrator, no action of the Administrator may, except as
provided in Section&nbsp;11.3, (i)&nbsp;increase the limits imposed in Section&nbsp;2.1
on the maximum number of shares which may be issued under the Plan, or (ii)&nbsp;decrease
the exercise price of any outstanding Option or Stock Appreciation Right
granted under the Plan. Except as provided in Section&nbsp;11.11, no amendment,
suspension or termination of the Plan shall, without the consent of the Holder,
alter or impair any rights or obligations under any Award theretofore granted
or awarded, unless the Award itself otherwise expressly so provides. No Awards
may be granted or awarded during any period of suspension or after termination
of the Plan, and in no event may any Award be granted under the Plan after the
first to occur of the following events:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; The
expiration of ten (10)&nbsp;years from the date the Plan is adopted by the
Board; or</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; The
expiration of ten (10)&nbsp;years from the date the Plan is approved by the
Company&#146;s shareholders.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.3.&#160;&#160;&#160; <i><font style="font-style:italic;">Changes in Common Stock or Assets of the Company, Acquisition or
Liquidation of the Company and Other Corporate Events.</font></i></font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; Subject to
Section&nbsp;11.3(e), in the event that the Administrator determines that any
dividend or other distribution (whether in the form of cash, Common Stock,
other securities or other property), recapitalization, reclassification, stock
split, reverse stock split, reorganization, merger, consolidation, split-up,
spin-off, combination, repurchase, liquidation, dissolution, or sale,
transfer, exchange or other disposition of all or substantially all of the
assets of the Company, or exchange of Common Stock or other securities of the
Company, issuance of warrants or other rights to purchase Common Stock or other
securities of the Company, or other similar corporate transaction or event, in
the Administrator&#146;s sole discretion, affects the Common Stock such that an
adjustment is determined by the Administrator to be appropriate in order to
prevent dilution or enlargement of the benefits or </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-</font><font face="Times New Roman">21</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">potential benefits
intended to be made available under the Plan or with respect to an Award, then
the Administrator shall, in such manner as it may deem equitable, adjust any or
all of:</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
number and kind of shares of Common Stock (or other securities or property)
with respect to which Awards may be granted or awarded (including, but not
limited to, adjustments of the limitations in Section&nbsp;2.1 on the maximum
number and kind of shares which may be issued under the Plan, and adjustments
of the Award Limit);</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
number and kind of shares of Common Stock (or other securities or property)
subject to outstanding Awards;</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; The
number and kind of shares of Common Stock (or other securities or property) for
which automatic grants are subsequently to be made to new and continuing
Independent Directors pursuant to Section&nbsp;7.3;</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
number and kind of shares of Common Stock (or other securities or property) for
which each automatic grant made to new and continuing Independent Directors
pursuant to Section&nbsp;7.3 will subsequently become vested on the last
business day of each calendar quarter; and</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
grant or exercise price with respect to any Award.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160; Subject to
Sections 11.3(c)&nbsp;and 11.3(e), in the event of any transaction or event
described in Section&nbsp;11.3(a)&nbsp;or any unusual or nonrecurring
transactions or events affecting the Company, any affiliate of the Company, or
the financial statements of the Company or any affiliate, or of changes in
applicable laws, regulations or accounting principles, the Administrator, in
its sole and absolute discretion, and on such terms and conditions as it deems
appropriate, either by the terms of the Award or by action taken prior to the
occurrence of such transaction or event and either automatically or upon the
Holder&#146;s request, is hereby authorized to take any one or more of the following
actions whenever the Administrator determines that such action is appropriate
in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan or with respect to any
Award under the Plan, to facilitate such transactions or events or to give
effect to such changes in laws, regulations or principles:</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
provide for either the purchase of any such Award for an amount of cash equal
to the amount that could have been attained upon the exercise of such Award or
realization of the Holder&#146;s rights had such Award been currently exercisable or
payable or fully vested or the replacement of such Award with other rights or
property selected by the Administrator in its sole discretion;</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
provide that the Award cannot vest, be exercised or become payable after such
event;</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; To
provide that such Award shall be exercisable as to all shares covered thereby,
notwithstanding anything to the contrary in Section&nbsp;5.3 or the provisions
of such Award;</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
provide that such Award be assumed by the successor or survivor corporation, or
a parent or subsidiary thereof, or shall be substituted for by similar options,
rights or awards covering the stock of the successor or survivor corporation,
or a parent or subsidiary thereof, with appropriate adjustments as to the
number and kind of shares and prices;</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
make adjustments in the number and type of shares of Common Stock (or other
securities or property) subject to outstanding Awards, and/or in the terms and
conditions of (including the grant, exercise or purchase price), and the
criteria included in, outstanding </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-</font><font face="Times New Roman">22</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">options, rights and awards
and options, rights and awards which may be granted in the future; and</font></p>

<p style="margin:0pt 0pt 6.0pt 50.0pt;text-indent:25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
provide that, for a specified period of time prior to such event, the
restrictions imposed under an Award Agreement upon some or all shares of
Restricted Stock, Restricted Stock Units or Deferred Stock may be terminated,
and, in the case of Restricted Stock, some or all shares of such Restricted
Stock may cease to be subject to repurchase under Section&nbsp;7.6 or
forfeiture under Section&nbsp;7.5 after such event.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; Notwithstanding
any other provision of the Plan, in the event of a Change in Control, each
outstanding Award shall be assumed or an equivalent Award substituted by the
successor corporation or a parent or subsidiary of the successor corporation. In
the event that the successor corporation refuses to assume or substitute for
the Award, the Administrator may cause any or all of such Awards to become
fully exercisable immediately prior to the consummation of such transaction and
all forfeiture restrictions on any or all of such Awards to lapse. If an Award
is exercisable in lieu of assumption or substitution in the event of a Change
in Control, the Administrator shall notify the Holder that the Award shall be
fully exercisable for a period of fifteen (15) days from the date of such notice,
and the Award shall terminate upon the expiration of such period. For the
purposes of this Section&nbsp;11.3(c), an Award shall be considered assumed if,
following the Change in Control, the Award confers the right to purchase or
receive, for each share of Common Stock subject to the Award immediately prior
to the Change in Control, the consideration (whether stock, cash, or other
securities or property) received in the Change in Control by holders of Common
Stock for each share held on the effective date of the transaction (and if
holders were offered a choice of consideration, the type of consideration
chosen by the holders of a majority of the outstanding shares); <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that
if such consideration received in the Change in Control was not solely common
stock of the successor corporation or its parent, the Administrator may, with
the consent of the successor corporation, provide for the consideration to be
received upon the exercise of the Award, for each share of Common Stock subject
to an Award, to be solely common stock of the successor corporation or its
parent equal in fair market value to the per share consideration received by
holders of Common Stock in the Change in Control.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160; Subject to
Sections 11.3(e), 3.2 and 3.3, the Administrator may, in its discretion,
include such further provisions and limitations in any Award, agreement or
certificate, as it may deem equitable and in the best interests of the Company.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160; With
respect to Awards which are granted to Covered Employees and are intended to
qualify as performance-based compensation under Section&nbsp;162(m)(4)(C), no
adjustment or action described in this Section&nbsp;11.3 or in any other
provision of the Plan shall be authorized to the extent that such adjustment or
action would cause such Award to fail to so qualify under Section&nbsp;162(m)(4)(C),
or any successor provisions thereto. No adjustment or action described in this Section&nbsp;11.3
or in any other provision of the Plan shall be authorized to the extent that
such adjustment or action would cause the Plan to violate Section&nbsp;422(b)(1)&nbsp;of
the Code. Furthermore, no such adjustment or action shall be authorized to the
extent such adjustment or action would result in short-swing profits liability
under Section&nbsp;16 or violate the exemptive conditions of Rule&nbsp;16b-3
unless the Administrator determines that the Award is not to comply with such
exemptive conditions. The number of shares of Common Stock subject to any Award
shall always be rounded down to the next whole number.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160; The
existence of the Plan, the Award Agreement and the Awards granted hereunder
shall not affect or restrict in any way the right or power of the Company or
the shareholders of the Company to make or authorize any adjustment,
recapitalization, reorganization or other change in the Company&#146;s capital
structure or its business, any merger or consolidation of the Company, any
issue of </font></p>


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<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">stock or of options,
warrants or rights to purchase stock or of bonds, debentures, preferred or
prior preference stocks whose rights are superior to or affect the Common Stock
or the rights thereof or which are convertible into or exchangeable for Common
Stock, or the dissolution or liquidation of the company, or any sale or
transfer of all or any part of its assets or business, or any other corporate
act or proceeding, whether of a similar character or otherwise.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160; No action
shall be taken under this Section&nbsp;11.3 which shall cause an Award to fail
to comply with Section&nbsp;409A of the Code or the Treasury Regulations
thereunder, to the extent applicable to such Award.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.4.&#160;&#160;&#160; <i><font style="font-style:italic;">Approval of Plan by Shareholders.</font></i><b><font style="font-weight:bold;">&nbsp;&nbsp; </font></b>The
Plan will be submitted for the approval of the Company&#146;s shareholders within
twelve (12) months after the date of the Board&#146;s initial adoption of the Plan. No
Awards may be granted or awarded prior to shareholder approval of (i)&nbsp;the
Plan and (ii)&nbsp;an amendment to the Company&#146;s Articles of Association
increasing the authorized number of shares of Common Stock by at least
1,000,000 shares. In addition, if the Board determines that Awards other than
Options or Stock Appreciation Rights which may be granted to Covered Employees
should continue to be eligible to qualify as performance-based compensation
under Section&nbsp;162(m)(4)(C)&nbsp;of the Code, the Performance Criteria must
be disclosed to and approved by the Company&#146;s shareholders no later than the
first shareholder meeting that occurs in the fifth year following the year in
which the Company&#146;s shareholders previously approved the Plan.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.5.&#160;&#160;&#160; <i><font style="font-style:italic;">Tax Withholding.</font></i>&nbsp;&nbsp; The Company or any Subsidiary shall
have the authority and the right to deduct or withhold, or require a Holder to
remit to the Company, an amount sufficient to satisfy federal, state, local and
foreign taxes required by law to be withheld with respect to any taxable event
concerning a Holder arising as a result of this Plan. The Administrator may in
its discretion and in satisfaction of the foregoing requirement allow a Holder
to elect to have the Company withhold shares of Common Stock otherwise issuable
under an Award (or allow the return of shares of Common Stock) having a Fair
Market Value equal to the sums required to be withheld. Notwithstanding any
other provision of the Plan, the number of shares of Common Stock which may be
withheld with respect to the issuance, vesting, exercise or payment of any
Award (or which may be repurchased from the Holder of such Award within six
months (or such other period as may be determined by the Administrator) after
such shares of Common Stock were acquired by the Holder from the Company) in
order to satisfy the Holder&#146;s federal, state, local and foreign income and payroll
tax liabilities with respect to the issuance, vesting, exercise or payment of
the Award shall be limited to the number of shares which have a Fair Market
Value on the date of withholding or repurchase equal to the aggregate amount of
such liabilities based on the minimum statutory withholding rates for federal,
state, local and foreign income tax and payroll tax purposes that are
applicable to such supplemental taxable income.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.6.&#160;&#160;&#160; <i><font style="font-style:italic;">Prohibition on Repricing</font></i>.&nbsp;&nbsp; Subject to Section&nbsp;11.3,
the Administrator shall not, without the approval of the shareholders of the
Company authorize the amendment of any outstanding Award to reduce its price
per share. Furthermore, no Award shall be canceled and replaced with the grant
of an Award having a lesser price per share without the further approval of
shareholders of the Company.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.7.&#160;&#160;&#160; <i><font style="font-style:italic;">Effect of Plan upon Options and Compensation Plans.</font></i>&nbsp;&nbsp; The
adoption of the Plan shall not affect any other compensation or incentive plans
in effect for the Company or any Subsidiary. Nothing in the Plan shall be
construed to limit the right of the Company: (a)&nbsp;to establish any other
forms of incentives or compensation for Employees, Directors or Consultants of
the Company or any Subsidiary, or (b)&nbsp;to grant or assume options or other
rights or awards otherwise than under the Plan in connection with any proper
corporate purpose including, without limitation, the grant or assumption of
options in connection with the acquisition by purchase, lease, merger,
consolidation or otherwise, of the business, stock or assets of any
corporation, partnership, limited liability company, firm or association.</font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.8.&#160;&#160;&#160; <i><font style="font-style:italic;">Compliance with Laws.</font></i>&nbsp;&nbsp; The Plan, the granting and
vesting of Awards under the Plan and the issuance and delivery of shares of
Common Stock and the payment of money under the Plan or under Awards granted or
awarded hereunder are subject to compliance with all applicable federal and
state laws, rules&nbsp;and regulations (including but not limited to state and
federal securities law and federal margin requirements) and to such approvals
by any listing, regulatory or governmental authority as may, in the opinion of
counsel for the Company, be necessary or advisable in connection therewith. Any
securities delivered under the Plan shall be subject to such restrictions, and
the person acquiring such securities shall, if requested by the Company,
provide such assurances and representations to the Company as the Company may
deem necessary or desirable to assure compliance with all applicable legal
requirements. To the extent permitted by applicable law, the Plan and Awards
granted or awarded hereunder shall be deemed amended to the extent necessary to
conform to such laws, rules&nbsp;and regulations.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.9.&#160;&#160;&#160; <i><font style="font-style:italic;">Titles</font></i>.<b><font style="font-weight:bold;">&nbsp;&nbsp; </font></b>Titles
are provided herein for convenience only and are not to serve as a basis for
interpretation or construction of the Plan.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.10.&#160; <i><font style="font-style:italic;">Governing Law.</font></i><b><font style="font-weight:bold;">&nbsp;&nbsp; </font></b>The Plan
and any agreements hereunder shall be administered, interpreted and enforced
under the internal laws of the State of Hawaii without regard to conflicts of
laws thereof.</font></p>

<p style="margin:0pt 0pt 200.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.11.&#160; <i><font style="font-style:italic;">Section&nbsp;409A.</font></i><b><font style="font-weight:bold;">&nbsp;&nbsp; </font></b>To the extent that the Administrator determines that
any Award granted under the Plan is subject to Section&nbsp;409A of the Code,
the Award Agreement evidencing such Award shall incorporate the terms and
conditions required by Section&nbsp;409A of the Code. To the extent applicable, the Plan and Award Agreements shall be
interpreted in accordance with Section&nbsp;409A of the Code and Department of
Treasury regulations and other interpretive guidance issued thereunder,
including without limitation any such regulations or other guidance that may be
issued after the Effective Date. Notwithstanding any provision of the Plan to
the contrary, in the event that following the Effective Date the Administrator
determines that any Award may be subject to Section&nbsp;409A of the Code and
related Department of Treasury guidance (including such Department of Treasury
guidance as may be issued after the Effective Date), the Administrator may
adopt such amendments to the Plan and the applicable Award Agreement or adopt
other policies and procedures (including amendments, policies and procedures
with retroactive effect), or take any other actions, that the Administrator
determines are necessary or appropriate to (a)&nbsp;exempt the Award from Section&nbsp;409A
of the Code and/or preserve the intended tax treatment of the benefits provided
with respect to the Award, or (b)&nbsp;comply with the requirements of Section&nbsp;409A
of the Code and related Department of Treasury guidance.</font></p>

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


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<div>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROXY</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MAUI LAND &amp; PINEAPPLE
COMPANY, INC.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120 KANE STREET, P. O. BOX 187</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">KAHULUI, MAUI, HAWAII
96733-6687</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS FOR THE
ANNUAL MEETING TO BE HELD MAY 8, 2006</font></p>

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



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned hereby makes, constitutes and
appoints DAVID C. COLE, FRED W. RICKERT and ADELE H. SUMIDA and each of them as
attorneys and proxies of the undersigned, with full power of substitution, for
and in the name of the undersigned to represent the undersigned at the Annual
Meeting of Shareholders of Maui Land &amp; Pineapple Company, Inc. (the &#147;Company&#148;)
to be held at 8:30 a.m. on <u>Monday, May 8, 2006, in Salon 1 at the Ritz
Carlton, Kapalua, One Ritz-Carlton Drive, Lahaina, Hawaii</u>, and any
postponements or adjournments thereof, and to vote all shares of the stock of
the Company standing in the name of the undersigned with all the powers the
undersigned would possess if personally present at such meeting. This Proxy may
be revoked by the undersigned at any time. The undersigned directs that this
Proxy be voted as follows:</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
elect the nominees listed below as Class One Directors to serve for a
three-year term or until their successors have been elected and qualified:</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;font-family:Times New Roman;margin-left:.5in;width:90.0%;">
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DAVID C. COLE</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WALTER A. DODS JR.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FRED E. TROTTER III</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u>
  FOR</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u>
  WITHHOLD AUTHORITY FOR ALL</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INSTRUCTION:&#160;
To withhold authority to vote for any individual nominee, write that
nominee&#146;s name in the space provided below:</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">__________________________________________________________________________________________________</font></p>

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

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

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
ratify the selection of Deloitte &amp; Touche LLP as the Independent Registered
Public Accounting Firm of the Company for the fiscal year 2006.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="75%" style="border-collapse:collapse;font-family:Times New Roman;margin-left:.5in;width:75.0%;">
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u>
  FOR</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u>
  AGAINST</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u>
  ABSTAIN</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To amend the Company&#146;s Articles of
Association to authorize an additional 1,000,000 shares of Common Stock.</p>

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

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

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


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

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

<table border="0" cellspacing="0" cellpadding="0" width="75%" style="border-collapse:collapse;margin-left:.5in;width:75.0%;">
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u>
  FOR</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u>
  AGAINST</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u>
  ABSTAIN</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To approve the Maui Land &amp; Pineapple
Company, Inc. 2006 Equity and Incentive Award Plan. (The implementation of this
Proposal No. 4 is also conditioned upon shareholder approval of Proposal No.
3.)</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="75%" style="border-collapse:collapse;margin-left:.5in;width:75.0%;">
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u>
  FOR</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u>
  AGAINST</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u>
  ABSTAIN</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt .5in;text-align:center;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS PROXY WILL BE VOTED AS DIRECTED. IF THE
PROXY IS PROPERLY SIGNED AND RETURNED AND NO DIRECTIONS ARE GIVEN, THE VOTE
WILL BE IN FAVOR OF ALL PROPOSALS ABOVE. DISCRETIONARY AUTHORITY IS HEREBY
CONFERRED AS TO ALL OTHER MATTERS THAT MAY COME BEFORE THE MEETING.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned hereby acknowledges receipt
of the Notice of Annual Meeting and accompanying Proxy Statement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>,
2006</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please sign EXACTLY as name(s) appears at
  left:</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.76%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the proxy is signed by an attorney-in-fact, executor, administrator,
trustee or guardian, give full title.</font></p>

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote by Internet or Telephone or Mail</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24 Hours a Day, 7 Days a Week</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet and telephone voting is available through 11:59 PM Eastern
Time the day prior to the annual meeting day.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your Internet or telephone vote authorizes the named proxies to vote
your shares in the same manner as if you marked, signed and returned your proxy
card.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Internet</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">http://www.proxyvoting.com/xxx</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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

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


<div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Use the internet to vote your proxy. Have your proxy card in hand when
you access the web site.</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Telephone</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1-866-540-5760</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Use any touch-tone telephone to vote your proxy. Have your proxy card
in hand when you call.</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mail</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark, sign and date your proxy card and return it in the enclosed
postage-paid envelope.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">If you vote your proxy by Internet or by telephone, you do NOT need to
mail back your proxy card.</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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

</div>
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M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
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M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
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D@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`/__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
